A narrative play on the Fantom blockchain
The spooky themed decentralized exchange has big plans
DeFi is an active management strategy, which requires many transactions on a daily basis to compound yields and maximize profit. This just wasn’t possible for the majority of Ethereum users when transaction costs often exceeded $50!
An alternative, the Binance Smart Chain, exploded over the last several months as Ethereum’s fees and transaction times became cost-prohibitive for many investors and yield farmers. BSC is a centralized (fewer nodes securing the blockchain, majority controlled by Binance) blockchain with a higher gas limit, but is an Ethereum clone from a code perspective. It behaves the same and DeFi protocols can easily be copied to BSC, but it’s much faster and cheaper.
The activity on BSC was made possible by a Uniswap clone, Pancake Swap, which saw tremendous growth in usage and price over the last 6 months. Pancake Swap provided lucrative farming rewards for liquidity providers and created an extremely loyal following on the Binance Smart chain.
I’ve previously written about the scaling solutions coming to Ethereum, namely Polygon, which is also an Ethereum Virtual Machine (EVM) compatible blockchain so assets can very easily be bridged from Ethereum. The latest to emerge is Fantom, a blockchain that claims to be faster, cheaper, and less centralized than BSC.
$FTM tokens can be purchased on several centralized exchanges, Uniswap, or Sushiswap and transferred to your MetaMask wallet. You’ll need to add the Fantom Opera network for your FTM to show up, but otherwise the Fantom experience is very easy and mimics DeFi on Ethereum. Here’s a guide: Set up Metamask on Fantom
You can easily sent ERC-20 tokens to your Fantom wallet with the Fantom bridge. I used multichain.xyz - an Anyswap project that’s easy, quick, and cheap. The Fantom Foundation also has a web interface to access your wallet and a bridge: Fantom fWallet
The decentralized exchange that looks to “take the cake” is Spirit Swap. Spirit Swap is building up liquidity at a furious pace, now at $259m total value locked, and I expect that to run up to over a billion with yields exceeding 300% APY across all farms! Spirit Swap has also brough $SPIRIT staking to market with its initial product, and farmers are incentivized to hold and compound earnings rather than dump them (e.g. Sushiswap and Uniswap early farming).
I see the adoption and amazing experience of Fantom, the awesome product launch of Spirit Swap, and a a well thought out roadmap by the Spirit Swap team as major catalysts for a successful project. I haven’t sold any of my $SPIRIT tokens yet and expect a similar Pancake Swap narrative to propel this DEX into the next level.
Also, this was posted in their Discord…You’re still early so give it a go!