Fantom Price

What Is Fantom? 

Built as an alternative to Ethereum, Fantom is a smart contract platform that uses a direct acyclic graph (DAG) to provide scalability without sacrificing decentralization or security. Fantom’s unique architecture makes it one of the few Layer 1 protocols available that offer instant finality. It also features low network fees, with minimal charges on any and all transactions.

Fantom is a stellar choice for developers who want to build high-performance decentralized applications (DApps), and for enterprises interested in using blockchain technology for their business processes. Headquartered in Singapore, the Fantom Foundation, which oversees the Fantom project, is continually working on interoperability solutions that will enable communications between Fantom and other blockchain networks.

What Is FTM?

The native token of Fantom, which goes by the ticker FTM, was presented for trading on Binance Launchpad in 2019. Since then, it has been listed on several major cryptocurrency exchanges including Bybit.

Thanks to Fantom's Lachesis, a variant of the DAG algorithm, FTM can reportedly handle around 10,000 transactions per second (TPS), much higher than other smart contract platforms such as Ethereum (15 TPS) and EOS (4,000 TPS). 

Fantom's FTM token also takes advantage of the platform's core consensus layer to ensure security while maintaining top-notch transaction speeds. Thanks to Fantom’s unique consensus algorithm, which allows for asynchronous consensus, transactions can be validated in parallel, greatly increasing the scalability of the network.

FTM can also be staked. In general, the longer you stake your FTM, the more FTM you’ll earn. To participate, you’ll need to stake a minimum of 10 FTM, with 2 million being the maximum amount. FTM’s APY (annual percentage yield) ranges from 4.72 to 14.45 percent, and its staking period lasts 14–365 days.

What Is FTM Used For?

FTM tokens are used to power the Fantom network and are required to perform transactions on the platform, such as creating new smart contracts and deploying DApps. FTM can be traded on cryptocurrency exchanges, or used to pay for goods and services.

FTM is also needed to incentivize network participants, such as validators and developers, for their contributions to the network. Validators earn rewards in the form of newly minted FTM tokens for verifying and validating transactions on the network. Meanwhile, developers are incentivized to build apps on Fantom since they stand to receive a portion of transaction fees generated from their DApps.

FTM is valuable because the Fantom network is decentralized, and is powered by a distributed network of nodes run by validators from all over the world. Fantom’s decentralized nature makes it secure, highly resistant to attacks and ensures that the network remains censorship-free.

FTM Price and Tokenomics

The maximum supply of FTM is capped at 3.175 billion tokens. As of Aug. 19, 2022, FTM price stands at around $0.31. A total of approximately 2.55 billion FTM are in circulation, and its max supply is about 3.18 billion. Of these, 60 percent will be available during the token sale; 20 percent will be held by the Fantom Foundation to support ecosystem growth, and 20 percent will be retained as a strategic reserve.

The total supply of FTM tokens will increase over time as new tokens are minted to reward validators for their work. However, the rate of inflation will decrease over time, meaning that the percentage of newly minted tokens will make up an increasingly smaller portion of the total supply. This mechanism is in place to ensure that the value of FTM is not diluted over time.

Who Is the Founder of Fantom? 

Fantom was restructured in 2018 by Dr. Michael Kong, who is also the current CEO of Fantom Foundation. With a doctoral degree in electrical engineering from KAIST (Korea Advanced Institute for Science and Technology), he has been working on distributed systems for over 10 years. He received significant assistance from Andre Cronje, founder of Yearn Finance, who stepped down from Fantom in March of 2022 but has been back of late in an advisory capacity.

The team behind Fantom has a strong background in both business and technology. David Richardson is Fantom’s Director, and its CTO is Quan Nguyen, PhD.

How Does Fantom Work?

Lachesis

As mentioned earlier, Fantom uses the unique consensus mechanism known as
Lachesis, which is based on the DAG algorithm. The DAG data structure allows for asynchronous consensus, which means that transactions can be validated in parallel, thus increasing the scalability of the network. 

Unlike many blockchains, Fantom doesn’t need the energy-intensive proof of work (PoW) mechanism in order to function. This allows Fantom to achieve high transaction speeds without sacrificing decentralization or security.

The Lachesis protocol allows individual nodes in the network to confirm transactions independently of each other, resulting in a transaction processing time that’s much faster than traditional blockchain-based platforms.

To keep the network secure, Lachesis relies on a set of so-called "validators" who stake FTM tokens in order to participate in the consensus process. These validators are responsible for verifying and validating transactions on the network. If a validator is found to be malicious or trying to subvert the consensus process, they will be slashed (have a portion of their tokens taken away).

The more FTM tokens a validator stakes, the higher their chances of being selected to validate a block and earn rewards, which come in the form of newly minted FTM tokens.

DPoS Staking Mechanism

Fantom also uses a unique staking mechanism called delegated proof of stake, or DPoS. This is different from the more common “proof of stake” (PoS) consensus algorithm in that it allows token holders to delegate their tokens to a validator of their choice.

The validator then uses these delegated tokens to stake in the network and earn rewards. Even if you don’t have enough FTM tokens to become a validator, you can still participate in the consensus process by delegating your tokens to a validator of your choice.

Mainnet Launch and Partnerships

Fantom launched its mainnet in the second quarter of 2020. Its mainnet launch coincided with the launch of Fantom’s Opera House™, which is an interoperability solution set to enable different blockchains to communicate with each other.

The Fantom Foundation has forged partnerships with many international organizations including Microsoft, Samsung and the United Nations. Additionally, the foundation is also a member of the Enterprise Ethereum Alliance (EEA), a consortium of companies and organizations that are working together to promote the use of Ethereum in the enterprise sector.

What Makes Fantom (FTM) Unique?

Fantom’s consensus protocol was built from scratch specifically for Fantom. This means that the protocol is highly optimized for Fantom’s specific use case: To provide a scalable and sustainable smart contract platform.

The demand for FTM is driven by the demand for the apps on Fantom. As more developers build DApps on Fantom, the demand for FTM will increase.The same goes for users who want to delegate their tokens to a validator — the more users delegating their tokens, the higher the demand for FTM.

How to Store FTM

FTM can be stored on any wallet that supports ERC20 tokens, including popular wallets like MetaMask, MyEtherWallet and Trust Wallet.

Where to Buy FTM

You can buy FTM from any top crypto exchange, including Bybit.

How to Buy FTM on Bybit

To purchase FTM on the Bybit exchange, simply follow these steps:

1. Head to Bybit’s spot trading page (Home → Trade → Spot Trading).

2. Select your trading pair on the left side of the page. You can trade FTM with USDT (FTM/USDT).

3. Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the amount of FTM you wish to buy.

4. Click on Buy FTM.

5. Once you’ve confirmed your information is correct, click on Buy FTM.

6. View your order details under Active on the web page, or Orders if you use the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount of USDT you’ve paid to buy FTM.

3. Click on Buy FTM.

4. Once you’ve confirmed that your information is correct, click on Buy FTM.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

• Market Price: The order price need not be set.

• Limit Price: The order price needs to be set.

4. According to order types:

• Market Buy: Enter the amount of USDT you’ve paid to buy FTM.

• Limit Buy: Enter the number of FTM you want to buy.

5. Click on Buy FTM.

6. Once you’ve confirmed that the information is correct, click on Buy FTM.

7. View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.

For more help, you can also visit the Bybit spot trading guide.