Want to jump straight to the answer? You can buy FTM on Gemini and FTX Exchange.
Overcoming the limitations of legacy blockchains like Bitcoin and Ethereum is the impetus behind the genius vision of the Fantom (FTM) project. Fantom touts itself as a supercharged, scalable, secure and directed acyclic graph (DAG) smart contract platform. Possibly the most revolutionary technology of the last two decades, Bitcoin (BTC), wasn’t built to scale. Its proof of work consensus algorithm is slow and consumes substantial amounts of energy to handle transactions.
Fantom (FTM) is a project on a mission to become an intrinsic part of the next generation of blockchain ecosystems. Developers and users continue to find Fantom’s low-cost ecosystem ideal for decentralized finance protocols. Decentralized finance (DeFi) is one of the catalysts for the explosion of the overall crypto market in 2021. Through the emergence of DeFi, cryptocurrency holders can now earn a yield on their holdings that surpasses what they would gain from a bank-based savings account.
At present, most DeFi protocols run on the Ethereum network. The average user finds using the Ethereum protocol problematic due to its exorbitant fees and slow transactions. Fantom has given DeFi users and developers an alternative with its high scalability and low costs. The Fantom protocol has been quietly gaining market share and continues to expand its reach within the crypto space. As of September, the combined total value locked (TVL) in the Fantom DeFi protocols has skyrocketed above $800 million and may be on pace to reach billions soon.
- What is Fantom?
- Brief History of Fantom
- How to Buy Fantom
- See All 7 Items
What is Fantom?
The Fantom network is a layer 1 solution that has solved the scalability, security and transaction speed issues of legacy blockchains. The Lachesis consensus mechanism is what powers Fantom to move digital assets securely at extraordinary speeds. This proof of stake consensus mechanism uses an Asynchronous Byzantine Fault Tolerance (aBFT). The Asynchronous Byzantine Fault Tolerance is the critical factor in Fantom bolstering its network, ensuring high transaction speeds and security. Fantom has positioned itself as an excellent choice for payments, asset trading and other transactions consumers and businesses need.
The utility of the Fantom token (FTM) is staking, governance, payments and fees on the network. FTM runs on its mainnet and is also available in the Ethereum and Binance ecosystems. Fantom offers users the option to stake their FTM for a 4% annual percentage yield (APY). Users can also participate in Fantom’s Fluid Rewards program by staking their FTM tokens for an extended time to earn higher reward rates up to 12% APY.
Fantom Finance is a suite of DeFi apps that allows users to interact with Fantom’s Liquid Staking feature. Liquid Staking authorizes users to mint a staked FTM token (sFTM) at a 1:1 ratio to their staked FTM to be used as collateral. Minting sFTM permits users to get more out of their staked FTM.
Fantom has other DeFi tokens like the fUSD stablecoin. You can use fUSD to trade synthetic assets or lend them to earn interest. Future utility cases for the FTM token will come via dApps for supply chain management, payments and smart city programs.
Brief History of Fantom
Founded by Dr. Ahn Byung Ik, Fantom launched in late 2018 as an alternative to the existing blockchains struggling to scale. The Fantom team boasts some of the most distinguished minds in cryptography. The FTM token has multiplied over 20 times its 2018 initial coin offering price of $0.04. Prominent crypto venture capital firms like Alameda Research and Arrington XRP Capital are backing the Fantom blockchain to become a leader in the DeFi space. As of September 2021, FTM has reached an all-time high of $0.94.
How to Buy Fantom
If you’re a novice in the crypto space, figuring out how to purchase your tokens successfully can be a daunting task. However, it’s pretty simple to get acclimated to the steps of the process. Here’s our guide to making your 1st investment in Fantom (FTM).
- Open an online account.
In the vast world of crypto, there are a plethora of exchanges to choose from. It’s a good idea to research several trading platforms to find the most reputable and feature-rich exchange and avoid those that engage in risky or non-transparent practices.
FTX crypto derivatives exchange is an innovative exchange with a credible reputation. FTX offers leverage trading and index futures for cryptocurrencies. To create your FTX account, you need to visit their registration page and enter the email address associated with your username and password. After accepting the terms and conditions, your account will be created and have a withdrawal limit of $1000. Completing the KYC (Know Your Customer) process allows you to increase your withdrawal limit. KYC requires a residence form and personal information, your full name and date of birth.
