A lot has changed for the Fantom Opera network and the ecosystem built on top of it since the parabolic run in 2021.
Let's take a look at what they have built in the bear market, the current narratives, and all the opportunities in the $FTM ecosystem going forward.
Threadπ
Let's take a look at what they have built in the bear market, the current narratives, and all the opportunities in the $FTM ecosystem going forward.
Threadπ
Long-term followers of my content may remember that Iβve written threads about $FTM in both 2021 & 2022, but since then, there have been some major upgrades in the works
If you want to look at my earlier Fantom threads, you can find them here:
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If you want to look at my earlier Fantom threads, you can find them here:
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First some quick $FTM stats
As of February 16th, 2023:
-Price:$0.56
-Mcap:$1.5b
-ATH: $3.46 (-83%)
-ATL: $0.0019 (+29,500%)
Fantom captured the attention of many DeFi degens in 21', and it was among my favorite chains due to how easy, cheap, fast, and stable it was to use.
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As of February 16th, 2023:
-Price:$0.56
-Mcap:$1.5b
-ATH: $3.46 (-83%)
-ATL: $0.0019 (+29,500%)
Fantom captured the attention of many DeFi degens in 21', and it was among my favorite chains due to how easy, cheap, fast, and stable it was to use.
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What's new?
In 2022 Fantom got a new research officer: Professor Bernhard Scholz.
He has been working on smart-contract execution, security, and performance. Finding ways to increase the speed and scalability of the network.
fantom.foundation
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In 2022 Fantom got a new research officer: Professor Bernhard Scholz.
He has been working on smart-contract execution, security, and performance. Finding ways to increase the speed and scalability of the network.
fantom.foundation
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Another familiar face also returned publicly to the Fantom Foundation team (although he likely never left behind the scenes):
@AndreCronjeTech the βfather of DeFiβ.
The news of Andre's return kicked off Fantomβs late 2022 with lots of excitement.Β
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@AndreCronjeTech the βfather of DeFiβ.
The news of Andre's return kicked off Fantomβs late 2022 with lots of excitement.Β
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It does not stop at just having some new (and returning) names - The Fantom ecosystem vault was launched, with the goal of helping projects secure funding in their efforts to build innovative dApps on Fantom.
fantom.foundation
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fantom.foundation
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At the Quantum Miami conference this year the Fantom foundation had some even bigger news:
FVM.
The Fantom Virtual machine is the foundation's upgrade to Ethereum's EVM.
They unveiled it in February and looking at the test results, they are...
fantom.foundation
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FVM.
The Fantom Virtual machine is the foundation's upgrade to Ethereum's EVM.
They unveiled it in February and looking at the test results, they are...
fantom.foundation
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estimating 4500 transactions per second with block finality at approximately 1 second.
Another interesting thing that @AndreCronjeTech presented was that in Q2/Q3 this year they will launch something called βGas subsidiesβ, which allows users...
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Another interesting thing that @AndreCronjeTech presented was that in Q2/Q3 this year they will launch something called βGas subsidiesβ, which allows users...
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to onboard and use DeFi protocols without needing $FTM tokens as gas in their wallets.
This is a step in the right direction as this will make trying DeFi easier for beginners.
More about this in @NickDrakon's video here:
youtube.com
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This is a step in the right direction as this will make trying DeFi easier for beginners.
More about this in @NickDrakon's video here:
youtube.com
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According to @nansen_ai, Fantom is one of the top chains ranked in terms of the number of active addresses.
A number I think will increase if DeFi season kicks off again.
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A number I think will increase if DeFi season kicks off again.
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But what really kicked offβs Fantomβs popularity again was when Andre Cronje in November last year shared this:
Summarized it said: "Nov 2022 β Over 450,000,000 $FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets,...
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Summarized it said: "Nov 2022 β Over 450,000,000 $FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets,...
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$50,000,000 in non-crypto assets. Salary burn rate $7,000,000 / year. We have ~30 years left (without having to touch FTM)"
In other words: Fantom is cash flow positive and can operate for another 30 years without selling off their own $FTM tokens.
blockworks.co
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In other words: Fantom is cash flow positive and can operate for another 30 years without selling off their own $FTM tokens.
blockworks.co
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The news couldnβt have come at a better time. $FTM was sitting at $0.18, but increased by almost 40% in the coming days.
If you want to read more about the updates and evolvement of Fantom, check out this good thread by @TheDeFinvestor:
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If you want to read more about the updates and evolvement of Fantom, check out this good thread by @TheDeFinvestor:
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Now that the tech-related stuff is out of the way, itβs time to get into the projects on-chain and how things have changed.
