How to play Fantom (FTM)?

How to play Fantom (FTM)? – Mail Bonus

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Fantom (FTM) is known for its fast and cheap layer-1 blockchain. Like other blockchains (for example, Solana (SOL) and Avalanche (AVAX)) that scale better than their counterparts, it has been called the “Ethereum killer. After raising $40 million in funding, Fantom launched its mainnet in December 2019. Since then, it has grown to become one of the most popular blockchains, sitting in the top 10 blockchains by total value locked (TVL) with $1.3 billion in TVL.

High performance blockchain Fantom is an open source smart contract platform. It is scalable and EVM-compatible, meaning you can deploy and run your Ethereum distributed applications (DApps) on Fantom. Its structure allows support for decentralized finance (DeFi), other than managing digital assets and DApps.

The Phantom consensus mechanism is an adapted version of proof-of-stake, and it’s called Lachesis. It has been designed to provide high-speed transactions, low fees and near-instant finality due to the aBFT algorithm. aBFT can scale to multiple nodes worldwide in a permissionless, open source environment, offering a good level of decentralization.

Fantom blockchain is powered by its native FTM token, and if you believe in the project and want to grow your FTM stack, you can consider depositing Fantom to earn passive income.

What is Fantom staking?

Staking is making the blockchain more secure by locking investors’ digital assets for a certain period of time. This security is provided by validators who verify transactions with their pledged tokens, which becomes an economic incentive for them to behave in accordance with the protocol’s rules.

By betting on FTM, investors are actively involved in securing their network while earning passive income ie. FTM award. Localization means that a token must be locked for some time; However, they will still sit in the wallets of the owners, only they can access and unlock their funds at any time.

How to play FTM

The minimum amount to run a validator is 500,000 FTM to prevent a Sybil attack on its consensus system. Sybil attacks are malicious attacks that involve spoofing multiple identities to gain an undue advantage within a network. Since the required amount of the validator is relatively high, it will be easier to transfer the FTM to the validator.

Several Fantom staking methods can be used:

  1. Liquidity: Investors can lock their FTM tokens from two weeks to 365 days for better returns. The prize varies depending on the length of the betting period; the longer FTM is played, the higher the payout ratio.
  2. Liquid Share: Investors can coin sFTM to add profitability to a liquid share. They can also deposit farmed tokens, participate in liquid mining, farm LP rewards and more.
  3. Custody: Investors can take FTM on a centralized exchange (CEX) such as Binance or Coinbase. The support reward is 1%.

To join Fantom, users can follow these simple steps:

  1. Have a minimum of 1 FTM as collateral;
  2. Go to the Fantom staking page and click Stake your FTM;
  3. You can log in with a compatible wallet, such as MetaMask. You can open the wallet from your computer or your mobile phone. You can create a new wallet or access an existing one using a token or seed phrase.
  4. Deposit FTMs by transferring them from an exchange or other wallet to your Fantom Opera wallet address.
  5. Click on “Staking”.
  6. Add a delegation by selecting a validator and amount.
  7. Select your lock period and confirm.

There are several options when it comes to the ideal Fantom wallet. The Fantom Opera network is a second layer and EVM compatible blockchain, which means you can use any wallet that works for Ethereum, such as MetaMask, Coinbase Wallet or a cold wallet like Ledger.

After you create an account on Fantom, you can also download your Fantom wallet (fwallet) by clicking the “Create Wallet” button:

Phantom wallet

Where to bet FTM?

Other than the native blockchain network, Fantom can bet on many platforms, including decentralized exchanges (DEX) and custody blockchains. Here we will look at the places to bet Fantom so you can decide which one is the most suitable.

How to play Fantom on Ledger

Taking through a hardware wallet like Ledger works through smart contract communication, like any other transaction. It is enough to bet from Fantom fWallet by signing Fantom FTM Ledger Nano S application. Then use the “Single” menu item in your account.

How to Play Fantom on Coinbase

In September 2021, Fantom announced support for the Fantom network on the Coinbase wallet. Coinbase Wallet users can access and use the Fantom network and participate in Fantom DApps. Users can link their Coinbase Wallet account to Fantom fWallet and perform activities like share FTM and earn rewards.

