Advantages
- Available on major centralised & decentralised crypto exchanges like Gemini, FTX, CDC & Uniswap, so users can easily transfer FTM to Hodlnaut (https://fantom.foundation/where-to-buy-ftm/)
- Super cheap as transactions are typically a fraction of a cent, which appeals to budget/conscious savvy investors who vote with their wallet
- Supported by wallets like such as MetaMask, Trust wallet, and Ledger, which means it’s easy for one to secure FTM & transfer to Hodlnaut
- Open-source smart contract platform that lets developers to build decentralized applications (dApps) like DEXs & NFT Marketplaces. FTM could lead the way for mass adoption of NFTs
- Employs a bespoke “leaderless” PoS consensus mechanism aka Lachesis that confirms and finalises transactions in one second
- Seamlessly integrated with the Ethereum Virtual Machine (EVM), which enables apps built on Fantom to be interoperable with platforms built on Ethereum and maintain the Fantom network’s transactional efficiency
- Has attractive Staking rewards, e.g Fantom’s Fluid Rewards in which hodlers can choose to lock up FTM for a predetermined period of time to secure higher rates of up to 12% APY. Advanced investors can even use their FTM to mint fUSD, which they can use as collateral to borrow synthetic assets
Disadvantages
- Nexo did integrate FTM from Jan 27, 2022 onwards at a rate of up to 18% APR on FTM (https://fantom.foundation/blog/nexo-integrates-fantom/) So Hodlnaut may not be able to offer such a lucrative rate
- Only handles thousands of transactions per sec, which makes it pale in comparison to SOL (50000 transactions per sec), but hey no network failures from FTM yet
- FUD around the recent blotched Wonderland project, which could spill over to FTM as investors become ultra cautious
- Usually exhibits an upward price trend but still faces resistance at the $3 mark, which could deter investors who are hungry for larger & quicker gains. Did reach an ATH of $3.46 on Nov 2021, according to CoinGecko.
Any competitors using it
- Not supported by Celsius & BlockFi (which are other platforms commonly used by Singaporeans m, so Hodlnaut can benefit from first mover advantage)
Networks supported
- as a native mainnet coin
- as an ERC-20 token - as a BEP-2 token in the BINANCE ecosystem
Why this network and not others
- Fast transaction speeds
- Has plans for scalability as the Fantom Virtual Machine will eventually be released for native Fantom-based development. This is in addition to the continued support for the EVM
What assets does this network support?
- works together with Chainlink to build secure and scalable DeFi products
- works together with Shopping.io to enable online retail purchases with FTM
Key numbers from CoinMarketCap
- ranked #29
- showcases 0.29% market dominance
Key numbers from https://www.fool.com/investing/2022/01/27/fantom-is-on-fire-heres-why-it-will-stay-hot/
- more than 1.5 unique FTM wallets at end 2021
- A dynamic network comprising 750,000 transactions conducted per day
- Total value locked on the platform has grown by more than $8 billion in just a month as of January 2022. This means investors see value in it
- Super undervalued (Fantom's current TVL of almost $11 billion versus its market cap of $5.86 billion gives it a value of about 0.5. )
