Fantom Ecosystem: A great destination for DeFi users

Fantom has had some of the DeFi market's quickest ecosystem growth in recent times. Market247 will give a general overview of the fantom ecosystem (FTM) in this article, outlining each component and project.

Fantom Overview

Let's first discover some basic information about Fantom.

What is Fantom?

Fantom is a decentralized, open-source smart contract platform that enables decentralized applications (dApps) and digital assets. Thanks to its potent proof-of-stake consensus mechanism, it is one of several blockchain networks created as a quicker, more effective substitute for Ethereum.

Ethereum was the first cryptocurrency to support smart contracts, but the Fantom coin is closing in on it in terms of scalability. This article describes how Fantom and FTM coin operates, why Fantom is ready to compete with Ethereum in the DeFi area, and how Fantom may support the digital infrastructure of tomorrow's smart cities.

Fantom Coin (FTM) Key Metrics

Name: Fantom.
Ticker: FTM.
Token standard: ERC-20.
Token type: Utility, governance.
Max supply: 3,175,000,000 FTM.
Circulating Supply: 2,541,152,731 FTM.
Contract address: 0x4e15361fd6b4bb609fa63c81a2be19d873717870.
Market Cap: $3,296,847,712.
FDV (Fully Diluted Valuation): $4,119,190,223.

Fantom Ecosystem Analysis

fantom-ecosystem-ftm

Fantom ecosystem overview.

The Fantom Ecosystem is described in this overview. Fantom started the year with less than 50 active projects. With almost 200 projects as we approach the end of the year, Fantom illustrates how quickly the ecosystem is expanding in both number and quality.

Infrastructure

Fantom has put a lot of time and effort into getting ready for its infrastructure. In a DeFi ecosystem, infrastructure is a fundamental component, and without the assistance of infrastructure apps, no dApp can survive and prosper.

The following are a few examples of infrastructure integrations on Fantom:

Analytics: DexTools, Nansen, FTMscan,...
Oracle: Band Protocol, Chainlink, Modefi,...
Payment: CryptoFills, Travala, Voyager,...
API: Covalent, The Graph, Ankr, Idexo, API3, ...

As we can see, Fantom has received support from several well-known figures, like Chainlink, Band Protocol, The Graph, Nansen, etc. This not only advances the ecosystem as a whole but also demonstrates that the Fantom ecosystem has grown "appealing" enough for major players to take notice.

Stablecoin

Stablecoins are required before any DeFi activity may take place. There used to be a severe dearth of stablecoins on Fantom since only a limited number of USDC was produced while USDT was wrapped and bridged. Native algorithmic Stablecoins existed, but they were obviously unsuccessful.

This is no longer the case, though. A few well-known stablecoins, such as MIM (Abradacabra Money Stablecoin, one of the DeFi 2.0 leading projects), and TUSD (True USD, one of the top centralized stablecoins), have come to Fantom, showing that the platform is aware of its challenges and is working to solve them.

One of the most crucial indicators for following Fantom is the Stablecoin index. The Fantom ecosystem expanded significantly at the same time as Multichain, a bridge that supports primarily Fantom, saw a significant increase in the number of stablecoins on Fantom.

Yield Aggregators

The second most developed industry on Fantom is Yield Aggregator, therefore let's compare the many Yield Optimizers that are now offered.

fantom-ecosystem-ftm-yield-aggregator

Comparison between different yield aggregators.

Even though this image cannot cover all of the items, it can provide us a clear perspective. Even though the protocol is multichain and only has 104 Farm Vaults, Beefy Finance is now the top Yield Aggregator on Fantom in terms of TVL.

Grim Finance and Reaper Farm, the two local Yield Aggregators, have both experienced significant development. Grim Finance has now given consumers access to 472 farm vaults, despite the fact that its TVL is still under $100M.

However, Reaper Farm hasn't yet made its token available. That will likely transform Reaper Farm in the future by adding more use cases and incentives to the protocol.

Lending

To increase the amount of money flowing into the ecosystem, Fantom must complete the last Lego piece of lending. Scream was the sole native Fantom protocol in this industry prior to the introduction of Cream, a multichain lending protocol, which was the first to exist in the ecosystem.

But at less than $100M TVL, they were both stuck. For an ecosystem to continue to develop, this number was insufficient. Geist Finance then materialized as the final piece Fantom need to complete the jigsaw.

