Meet Fantom, an open-source platform that allows you to build your own dApps and digital assets. FTM is the network’s native token, and can be used for the purpose of staking, governance, payments, and network fees. Starting today, you can buy FTM right here on ZebPay!
Smart contracts are one of the most revolutionary features built using blockchain technology. These are pieces of code that allow for conditions to be programmed onto the blockchain, and automate the control of digital transactions. This makes the network much more versatile.
Fantom is one of the latest and most popular smart contract platforms. Infact, Fantom’s network token FTM has risen 9710% this year! Let’s find out why.
The network mainnet was launched in December of 2019 and has already seen 10,576 smart contracts deployed. It has grown significantly in 2021, going from as many as 3,000 transactions every day in January 2021, to more than 800,000 today. Fantom is also the homebase to NFT marketplace called Artion, launched by Yearn.Finance creator, Andre Cronje.
Fantom is actively encouraging a wide scale adoption of the smart chain platform. It has lined up many interesting partnerships and collaborations with big companies in the DeFi space, such as Travala, Waves, Gravity, Ontology and so on.
What problem does Fantom solve?
At Fantom, performance matters. The developers intend to build this network to be a powerful technological tool that will help overcome the limitations of previous generation blockchain platforms.
Ethereum is the home of the first smart contracts. However, a lack of scalability is a core limitation in its design.
Fantom developers were able to successfully tackle the scalability issues by giving each application its very own blockchain network to form a network of networks!
Each blockchain network can even customise its own tokens, tokenonomics and governance. Although each network can be completely unique and independent of each other, it can still easily communicate with one another within the Fantom ecosystem.
So, why FTM?
In one sentence, transaction speed. Fantom’s throughput stands at 1000s transactions per second, while Ethereum’s is only 30 tps.
It’s also much more affordable. At the time of writing, one FTM token costs $1.44 or ₹107.35 while ETH is at $3,422.36 or ₹2,55,172.70. It’s literally a fraction of the cost, 0.04%!
FTM is currently trading at $1.44 or ₹107.35 at the time of writing, with an upside of 2.1% over a 24 hour period. The token has also been an attractive buy being over 500% up since the beginning of August. The token has in fact been on an uptrend in the short run and long run.