Founded by the famous Winklevoss twins, Gemini is a cryptocurrency exchange platform that’s easy for beginners with advanced features for professionals. To create an account on Gemini, you need to visit their homepage, submit your full name, email address, and create a password. You will receive an activation code via email, submit this information. Then link your bank account and it must be in the same name as the new Gemini account holder. Finally, you will need to complete their KYC process with proof of residence and identity. - Buy a wallet (optional).
You have the option of storing your tokens on the exchange of your choice. However, acquiring a hardware or software crypto wallet enhances the security of your digital assets. In the event of a hack, your tokens will be off the exchange and safe in your wallet. Exchanges hold custody of your funds, whereas you truly own your cryptocurrency with a crypto wallet.
- Make your purchase.
Once you have funded your trading platform account, you’re ready to purchase your crypto. There is an assortment of crypto projects to choose from. When you decide which cryptocurrency to purchase, you can enter its ticker symbol — Fantom, for instance, FTM — and how many coins you’d like to purchase.
Best Cryptocurrency Wallets For FTM
- ERC-20 tokens
Best hardware wallet: Ledger
The Ledger name is one of the highest quality wallets for the offline storage of digital assets. To prepare your wallet to receive your FTM tokens, you will need to add the Fantom Opera software to your Ledger. The Ledger has an easy-to-use interface and also connects to Bluetooth or USB.
Please note: The Fantom Ledger app supports only FTM Opera mainnet tokens. Do not send Ethereum ERC-20 or Binance BEP2 — you will lose your tokens. This being said, Ledger still supports ETH and ERC-20 tokens, but you must send them to your Ledger’s Ethereum address.
- Active Crypto Traders
Best software wallet: Coinbase Wallet
FTM recently became available on the Coinbase wallet. The Fantom DeFi apps can also be directly accessed from within the Coinbase wallet. Coinbase has an easy-to-navigate interface for desktop and mobile. The multilayer authentication makes the Coinbase wallet one of the most secure on the market.
Bonus:
In addition to onboarding more DeFi projects, Fantom also has non-fungible tokens (NFTs) acquiring a partnership with SuperFarm to launch exclusive NFTs. Fantom incentivizing its users and expanding the utility of the FTM token could cause a rise in the FTM price. Coinbase support is also projected to increase the usage of FTM and on-chain transactions.
Trade, Sell or Convert your Fantom (FTM)
When deciding whether to sell or trade your crypto, you should know your goals, expectations, and how much time you want to spend watching the charts. There are several strategies you can apply to help you choose when you want to sell your tokens. The “regret theory” places the fear of regret as a motivating factor in an investor’s decision-making. Regret theory can impact an investor’s capacity to make investment decisions that benefit them and avoid contrition.
After you decide which price you want to sell your tokens, you can use a stop-loss to protect funds and limit your losses. You can also use a limit sell order to sell your coins when they hit a specific higher price. Day traders typically sell their tokens based on technicals for short-term profit.
Investing is a more conservative long-term approach to cryptocurrency trading. Investing gives you time to see gains over a longer time frame. Therefore, short-term volatility is less critical due to a high probability that the price will increase over the long term.
You can also take profits and convert your crypto into cash via the trading platform. When you request for withdrawal of the funds you deposited, the broker will transfer the money back into your trading account wallet as cash or directly to your bank account.
Current Crypto Prices
As of September 2021, the overall crypto market cap was holding more than $2 trillion with a 24-hour volume of over $120 billion. Bitcoin is still ranging and looking to break above $50,000. Ethereum has made a strong move to the upside above $3,500. Several altcoins have made substantial gains this week. FTX Crypto Derivatives Exchange (FTT) and FTM are 2 of the most notable high performers this week.
Is Fantom a Good Investment?
The Fantom blockchain has steadily been onboarding new DeFi projects seeking an alternative to the high fees and limited scalability of Ethereum. In addition, other sectors, including NFT projects, have also been launched on the Fantom Network. As more projects launch on Fantom, the number of users and on-chain transactions will continue to soar. Continued mass adoption makes Fantom a project that looks well-positioned to be a possible prime investment.
About Tyran Christian
His expertise is in blockchain technology and cryptocurrencies.