WHAT IS FANTOM?
"The same in blue"
We will see on this page how to use the Fantom Opera blockchain and its DeFi part.
It is important to understand the difference between investing on a centralized exchange platform (CEX), and direct investing on a blockchain.
Presentation of the Fantom token (FTM)
Fantom is a Directed Acyclic Graph (DAG) smart contract blockchain that provides decentralized financial services (DeFi) to developers using its own bespoke consensus algorithm.
With its internal FTM token, Fantom aims to solve problems associated with smart contract platforms, including the speed of transactions, which the developers say have reduced to less than two seconds.
The Fantom Foundation was founded in 2018 by South Korean computer scientist Dr Ahn Byung Ik, and currently the platform's CEO is Michael Kong. The team behind Fantom has extensive experience in full-stack blockchain development, and aims to create a smart contract platform that prioritizes scalability, decentralization, and security. According to its official website, the Fantom team is also made up of specialist engineers, scientists, researchers, designers and entrepreneurs. The employees are spread all over the world, which corresponds to the ethics of a distributed platform.
Fantom is trying to use a new consensus mechanism created from scratch to facilitate DeFi and related services on the basis of smart contracts. This mechanism, called “Lachesis”, promises much higher capacity and finalization of transactions in two seconds, as well as security improvements over traditional platforms based on Proof of Stake (PoS) algorithms.
Like Ethereum, the project is aimed at developers looking to deploy global decentralized solutions. According to its official documentation, its mission is to "ensure compatibility between all the trading bodies in the world".
Its native token, the FTM, is a Proof of Stake (PoS) token and forms the backbone of transactions, enabling fee collection and staking activities. Fantom can therefore be qualified as a competitor of ETH, and its objective is clear: to grab market share, in particular in the fields of DeFi and NFT.
The fees are minimal, a transaction costs less than $ 30ct in Gas.
1) The Wallet
How to access the services of the Fantom blockchain?
Using a 3.0 wallet with Fantom
Before you can use Binance's smart blockchain, you will need to own a web 3.0 wallet. You can use a wallet like MetaMask or Trust Wallet.
MetaMask allows you to store tokens on blockchains.
Connect Fantom to MetaMask
2) The Deposit
How to deposit funds on Fantom?
Deposit from a Centralized Exchange (CEX)
On centralized exchanges like Binance or FTX, the button to move funds to another network address is often indicated by "Withdraw" or Withdraw ".
Once this button is found, click and double-check the information for the future withdrawal. If the information is correct, validate the transaction and in a few minutes the funds will be in your 3.0 wallet.
⚠️Be careful, however, any address error could result in the loss of funds.
⚠️Some exchanges charge high fees when withdrawing and exiting assets from your account to an external wallet.
The operations performed below are on the Blockchain. You will need to have
governance token, to use it as Gas and carry out transactions.
Bridging funds from another blockchain to Fantom
What is a Bridge Crosschain?
The Bridge allows funds to be transferred from one Blockchain to another. For example if you have USDC on Ethereum , you can send your funds in USDC to Fantom. This operation will waste you a few tens of seconds.
xpollinate.io is a crosschain bridge that will allow you to transfer funds to Fantom from any other blockchain.
3) The DEX
The biggest decentralized exchange on Fantom
Swap from a Decentralized Exchange (DEX)
Sooner or later you will have to use a cryptocurrency swap service, it will be the best alternative to transfer your funds to another currency, with no transaction fees. The biggest swap service on the Fantom blockchain is SpookySwap.
This is an AMM, a protocol that allows users to deposit crypto into liquidity pools and get paid for it.