Fantom Price

Fantom (FTM) is a distinctive blockchain platform known for its scalability, aimed at providing a foundation for DeFi, dApps, and enterprise applications. It operates as a high-performance, Layer 1 blockchain network that is compatible with Ethereum Virtual Machine (EVM), enabling it to support decentralized applications, smart contracts, and peer-to-peer payment solutions with impressive transaction speeds of about 10,000 transactions per second and a block time of 1-2 seconds. Transactions on Fantom are noted for their low cost, averaging less than $0.01, and quick finality, usually within a second, a significant advantage over many other blockchain networks​​​​.

One of the key innovations introduced by Fantom is the Fantom Virtual Machine (FVM), a modification of the EVM designed to improve upon the challenges faced by the existing EVM, including enhancements in how transactions and data are processed and stored. This innovation allows for parallel execution of transactions, as opposed to the sequential method employed by the EVM, greatly enhancing transaction processing speed. Moreover, the FVM optimizes data structuring for efficiency and speed, making it a formidable contender in the realm of blockchain technologies​​.

Fantom's ecosystem is thriving, hosting hundreds of applications across DeFi, NFTs, and gaming, underpinned by a strong emphasis on partnership and collaboration. It offers developers the tools and capabilities to build decentralized applications that are both fast and scalable. The Fantom Foundation has also introduced innovative programs such as gas monetization and gas subsidies to support and incentivize developers and users within its ecosystem. These programs are designed to create a more sustainable finance model for dApps and ease the onboarding process for new users​​​​.

FTM, the native token of the Fantom network, serves multiple purposes, including paying for transaction fees, staking for network security, governance, and as a medium for peer-to-peer transactions. Fantom's architecture, which includes the proof-of-stake consensus mechanism, allows for a decentralized, efficient, and secure network catering to the needs of modern blockchain applications​​​​.

Fantom (FTM) operates as a high-performance, scalable, and secure smart contract platform designed to overcome the limitations of previous blockchain systems. It achieves this through its unique Directed Acyclic Graph (DAG) technology and the Lachesis consensus mechanism. The Fantom Virtual Machine (FVM), a pivotal component of the Fantom ecosystem, is a modified version of the Ethereum Virtual Machine (EVM) aimed at enhancing efficiency in transaction processing and data storage by adopting a parallel transaction execution system and optimizing data structuring. This innovative approach allows for rapid transaction speeds and low costs, making it a viable option for developers and users seeking alternatives to traditional blockchain platforms​​​​.

The FVM's parallel execution system, which processes multiple transactions simultaneously, contrasts with the sequential approach of traditional EVMs, leading to a substantial increase in speed and efficiency. Furthermore, Fantom introduces gas monetization and subsidy programs to support its ecosystem's growth and ease of use. These initiatives, alongside strategic economic management, have positioned Fantom as a financially stable and innovative blockchain platform capable of sustaining its operations and contributing to the broader crypto ecosystem​​​​.

At its core, Fantom is distinguished by the DAG technology and the Lachesis consensus mechanism. Unlike traditional blockchain networks that rely on a single chain of blocks, DAG allows transactions to be processed in parallel, significantly increasing the network's throughput. The Lachesis consensus mechanism further enhances Fantom's capabilities by providing a secure, asynchronous, and byzantine fault-tolerant environment for transactions. This mechanism ensures that transactions are finalized quickly and securely, without the need for a central authority or leader, thus promoting decentralization and scalability​​.

Fantom's ecosystem, known as Opera, is fully EVM compatible, enabling developers to seamlessly deploy and interact with Ethereum-based dApps within the Fantom network. This compatibility facilitates a rich DeFi ecosystem on Fantom, where users can engage with various applications, from decentralized exchanges and lending protocols to NFT platforms and more, benefiting from Fantom's high throughput and low transaction costs​​.

Fantom (FTM) was launched to its testnet in 2018 and had its mainnet launch in December 2019. The Fantom platform, known for its high speed, security, and scalability, is managed by the Fantom Foundation. Initially created in 2018, it aims to offer a blockchain solution that stands out through its "Lachesis" consensus algorithm, facilitating near-instant transactions and low fees​​​​.

The project was founded by Dr. Ahn Byung Ik, Matthew Hur, and others in a collaborative effort between developers from South Korea and Australia. Dr. Ahn is a South Korean engineer and computer scientist with a Ph.D. in computer science from Yonsei University.

The team initially envisioned Fantom as a software infrastructure capable of managing a broad spectrum of applications for smart cities, including transportation networks, smart homes, schools, and hospitals. However, the focus shifted towards creating a distributed financial system on a decentralized blockchain, laying the foundation for a comprehensive ecosystem for dApps​​.

The Fantom Sonic upgrade represents a significant advancement for the Fantom blockchain, focusing on improving scalability, speed, and storage efficiency. Sonic introduces a new virtual machine, enhanced database storage, and an optimized consensus mechanism, aiming to achieve more than 2,000 transactions per second (TPS) with an average finality of one second.

This upgrade significantly reduces storage requirements for the network by up to 90%, making it a groundbreaking step in Fantom’s development. As of March 2024, Fantom Sonic is currently in its testnet stage, with a mainnet rollout expected to replace Fantom Opera in spring 2024. The upgrade aims to be fully compatible with existing smart contracts, services, and tools on Fantom Opera, ensuring a smooth transition to the new technology stack​​​​​​.

The FTM token serves multiple pivotal roles within the Fantom ecosystem, highlighting its versatility and importance.

Staking FTM on Fantom

Primarily, FTM is utilized to secure the network through staking. Validators, or network participants who lock in their FTM tokens, contribute to the network's decentralization and security. Anyone holding at least 500,000 FTM can run their own validator node to earn rewards and further secure the network. Additionally, FTM holders can delegate their tokens to a validator of their choice while retaining full custody of their funds, enabling them to receive staking rewards​​.

Pay Transaction Fees on Fantom Network

Transaction fees within the Fantom network are paid in FTM, serving as compensation for validators and as a measure to prevent spam transactions. This utility ensures the smooth operation and sustainability of the network by rewarding those who validate and secure it​​​​.

Governance of Fantom Blockchain

FTM also plays a crucial role in on-chain governance. The Fantom ecosystem adopts a transparent, democratic approach to decision-making, where votes on proposals are weighted according to the amount of FTM held. Essentially, this mechanism allows FTM holders to have a say in the direction and development of the network, with one FTM equating to one vote​​.

Earn Passive Income on DeFi Platforms

Beyond these core functions, FTM is widely used across various DeFi platforms to earn annual percentage rates (APR) or annual percentage yields (APY), showcasing its broad applicability and utility within the decentralized finance landscape​​.

Trade FTM on KuCoin

Trade Fantom token against other cryptos on the KuCoin Spot Market to make the most of changing market conditions and volatility. Buy or sell $FTM or HODL if you believe in the future potential of the Fantom blockchain network, but only after doing your own research (DYOR).