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What is Fantom (FTM)?
Fantom (FTM) is the native token of the Fantom Opera blockchain, a high-performance, scalable smart contract platform designed for decentralized applications (dApps) and DeFi protocols. It offers fast transaction speeds and low fees to users.
Key Features of Fantom Opera
- Scalability: Fantom utilizes a Directed Acyclic Graph (DAG) consensus mechanism, a departure from traditional Proof-of-Work (PoW) or Proof-of-Stake (PoS) models, to achieve high transaction speeds and scalability.
- EVM Compatibility: Fantom is compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily migrate existing Ethereum dApps to the Fantom Opera network.
- Low Fees: Fantom offers significantly lower transaction fees compared to the Ethereum mainnet, attracting users and developers seeking a cost-effective environment.
Uses of FTM Token
- Transaction Fees: FTM is used to pay for transaction fees on the Fantom Opera blockchain.
- Staking Rewards: FTM holders can stake their tokens to secure the network and potentially earn rewards (subject to exchange offerings).
- Governance (Future): Fantom plans to implement on-chain governance, where FTM holders may have the right to vote on proposals affecting the network’s future (not fully active yet).