Get DeFi Platform on Fantom Chain
The crypto market is buzzing around with multifarious opportunities to grow in this digital era with multiple blockchain platforms. One of those is Fantom which has gained much traction in the past couple of years such that it ranks among the top preferences for crafting scalable decentralized finance platforms.
About Fantom
Fantom, one of the leading Layer 1 blockchains, was created with a focus on a major problem of prior blockchain platforms like Bitcoin and Ethereum which was the lengthy transaction time that these consumed. FTM is the network's native coin, which can be used for governance activities, compensating validators, and providing network security.
Features of Fantom
Owing to the low cost and speedy transactions, it has attracted many users and developers to build a DeFi platform on fantom chain who are priced out of using Ethereum due to its high gas fees.
Some other factors, like
- Highly scalable
- Decentralized
- Permissionless
- Open-source platform
make Fantom a highly preferred platform to build crypto dApps.
Why Fantom is gaining popularity?
- It solves the key issue of the “Blockchain Trilemma, which refers to the inability to maintain a balance between speed, security, and decentralization at the same time.
- It uses a permissionless protocol and aBFT (asynchronous Byzantine Fault Tolerance) consensus algorithm to process transactions asynchronously, execute decentralization, and security, and all these speed up the whole process.
- It outperforms with more efficient, scalable, and secure operations.
- It allows developers to create peer-to-peer apps without building their own networking layer.
- Its Lachesis algorithm is asynchronous so participants can process their commands at their own pace.
Some of the top decentralized finance platforms on Fantom are-
- SpiritSwap
- HyperJump
- SpookySwap
- Beefy Finance
- ZooCoin
The increasing adoption of decentralized finance platforms is creating hype in the business world and competition among different blockchain platforms. If you also wish to enter the DeFi space, get in contact with a reliable development company and get started.
Original Source: https://defidevelopmentservices.wordpress.com/2023/02/09/get-defi-platform-on-fantom-chain-leverage-abft-consensus/
