DeFi has become a reality and continues to grow its footprint around the world. The Fantom network is a developer-friendly blockchain that has gained the attention of developers through its decentralized system. Fantom aims to provide easy-to-use, secure, cost-effective services. This platform is completely open-sourced and community driven, making it desirable in the eyes of investors. Fantom also showed remarkable growth in the first quarter of 2021.

FTM fuels the whole Fantom blockchain ecosystem. It is being utilized for governance, staking, payments and fees on the network. There is a total max supply of 3,175,000,000 while 2.55 billion in FTM is currently in circulation.The rest of the coins will be released subject to a schedule running through 2024. FTM is a proof-of-stake (PoS) token that depends on the PoS consensus mechanism, so we can consider Fantom to be environment-friendly in its approach of securing the transactions that occur over its network.

Why do users and investors trust Fantom’s services?

In addition to being user-friendly, users also trust Fantom’s services, and therefore remain loyal to it. Fantom’s investors and token holders backed the platform, even when FTM’s price took a dip in the bearish market. Fantom network reached 463,519 daily transactions on July 26, with over 200,000 unique wallet addresses established on the network.

Fantom is a greatly scalable EVM-compatible blockchain the infrastructure of which is bound together via its Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism, which manages the operational efficiency of the entire network. The aBFT network structure is designed to safeguard network security while optimizing speed.

Advantages and growth of Fantom

Fantom has recently upgraded their software to Go-Opera, which improves the TTF or time-to-finality to about one second, making Fantom the fastest blockchain network on which one can deploy. Other improvements include event emission efficiency to help increase network resiliency, even during high traffic. The transaction costs less than $0.01, and what’s more, each transaction is finalized in under one second.

The release of a cross-chain bridge with Ethereum in February 2021, enables users to transfer ERC-20 tokens to Fantom and still experience faster and cheaper transactions. Thanks to Andre Cronje of Yearn.finance, the deployment of the on-chain governance features and the ability to stake tokens on the Fantom network, with the benefit of still having access to their assets for use in the DeFi ecosystem, makes it remarkable. The team has also vowed that cross-chain operability with other blockchains will soon follow.

The Fantom’s exponential advancement is due to many factors, including its multiple private and government partnerships, including ACCI, Royal Star Pharma, Travala and DABS, to name a few. Recently, the eCommerce and web services giant Amazon, did a case study on Fantom. As of July 2, 2021, 14,000 smart contracts have been deployed on Fantom, including platforms like Chainlink, Ankr, Curve and Quicknode, which support Fantom blockchain.

As the first of its kind with its particular aggregate and special infrastructure, Fantom’s approach to fast, scalable dApp advancement is still developing its position in the broader blockchain economy. Despite too much competition in the flourishing dApp sector, the speed and interoperability advantages that Fantom offers to dApp developers are extraordinary. The price of FTM is prepared to gain traction as the platform advances, to reach other sectors, such as supply chain management, smart city programs and payments across the globe.