Fantom Frenzy – could it be the next Ethereum killer?
Fantom’s recent gains have gotten the attention of crypto investors. Here’s what you should know before you buy it.
The excitement around Fantom comes largely from its potential to be a better version of Ethereum (ETH), the second-largest cryptocurrency.
What is Fantom?
Fantom is a blockchain platform capable of running smart contracts. These programs allow blockchains to run more advanced transactions than simply sending cryptocurrency from one person to another.
There are a couple very popular uses for smart contracts right now:
Ethereum offers NFTs and DeFi applications however, Because of congestion on the network, several alternatives have been developed offering faster transaction processing at a lower cost.
The FTM token can be used for the following:
- Staking: Fantom uses a proof-of-stake model. By staking FTM, you help secure the network and earn rewards.
- Governance: By holding and staking Fantom, you can propose and vote on changes.
- Network fees: Fees on the Fantom network are paid using FTM.
- Payments: Thanks to its fast transaction speeds and low fees, Fantom is a convenient way to transfer funds to other parties.
Where to Buy Fantom
- Binance (only the international platform, not Binance.US)
- Uniswap and Sushiswap
How cheap is it to use Fantom?
Transaction fees are typically a fraction of a cent. In May, it was reported that Fantom had crossed 3 million transactions and was the fastest blockchain platform.
Solana, known for their fast transactions, can reportedly handle at least 50,000 transactions per second and also charges a fraction of a cent in fees.
Will Fantom Overtake Ethereum?
There are plenty of alternatives to Ethereum such as Cardano and Solana. Even Ethereuem itself is undergoing a series of upgrades to Ethereum 2.0. will improve transaction speeds and lower fees.
Given its transaction speeds and the advanced smart contracts platform it offers, Fantom could be a solid player in the crypto space, and with plenty of room for the industry to grow, FTM could be a solid investment.
On the other hand, it’s hard to say which, if any, of these platforms will have the most long-term success. Make sure you carefully consider Fantom and the alternatives before deciding where to put your money.