Fantom DeFi:
These stats from DeFiLlama shows total TVL for all chains and might look depressing AF, but remember that weβre in a bear market and...
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Fantom DeFi:
These stats from DeFiLlama shows total TVL for all chains and might look depressing AF, but remember that weβre in a bear market and...
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that most tokens are down (75-95% from ATH).
$FTM is now sitting at a $535M TVL ($7.5B at ATH) and is competing with Ethereum, Polygon, Avalanche, Arbitrum, Binance Smart Chain, etc.
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$FTM is now sitting at a $535M TVL ($7.5B at ATH) and is competing with Ethereum, Polygon, Avalanche, Arbitrum, Binance Smart Chain, etc.
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@SpookySwap is the most notable DEX in the $FTM space still, with many using it for either swap or due to easy integrations of both multichain bridge and the new cross-chain swap feature from @axelarcore.
This allows users to swap say BNB straight to Fantom from...
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This allows users to swap say BNB straight to Fantom from...
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the Binance chain to the Fantom chain.
Allowing you to bridge to a new chain and not have to worry about how you are going to get gas onto it.
@Spirit_Swap - Also mentioning this because I was a huge fan in early 2022.
However, while exciting news was seen...
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Allowing you to bridge to a new chain and not have to worry about how you are going to get gas onto it.
@Spirit_Swap - Also mentioning this because I was a huge fan in early 2022.
However, while exciting news was seen...
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when they announced V2 last year, the excitement was short-lived and compared to other dexes it has fallen a little short.
Letβs see if they will release some exciting news going forward
Solidly:
Do you remember Solidly? It was massive hype around it and Solidly caused...
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Letβs see if they will release some exciting news going forward
Solidly:
Do you remember Solidly? It was massive hype around it and Solidly caused...
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a wild amount of liquidity to come to Fantom, but it failed.
With some small tweaks to the code, it became a massively forked protocol on other chains, and eventually, a new contender arose on Fantom - @Equalizer0x.
They have pushed some crazy volume numbers so far.
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With some small tweaks to the code, it became a massively forked protocol on other chains, and eventually, a new contender arose on Fantom - @Equalizer0x.
They have pushed some crazy volume numbers so far.
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@beethoven_x - Still going strong (next biggest DEX after Spooky), but with the hype being on Solidly forks, and Equalizer getting much of the attraction + them moving cross-chain, it is not getting as much attention as in 2021 and 2022.
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@MorphexFTM ( $MPX) - The newest one to launch, much excitement for this one as the dev (Morpheus) is beloved in the Fantom community.
They have some new features coming out soon, with a platform launch in the second half of February.Β
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They have some new features coming out soon, with a platform launch in the second half of February.Β
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Other than that we have OG protocols like @TarotFinance and @LiquidDriver going cross-chain & getting huge rewards on Thena; Velodrome etc.
@WigoSwap is coming up the ranks building community and @ByteMasons $OATH is smashing it too.
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@WigoSwap is coming up the ranks building community and @ByteMasons $OATH is smashing it too.
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In the current bear market environment I wonβt come up with any recommendations for yield farms, etc., but you can always find them yourself by using @0xNanoly.
Personally, atm Iβm most excited about the DeFi protocols: $EQUAL, $MMY, and $MPX.
nanoly.com
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Personally, atm Iβm most excited about the DeFi protocols: $EQUAL, $MMY, and $MPX.
nanoly.com
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Just to summarize this thread on why it makes sense to be bullish on $FTM:
-Andre Cronje is back
-Solid cashflow: 30-year runaway
-FVM
-Gas subsidies
-Easier onboarding to DeFi
-FTM ecosystem vault
-Known as one of the most degen chains in terms of DeFi opportunities
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-Andre Cronje is back
-Solid cashflow: 30-year runaway
-FVM
-Gas subsidies
-Easier onboarding to DeFi
-FTM ecosystem vault
-Known as one of the most degen chains in terms of DeFi opportunities
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Follow me @route2fi for more threads and crypto content.
I also have a free newsletter which I send once per week to keep you updated about crypto & DeFi.
Subscribe belowπ
route2fi.substack.com
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I also have a free newsletter which I send once per week to keep you updated about crypto & DeFi.
Subscribe belowπ
route2fi.substack.com
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Here is the start of the thread if you want to bookmark it.
If you enjoyed this thread, I would love it if you open the tweet below and like, comment, and retweet it so that more people can learn about Fantom.
π
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If you enjoyed this thread, I would love it if you open the tweet below and like, comment, and retweet it so that more people can learn about Fantom.
π
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