- Super cheap to transfer money using FTM token (costs about $0.0000001).
- Partnerships with big enterprises.
- Financial rewards for securing the network and participating in staking.
- A dedicated official wallet is available for safely storing FTM tokens.
- Great way to earn a passive income by staking FTM tokens with an interest rate of 3.79% to a maximum of 11.59%.
- Cross-chain compatible network.
- Even though Fantom claims to be a decentralized network, much of the supply is still with the parent company making it a centralized cryptocurrency network.
- A high quantity of FTM tokens (1,000,000 FTM) are required for staking and validating the network as nodes.
- Minimum staking period of one week.
- Staking is not available for users who buy FTM on unofficial exchanges.
Fantom Token (FTM) in a nutshell
The Fantom network is completely decentralized and open source. The native token is known as FTM and exists on multiple blockchains. The Fantom network is highly scalable and transactions can be performed quickly at lower costs. It provides strong competition to other blockchain networks and is built for the Internet of Things (IoT) universe.
The Fantom blockchain and token have seen a strong rise in interest from investors and adoption is increasing. The Fantom blockchain is working on building more cross-chain bridges and its own version of Fantom Finance.
The initial total supply of FTM is 3.175 billion tokens. The Fantom token has a finite supply. The total supply is thus fixed at 3.175 billion as new coins cannot be created. Out of this total supply, 2.1 billion tokens are in circulation while the rest are reserved for staking rewards. You can check the current circulation for FTM supply here.
Has Fantom Token been audited and doxxed?
Yes. The FTM token has been audited by Callisto Network and is also doxxed properly. Fantom publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 5
Exchanges & Swaps: 5
Overall Rating: 4.5
Detailed Review of Fantom Token (FTM)
The Fantom network is based on a Proof of Stake model and has its own mainnet-Opera. The FTM token serves as the native token of the Fantom network and is used for payment of fees. The FTM token can also be staked to secure the network. The Fantom network has established a high threshold barrier for users wishing to stake tokens, thereby ensuring only serious node players apply for the program. However, the stakers can also delegate their voting power and this enables even smaller holders to participate in securing the FTM network.
The Fantom network is highly scalable and independent meaning the network can still run if there is congestion in some parts of the blockchain. This is done through Fantom’s native network program called Lachesis which divides the entire blockchain into smaller zones ensuring greater speed and faster transaction times. Fees are about one fraction of fiat counterparts and a single transaction through FTM costs only about $0.0000001. Settlement times are also pretty quick and transfers can be processed in one second.
The Fantom network is fully decentralized meaning that stakers get the power to decide the future course of the FTM community. The hodlers of the FTM token can vote on governance proposals.
The Fantom network is compatible with multiple blockchains and is fully synchronous with the Ethereum blockchain.
The Fantom network is fully adaptable and built to enable the Internet of Things and smart cities. However, since progress in this sector is still in the early stages, the FTM token has also not seen widescale adoption. It also faces strong competition from other similar tokens such as IOTA and Nano.
However, the Fantom network is one of the first blockchains to propose and develop a solution to the everlasting issue plaguing the blockchains of today. The optimum balance between speed, scalability, and decentralization is tough for any blockchain network and most systems compromise on one aspect to scale another feature. Fantom is unique because it adopts a balance between all these three aspects without compromising on any feature.
Fantom also offers enterprise solutions providing customizable blockchain opportunities to big clients. The FTM network and token are also built for decentralized finance applications and many popular projects such as Curve and Sushi have utilized the Fantom network. Below is a showcase of these projects by categories.
Lending and Borrowing
The FTM token is cross-chain compatible and exists as a token on the Opera or mainnet of the Fantom network, as an Ethereum token, and also on the Binance Smart chain network.
The major criticism of Fantom has revolved around its closed ecosystem for the stakers. Currently, staking is only possible from its native wallet, and users who purchase FTM on other exchanges are left out of the network. However, Fantom has explained that this provision helps in securing the blockchain against bad actors.
Where to Buy Fantom Token?
The FTM token is available on most exchanges. It is a popular cryptocurrency and you can buy FTM on some leading exchanges including Gate.io, LBank, BitMart, Binance, Coinbase, OKEx, Kraken, BitStamp, Woonetwork, TokoCrypto, WazirX, Bittrex, CoinDCX, Bitbns, eToro, Crypto.Com, and HotBit.
You can buy FTM either through cash via P2P (peer to peer), credit or debit cards or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase FTM directly through a supported decentralized exchange known as Uniswap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing FTM (for example: BTC/FTM or ETC/FTM). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Fantom Token. You can also use FTM for purchasing other altcoins through the decentralized route as explained above.
What Can you do With the Fantom Token?
Hodl as a long term investor: You could simply hodl it and gain from its price appreciation in the long term. The token can also be used for deposits on supported wallets and exchanges to generate an interest yield.
Use FTM to pay for goods and services: The FTM cryptocurrency is supported by many payment carriers and can be used to pay directly for goods and services. It provides a quick and near-instant method for settling payments.
Swap FTM to other BSC/ETH tokens: You can use FTM and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below.
How to Swap FTM to other altcoins
Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of FTM you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet.
How to Buy FTM?
In order to buy FTM, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.
For purchasing FTM on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy FTM. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.
Steps to open an account on a centralized exchange:
1. Go to the exchange site where FTM is listed and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
3. Click on the agree to terms and conditions button and wait for the verification mail or message.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy FTM.
6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors, and P2P transfers.
The Fantom network is building a decentralized version for its holders enabling them to take advantage of Fantom finance and participate in lending operations.
The all-time high price of one FTM was $3.46 on October 28, 2021. It is currently trading at $2.20 at the time of writing (Source: CoinGecko). The all-time low price was $0.0019 on March 13, 2020. Comparing the all-time low and the all-time high price, we get returns of about 112695% which are very impressive returns. The FTM token has established its position as a leading cryptocurrency.