The protocol hit a $10 billion total market size two days after its inception. $10B was excessively large when compared to the two lending standards, which kept the total at less than $100M. Geist Finance has unquestionably "taken over" the loan market on Fantom since then.

Geist Finance has made the Fantom ecosystem much more stable, and it now has enough DeFi components to be ready for the next major developments, which explains the situation described above about Curve's recent TVL hike.

Outstanding loan of lending projects on Fantom

fantom-ecosystem-lending

Launchpad

Launchpad is an important component, particularly for young DeFi ecosystems, since it will foster new initiatives often, assisting in the ecosystem's expansion.

Despite the fact that Fantom has a sizable number of Launchpads (Fantom Oasis, Presale Money, FTMpad, FantomStarter, etc.), none of them has produced any noteworthy goods other than FantomStarter.

FantomStarter has finished launching 15 projects

fantom-ecosystem-launch-pad

FantomStarter has now made IDOs available for 15 different projects. It is now Fantom's only and busiest active launchpad.

Fantom's launchpad environment has to be upgraded if it wants to expand more quickly, especially during a bull market.

NFT

Artion used to be the standout project in the NFT industry. Andre Cronje, a Fantom Foundation member and well-known developer in the cryptocurrency industry, created Artion, an NFT marketplace that is also backed by the Fantom Foundation.

Although Fantom Foundation actively supports Artion, it is not the NFT Marketplace with the best performance. Actually, PaintSwap is the NFT Marketplace that comes out on top. The most NFT volume (10,567,962 $FTM) and most NFT collections (10,567,962 $FTM) received by PaintSwap have generated strong Fantom community support for the product.

In addition to Artion and PaintSwap, additional NFT Marketplaces include Ovre, X,... But they had little to no originality. All of them are simultaneously still developing their goods, so if they want to compete with PaintSwap, they must include some cutting-edge features.

DeFi 2.0

DeFi 2.0 is a brand-new market sector for cryptocurrency. The two most crucial elements in any market, let alone the crypto or DeFi, are capital and liquidity. DeFi 2.0 was created to increase Capital Efficiency using strategies like bonding, protocol-owned liquidity, or liquidity concentration because the original DeFi had trouble leveraging them.

On Fantom, you may view several important work in this specialized field like:

Tomb Finance: The foundation of TOMB, an FTM-pegged coin, is Tomb Finance. Tomb Finance enables farming TOMB-FTM at substantially better yields than merely staking FTM, assuming the peg can be maintained, by producing a pegged token through seigniorage.
Robot Vault: In order to enhance agricultural yields, Robo Vault uses a variety of tactics, including farming, staking, and loan or borrowing across several protocols.
Liquid Driver: The LAAS (Liquidity as a Service) initiative Liquid Driver helps customers direct their liquidity to maximize returns.

How LiquidDriver improves Capital Efficiency for users

fantom-ecosystem-defi

Disclaimer: This article is only a sharing on the subject of Fantom Ecosystem (FTM): it does not endorse any particular company, service, or product. It makes no prior recommendations for trading.

Conclusion

You've read an article on the ecosystem of Fantom. I really hope it has assisted you in acquiring more insightful knowledge about this blockchain ecosystem.

Please feel free to leave a comment below if you would want to learn more about the Fantom ecosystem.

Fantom Ecosystem (FTM) - FAQs

What is Fantom Ecosystem’s wallet?

Numerous wallets have supported Fantom, some of which are Coinbase, Ledger, etc. Fantom token (FTM) has simultaneously been listed on more than 40 cryptocurrency exchanges, including Binance, FTX, Kucoin, Huobi, Poloniex, and most recently, Crypto.com.

What is Fantom Ecosystem’s bridge?

More than 15 cross-chain bridges connecting Fantom to Ethereum, Binance Smart Chain, Polygon, Polkadot, Cosmos, and other chains have been made available on Fantom.

With more than $4.26B TVL on Fantom - the biggest amount when compared to other protocols - Multichain (Anyswap rebranded) is the most active bridge overall.

What is Fantom Ecosystem’s AMM?

There are two main native AMMs on Fantom: SpookySwap and SpiritSwap, which have got grants from the Fantom Foundation and have seen the steady price and TVL increases.

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Fantom Ecosystem: A great destination for DeFi users - Market247.io