How to get started on Fantom
In this guide we'll explain everything you need to know in order to start using the Fantom chain.
Fantom is an Ethereum alternative for blockchain designers. As an open-source smart contract enabled blockchain, it allows designers to develop secure, comprehensive and modular DApps (Decentralized Applications).
The chain has been designed to overcome all the limitations of the previous generation of blockchain platforms, sometimes referenced as the blockchain trilemma: decentralization, security and scalability. To improve on one of these aspects, it will have to come at the expense of one of the other two. Fantom tried to solve this thanks to its DAG (Directed Acyclic Graphs) based Lachesis aBFT (Asynchronous Byzantine Fault Tolerant) consensus mechanism, allowing it to be high-performance, scalable and secure. Initial benchmarks showed that Fantom can easily handle over 20,000 transactions per second.
Finally, Fantom is 100% EVM (Ethereum Virtual Machine) compatible, meaning that DApps that have been developed on EVM compatible networks will be deployable on Fantom too. This also brings another advantages for users since MetaMask and other web3 applications are also compatible with Fantom. You will be able to switch seamlessly from Polygon or Avalanche to Fantom within the same wallet.
Fantom being EVM compatible, if you already have a wallet for other EVM chains (Ethereum Mainnet, Polygon or Avalanche), you will be able to use it. Else, it's time to create wallet address. There are different wallet types that can be used: software wallets like Metamask or fWallet, or hardware wallets like Trezor or Ledger.
For this guide, and because we're using Metamask in all our other guides, we'll be using Metamask, but feel free to use any other software/hardware wallet you like. If you need instruction on how you can install Metamask, you can find instruction on the polygon guide.
In order to use the Fantom network, you will have to manually configure it into Metamask. To do so, click on the Network dropdown at the top of the Metamask window (where it indicates the network you're currently using, Ethereum Mainnet by default), then select
Custom RPC. The following informations are the ones that will let you connect to Fantom:- Network Name: Fantom Opera
- RPC URL: https://rpc.ftm.tools/
- ChainID: 250
- Symbol: FTM
- Explorer: https://ftmscan.com
After saving your changes, Metamask will automatically switch to the Fantom network.
Good job! You're on Fantom!
If you need more details to setup Metamask, you will find additional info on the official Fantom guide.
Now that you are on FTM, you will need some FTM (native token used to cover gas costs). You can either bridge some FTM tokens from other chains, or use a faucet that will deposit enough FTM tokens in your wallet to perform a few transactions. The main faucet on Fantom can be found on SpookySwap, one of the main DEXes there (Decentralized Exchange). Note that it's a service offered by SpookySwap that relies on Discord, and that will require a valid Discord Account active for more than 30 days (it's not required to be on the SpookySwap Discord server for 30 days though).
- Once you joined the SpookySwap Discord server, and verified your account, head to the #faucet section.
- In the #faucet channel, simply type the
!faucetcommand and the bot will send you some $FTM. Note that you'll be limited to 1 interaction every 30 days. - If you want to verify that you properly received your FTM token, you can click the Fantom Tip Bot name to interact directly with it and type
!balance
Thank you Fantom Tip Bot and SpookySwap
- All you need to do now is to send your FTM tokens to your wallet address using the command
!withdraw <your_wallet_address>. You will find your wallet address at the top of Metamask window.
Withdrawing from Discord account
Fresh deposit in my Metamask wallet
If you want to bridge stable coins to Fantom, you can use the following list of bridges:
- AnySwap: This is the officially supported bridge to send the MAI you minted on Polygon to Fantom (see the MAI metaverse guide for details). This solution supports many assets and many chains so that it will be easy for you to send your crypto currencies to Fantom. Please check the Reminder notes at the bottom of the bridging UI for transaction fees and expected execution time.
Bridging some MAI from Polygon to Fantom
- Celer Bridge: offers bridging services for many chains for most stable coins, with fees ranging from 0.04% to 0.19% to bridge to Fantom (DYOR).
- xpollinate: low fees, and ensures that there's enough liquidity on the target chain for the token you want to bridge. The lower the liquidity (or the large the amount to bridge), the longer the transfer.
- Binance CEX: You will be able to buy the FTM token on Binance and bridge it directly to Fantom, but this is the only token you will be able to transfer.
- AnySwap: see description made in the stable coin section.
Fantom has seen a pretty impressive expansion at the end of the summer 2021, especially with reward programs that helped attracting investors and developers on the chain. The growth has also been supported by blue chip projects that deployed their DApps on Fantom in September 2021, including Curve and SushiSwap.
- BeethovenX: This application is very similar to Balancer. You will be able to trade some tokens for others, and also enter balanced pools composed of multiple tokens. This is also the first official partner of Mai Finance on Fantom, and the only place where you will be able to swap your MAI, or use them in a MAI-USDC pool.
Swapping MAI for a little more FTM
- SpookySwap: This is the biggest DEX (Decentralized Exchange) on Fantom where you will be able to swap your tokens for others, deposit liquidity and farm yields, pretty much the same way you would do it on QuickSwap on Polygon. SpookySwap will reward you using the BOO token, the native token of the platform. As a side note, when you stake your BOO tokens, you will get xBOO, a yield baring token, in exchange, and you can use them to earn extra rewards (same principle as the dragon syrup on QuickSwap).
- SpiritSwap: Traditional AMM and yield farming platform where you'll be able to swap tokens, create LP tokens and farm yields in liquidity pools. SpiritSwap will pay you with SPIRIT tokens that you can stake on the platform and get inSPIRIT tokens (SPIRIT will be locked for a certain period of time), the pendent of veCRV tokens. You can also use SpiritSwap for lending and borrowing while waiting for Mai Finance on Fantom.
- Tarot: Tarot is the Fantom version of Impermax, where you will be able to use your LP tokens from SpookySwap (or other DEXs/AMM) and use them to farm on the platform. You can also deposit single tokens and lend them on the specific pools where people will be able to borrow them to generate new LP tokens and leverage their farming amount. Be aware of liquidations if you leverage your LPs in a pool where the utilization is high.
- Scream: This is a clone of Compound where you will be able to lend your tokens and borrow against them. Lending your tokens will make you earn rewards in the token you lend, as well as SCREAM tokens that you will be able to use on other platforms.
- Curve: Curve is the blue chip project everyone knows well, where you will be able to deposit your tokens in specific pools (no need to deposit a balanced amount) and you will be rewarded in the tokens you lend, as well as CRV and wFTM tokens.
DAI+USDC dual pool on Curve on Fantom
There are plenty of other opportunities on Fantom that will be described in other guides.
This guide is NOT financial advice, and should simply be regarded as an educational tool. Always do your own research. Projects presented in this guide or just showcasing the possibilities on the network, and you should not be taken as an endorsement of the project.
Keep in mind that a strategy that works well at a given time may perform poorly (or make you lose money) at another time. Please stay informed, monitor the markets, keep an eye on your investments, and as always, do your own research.
Last modified 2yr ago