Fantom DeFi: An overview
Built around our DAG-based Lachesis consensus protocol, Fantom’s Opera mainnet is a truly decentralized platform that supports EVM-compatible smart contracts. The network has allowed users to transfer funds between accounts and execute smart contracts.
Fantom’s mainnet has the properties that are most suitable for a wide range of applications.
The network has a short confirmation time (time-to-finality is around 1–2 seconds) while fully compatible with EVM. Transactions, once finalized, are impossible to be reverted.
The network is highly secure; it has 34 validators and the total tokens staked and delegated is 1,368,782,640 FTM (54%). There are currently more than 11000 accounts.
The network has successfully validated more than 1 million blocks and nearly half-million transactions. More importantly, transaction fees in our Opera mainnet are low (significantly lower than fees on other platforms such as Ethereum).
Fantom has worked on solutions to deliver a viable and affordable trading platform. This space has shown to be attractive but challenging. With Fantom’s technologies, our platform has shown to be more promising compared to existing platforms. This year has seen some of our progress.
An overall design of Fantom’s DeFi is depicted in Figure 1. FTM tokens and sFTM tokens can be used as collateral to mint fUSD, which can then be used to trade and swap for synthetic tokens and fiat, and much more. For more details, please wait for future announcements.