The Andre Cronje Bet : Fantoms Position Within The Layer-1 Wars🎲
Exploring Fantom & It's Ecosystem
Key Takeaways📍:
Fantom's recent upgrade to Sonic brings advancements in performance, scalability, and interoperability.⚡️
The ecosystem is rapidly growing with notable projects such as KyberSwap, PaintSwap, and SpookySwap.🌏
The Gas Monetization Program and Ecosystem Vault aim to incentivize projects and foster innovation.⛽️
Launched in 2018, Fantom (FTM) is a smart contract blockchain supporting dApps with a unique consensus mechanism ensuring fast transactions, decentralization, and security. Fantom’s modular design enables diverse applications like finance, supply chain management, and gaming.
Backed by a robust team, partners, and a growing user base, Fantom stands out as a promising blockchain project.
Fantom’s Sonic Upgrade: A New Consensus Era
Fantom's recent upgrade to Sonic introduces cutting-edge advancements to enhance performance, scalability, and interoperability. Central to this evolution is the transition from Lachesis, Fantom's original DAG-based consensus mechanism, to Fast Byzantine Fault Tolerance (FBFT). FBFT prioritizes transaction finality and processing speed, enabling near-instantaneous block confirmations under normal network conditions.
Sonic's optimized block structure and communication protocols further accelerate transaction processing, facilitating real-time applications like high-frequency trading platforms and financial services with improved UX. Sonic also introduces dynamic fee structures and gas fee optimization mechanisms, striking a balance between affordability and network sustainability.
By prioritizing essential transactions and adapting fees based on network congestion, Sonic caters to a diverse array of users’ needs. This upgrade enables 2,000-10,000 TPS (complex vs simple transactions) and transaction finality time of 1-1.5 seconds.
Fantom’s Booming Ecosystem: Which Projects Are Building?
The Fantom ecosystem is rapidly growing, with several cutting-edge protocols building decentralized solutions. Some notable projects building on Fantom are:
a) KyberSwap: DeFi's First dynamic market maker, providing the best token rates for traders and maximizing returns for liquidity providers, in one decentralized platform.
b) PaintSwap: Decentralized Exchange & AMM on the Fantom Opera Network, offering Fantom-inclusive farming pairs, low trading fees, and a user-oriented experience.
c) Beethoven X: Leveraging best in breed DeFi protocols to offer novel decentralized investment strategies. Built on Balancer V2, Beethoven X is the first next-gen AMM protocol on Fantom.
d) SpookySwap: Fantom Opera's premier DEX and DeFi hub. Earn SpookySwap's token BOO through yield farming and enjoy lightning-fast low fee swaps with limit order support.
e) Dfyn Network: Dfyn.network is a community-governed DeFi project that offers a low-fee AMM exchange along with yield farming opportunities.
f) Firebird Finance: DeFi multi-chain yield farms deployer & DEXs aggregator.
g) Beefy.Finance: Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings.
h) Geist Finance: Decentralized non-custodial liquidity market protocol where users can participate as depositors or borrowers.
i) Cream Finance: Decentralized lending protocol.
Fantom’s Ongoing Growth Initiatives
Fantom has been actively advancing a series of growth initiatives that have significantly impacted the past year. Notably, both the Ecosystem Vault and Gas Monetization Program have played pivotal roles in driving Fantom's momentum throughout the past year.
Fantom's Gas Monetization Program aims to incentivize projects and establish sustainable revenue streams for developers through the allocation of a portion of transaction fees as rewards. On July 2023, the Fantom Foundation introduced a quarterly bonus feature for its Gas Monetization program. To qualify, dApps must demonstrate a minimum track record of 15,000 transactions on Fantom, coupled with an operational period of at least 1.5 months.
The Ecosystem Vault established a kitty for distributing FTM via a Gitcoin Grants program. These strategic initiatives ensure that the most dedicated and impactful dApps are rewarded, fostering a vibrant ecosystem of innovation.
Fantom’s Upcoming Stablecoin
Fantom announced plans to introduce version 2 of its fUSD stablecoin, aiming to offer a more predictable and cost-effective system for builders, partners, and users. While the timeline for the release is unclear, the new version will enable stakeholders to allocate fees in either FTM or fUSD, allowing for better cost predictions based on usage.
Additionally, it will empower programmers to develop additional institutional products for users and ensure a more consistent system for grant planning and budgeting.
Opportunities On Fantom: Any Airdrops to Farm?
While there hasn't been a definitive confirmation from project developers, speculations that a possible ecosystem airdrop may be on the horizon are gaining traction. Although specifics remain uncertain, you can position yourself strategically by engaging with Fantom dApps, as these interactions could potentially serve as qualifying criteria for future airdrops.
It’s important to note that this research was written for the sake of education and pure entertainment value!
Please DYOR on every project, and remember, this is not investment advice🙏
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