About Fantom (FTM)
Fantom is known as a highly scalable decentralized project and independent blockchain network, and is considered an alternative to the Ethereum network. The decentralized, permissionless network provides developers with a scalable solution to develop and launch decentralized applications (dApps) and cryptocurrency projects with smart contract capability. Fantom price is updated live on Binance.
The Fantom network is popular with decentralized finance (DeFi) users, enterprise applications, and Ethereum Virtual Machine (EVM) developers. Fantom Opera is its open-source, fully permissionless mainnet, which uses an Asynchronous Byzantine Fault Tolerance (ABFT) consensus mechanism called Lachesis. Nodes within the Fantom network reach consensus independently without the need to agree on finalized blocks. For users, transactions are typically confirmed and finalized in just a few seconds.Â
The network's native token, FTM, has three primary uses cases:
To pay network fees when transacting or interacting with smart contracts on the Fantom Opera mainnet.
For users to stake in order to become validators. Faster nodes that can confirm transactions quicker receive more rewards under the Fantom network design.
To be used in governance on the blockchain, including voting on proposals that affect network decisions.
Minimal transaction fees, along with Fantom Operaâs exceptional speed, have resulted in the networkâs immense popularity. These factors make Fantom more suitable for dApp development than many slower, more expensive blockchains. Yield farming, for example, can produce higher returns on Fantom, as yield can be compounded faster and at significantly lower fees. The Fantom blockchain is also EVM-compatible, meaning developers can easily port their smart contracts and projects from Ethereum to Fantom Opera.