How to Play Fantom on Binance

To bet FTM on Binance, you need to deposit a convenient amount on the exchange, then go to Binance Earn and select the appropriate product for you; usually it is a lock-in period of 30, 60 or 120 days. You can choose a longer mortgage period for higher returns of up to 14%.

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How to Play Fantom on Kucoin

Similar to Binance, you have to deposit your FTM token on Kucoin and go to Kucoin Earn. Then click “Subscribe” to choose the product that’s right for you, based on rewards and the amount of time you want to lock in your assets.

Is it safe to bet FTM?

FTM is safe to gamble because the validating node does not have access to your staked tokens; be sure not to lose your mnemonic phrase or private key. However, as in other proof-of-concept blockchains, you risk losing a fraction of your stake if the validator is not respected and misbehaves. It is safer to choose reputable Fantom verifiers who always have active communities, websites and Twitter accounts.

How to deposit other symbols on Fantom

Fantom offers a flexible and dynamic ecosystem that allows staking of several DeFi tokens to generate passive income from your investment. To use any of the following platforms to deposit their native tokens, you will need MetaMask or another wallet mentioned above connected to the Fantom Opera network. In this case, Fantom staking works like CEX, like Binance, and becomes a marketplace where non-native cryptocurrencies are traded.

Here are some of the most popular icons that are built and can be parked on Fantom:

  • Spookyswap is the largest DEX on Fantom, with $777 million TVL and BOO as its native token, which can be linked to FTM for maximum liquidity and farm productivity. To bet BOO, buy the tokens in exchange or trade them in Spookyswap; connect your wallet to Fantom Opera to view your balances and start earning.
  • BeethovenX is a community-driven DEX, Automated Market Maker (AMM) and DeFi powerhouse. Managed by the native BEETS token and residing on the Fantom Opera and Optimism chain, it gives 31% APR. To stake Beets, after depositing FTM, connect your wallet to Fantom Opera and follow the procedure to select the validator and the lock time.
  • QiDao is an independent and community-driven protocol that sits on Fantom and allows you to borrow stablecoins at zero interest against your crypto assets used as collateral. Loans are paid and repaid in miTokens (stablecoin soft pegged to USD).
  • Scream is another decentralized lending method powered by Fantom, similar to platforms like Compound (COMP) and Aave (AAVE). Users who own SCREAM tokens can get around 58% APR, while for liquid providers the rewards can be up to 82% APR.

How to run a Fantom node

Verifiers run full nodes and are an important part of the Fantom network. By running a full node, validators participate in consensus to increase security and create new blocks. There are some technical requirements and skills that need to be considered to run Fantom full node and it might be better suited for tech companies.

Following are the required requirements to run Fantom full node:

  • Minimum requirements: 500,000 FTM
  • Maximum size of validator: 15x the capital
  • Minimum hardware requirements: AWS EC2 m5.xlarge with four vCPUs (3.1 GHz) and at least 4.5 TB of Amazon EBS General Purpose SSD (gp2) storage (or equivalent).
  • Rewards: currently ~13% APY (regular APY on equity + 15% of rep reward). APY varies based on the mortgage %. For the updated APY, check the Fantom Foundation website.

Step-by-step instructions for running a full node

  1. Users can run a node on their hardware or use a cloud service. One of the big cloud providers is recommended, eg Amazon AWS.
  2. They can install a non-root user.
  3. Install the necessary construction tools; install Go and then Opera.
  4. List their Fantom validation node on chain. To do this, users need to create an authentication wallet that will be the identity of the online validator, needed to authenticate, sign messages, etc.
  5. Run its own node. To do this, they need to restart their node in validation mode and then close the Opera window by typing “exit”. Then they need to return to the window where they started their node with the following command:

(validator)$ nohup ./opera –genesis $NETWORK –nousb –validator.id ID –validator.pubkey 0xPubkey –validator.password /path/to/password &

Users can refer to Fantom’s guide for full details and information on how to run a validation node.

How much can you earn on Fantom?

You can earn 5.01% if you choose a minimum lock-up period (14 days) and a minimum amount. The maximum APY is currently 15.31% for the maximum lock-in period of 365 days.

The FTM Bet Rewards Calculator will estimate how much you can earn by betting Fantom.

FTM and most crypto tokens are down over 90% in the 2022 bear market; therefore betting will increase the number of your tokens but not necessarily the total value. It’s also worth noting that pledging and locking your tokens can make your funds illiquid and difficult to exit.

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