Fantom is Moving up the DeFi Charts, with Pocket’s Support

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POKT Network
Nov 20, 2023
Fantom is Moving up the DeFi Charts, with Pocket’s Support

Fantom is a highly scalable, secure, and decentralized Layer 1 network, bringing a new blockchain paradigm and consensus protocol for the next age of decentralized applications. Since Pocket announced support for Fantom, it has become one of the top relay chains in the Pocket ecosystem. Discover more about what makes Fantom different, its growth trajectory, and how Pocket supports the chain.

Fantom: Tackling the Blockchain Trilemma

Bitcoin, Layer 1, Layer 2, Sidechains…Blockchains all have their own unique spice.While some focus on scalability, others try to maximize the security or decentralization of their networks. This compromise (i.e. the give-and-take involved in a chain’s ability to achieve each of the above traits) is called the blockchain trilemma.The question has remained: Can blockchains achieve each of these three main “pillars” for an optimal building and user experience?With Fantom, the answer is yes.Fantom is a Layer 1 network that is tackling this issue by offering a highly scalable and fast network, while remaining fully decentralized and with optimized security.

What Makes Fantom Different?

For a new blockchain to become a go-to solution for building decentralized financial systems, it needs the scalability and speed for daily operations, from payments to other types of asset transfers.On this front, Fantom has developed a unique consensus algorithm, Lachesis, and its Mainnet, Opera, which combine to provide a superior alternative to other existing blockchains.Furthermore, Fantom’s infrastructure is built to enable the easy onboarding of new applications and instantly boost their speed and scalability. Fantom can do this due to its “modularity,” meaning Ethereum-based applications can tap into the Opera Mainnet, which is EVM-compatible, to improve their cost efficiency and performance right away.Fantom also matches with Pocket in many of its core values and technological differentiators. For example, Fantom is fully open source and available (permissionless) for any node on the planet to work on the network. Fantom’s decentralized network of agents supports its ethos of openness, while providing high-quality security for users (including institutions).At its core, Fantom builds on the innovation of previous blockchains and brings out a novel approach through its new Proof-of-Stake (PoS) consensus mechanism, with scalability and efficiency as its secret sauce. With Fantom, developers can build applications with real use-cases, import their efforts from chains like Ethereum, and instantly improve their performance while minimizing any risks of bottlenecks or security lapses.

FTM at the Center of the Ecosystem

Fantom’s native token enables opportunities for a range of parties across the world. Everyone who owns 1 FTM can stake the currency and start earning passive income in a decentralized environment. Plus, if you have enough FTM tokens, you can become one of the validator nodes in the network.Fantom has built an ecosystem of tools and wallets (e.g., fWallet) to support FTM, leading to 89,000+ holders and around 1 million daily transactions.Discover more in the Fantom explorer.

Crossing 300M+ Transactions with a Wide Roster of DApps

Fantom’s Opera has registered over 330 million transactions in total, with a daily record of 1.8 million in September 2021. Fantom has become increasingly popular, with the number of people using Fantom addresses crossing 3.3 million.Fantom is currently the 8th biggest chain in the decentralized finance (DeFi) ecosystem, powering nearly $900 million in Total Value Locked (TVL), according to DeFi Llama.Fantom is also the 4th largest chain by the number of protocols using its infrastructure, with over 250 projects operating under it, behind only Ethereum (526), BSC (434), and Polygon (279).From DEXes to GameFi, cross-chain bridges, lending solutions, NFT platforms, and yield optimizers, Fantom is powering the infrastructure for a decentralized future.Beyond applications, Fantom supports the community, integrating with key companies to boost blockchain technology, granting funds to projects, and helping governments to incorporate Web3.

Fantom is a Top 6 Relay Chain in the Pocket Ecosystem

Pocket’s support of Fantom gives even more options for developers looking to decentralize and improve their DApp infrastructure, amid the “Road to 100 Blockchains” supported by Pocket.In fact, Fantom has rapidly become one of the top chains in terms of serviced relays in the Pocket ecosystem. Currently, Fantom represents 3% of total serviced relays, becoming the 6th largest relay chain on Pocket, despite only being supported since June.If you’re an application developer on Fantom, you can now enjoy maximum uptime, low costs, true decentralization, low latency, and high scalability with Pocket Network.You can jump over to the POKT Portal to get set up with a Fantom endpoint. Happy building!

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