Fantom is an open-source crypto project composed of multiple components, including its Fantom Operate mainnet blockchain, Lachesis consensus mechanism, FTM asset and several decentralized finance (DeFi) solutions. The Fantom project’s use cases include building decentralized applications (DApps) on Fantom Opera and working with the project’s DeFi products.
How does Fantom network work?
What is Fantom crypto network? Fantom’s network is called Fantom Opera — the Fantom crypto project’s layer-1 mainnet blockchain boasting Ethereum Virtual Machine (EVM) compatibility. As with several other layer-1 blockchains, developers can build DApps on the Fantom Opera blockchain.
The Fantom Opera blockchain uses the Fantom project’s consensus mechanism, Lachesis, which utilizes asynchronous Byzantine fault tolerance (aBFT) and directed acyclic graph (DAG) technology. Fantom claims its Lachesis mechanism addresses the “blockchain trilemma,” a phrase used to describe the difficulty of being decentralized, scalable and secure all at once.
The Fantom crypto project also has multiple DeFi solutions, such as the ability to mint fUSD, a stablecoin running on the Fantom Opera mainnet blockchain that aims for a U.S. dollar (USD) peg. Some decentralized applications created on other blockchains are also now available on the Fantom Opera blockchain.
The FTM asset
FTM is the Fantom Opera mainnet blockchain’s native coin, serving multiple purposes within the Fantom crypto project, including providing Fantom staking capabilities — staking FTM.
Versions of FTM also exist as tokens on the Ethereum and BNB Chain blockchains. On the top of this page, above the FTM price chart, there is the FTM to USD live price (Fantom’s price today via FTM) and FTM’s market cap and other data. For FTM news, keep up to date with Cointelegraph.com’s news coverage.