Market Discovery of the most influential projects in the cryptocurrency world.
What is Fantom?
Fantom (FTM) is a decentralized, permissionless, and open-source blockchain that supports the creation of smart contracts, similar to rivals Ethereum and Solana, as well as decentralized applications (dApps) and digital assets. Fantom is a Layer-1 blockchain using a mono-consensus layer to support the creation of multiple execution chains on its network. The Fantom network’s independent novel consensus layer has been developed by the Fantom Foundation and is called the Lachesis Protocol. The goal of the project is to host an ecosystem of execution layers that feature fast and low-cost transactions.
Fantom has its own token, Fantom cryptocurrency (FTM), compatible with both the Ethereum and Binance-chain, which has a current market cap of over $6Billion, as shown on Coinmarketcap. As well as its own coin, due to its ability to host smart contracts and dApps, Fantom has several applications hosted on its blockchain.
One of the applications is SpiritSwap, a decentralized exchange (or dex) built on the Fantom Opera Chain, that allows users to trade, stake, or farm their coins. The SpiritSwap protocol adds incentives for network participants by introducing revenue sharing through a classic automated market maker (AMM) model, similar to Uniswap. In an AMM, users can deposit tokens and an algorithm automatically makes markets for the token pair, guaranteeing a certain rate for the swap.
Another application made on the Fantom chain is called Grim Finance. Grim Finance is a smart yield optimizer platform that allows users to stake their LP-Tokens issued from AMMs in Grim Vaults, and automatically earn interest and re-invest it for a compounding effect.