October started with a BOO
that must have scared the heck out of the rest of the coins in the top 50.
Spooky season is upon us.
Before you binge watch all your favorite Halloween flicks like Phantom of the Opera,
Phantom of the Megaplex and Phantom of the Auditorium,
lets take a dive into the coin from the great beyond---
Fantom.
Seeing this coin double in price in just over a fortnight must have been a horror for its competitors
as Fantom levitated up the market ranks to No. 35,
leaving Aave far behind in the fog.
He will be mist.
That's- that's with a T.
The functionality of Fantom haunts other layer 1 protocols,
and today, we're going to take a ride on Fantom's hayride
and unlock the mysteries of how and why Fantom was able to conjure up so many gains.
Lets get it!
Welcome to BitBoy Crypto!
Home of the BitSquad
The largest and greatest crypto community in all the Interwebs
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, then make sure to hit that subscribe button.
In this video, we will discuss the growth and development of Fantom and its native coin FTM,
why it has recently gained so much momentum and where it could go by the end of Q4.
Dr. Ahn Byung Ik, a computer scientist from South Korea, launched Fantom back in 2018.
It was one of the first coins to ever be tagged as an Ethereum killer.
It's a threat to many other smart contract platforms because it prides itself on solving the blockchain trilemma.
The three components of the trilemma are scalability, security and decentralization,
three points of the triangle.
Many coins will have two of these three components mastered
but will struggle with still one of them.
This leaves space for more sophisticated up-and-coming protocols to improve upon.
Bitcoin, for example, has the security and decentralization bases covered,
but the scale of how many people that would rely on its technology wasn't fully considered
during its inception in 2009.
This is why its transaction speeds suffer.
In today's digital world, most people will side with whatever works the fastest.
The amount of time someone has to wait to guarantee a transaction has been executed
without it being altered or reversed
is known as finality.
Bitcoin's finality is around 30 minutes to an hour.
The Opera chain, Fantom's mainnet, is a decentralized, open-source, permissionless blockchain
that is compatible with the Ethereum virtual machine.
The Opera mainnet was released by Fantom in December of 2019.
It can achieve finality in one to two seconds.
Its transaction fees are also a fraction of a penny.
The three points of the trilemma are solved by its use of the Direct Acyclic Graph (DAG),
which enhances the scalability of the network.
Its high speed is a result of its consensus mechanism Lachesis,
also known as the engine of the blockchain.
Its high levels of security are attributed to its use of a leaderless proof-of-stake protocol.
Without getting too deep into the technical aspects of these concepts,
essentially, the project was meticulously designed to exploit the weak points of other layer 1 protocols
to make a highly secure, lightning fast, scalable, decentralized protocol.
On their website, they make the analogy that if Ethereum was a decentralized computer,
Fantom is a network of infinite decentralized computers that think the same way
but are independent of each other.
Fantom is a network of networks.
This asynchronous Byzantine Fault Tolerance algorithm allows the nodes
to communicate with each other in an extremely efficient manner
and can reach consensus independently.
Besides having solved the blockchain trilemma so far,
what makes Fantom stand out from the field is how well the project is in its approach to DeFi,
which has been quite effective to say the least.
It's not just a costume.
And it's all a part of the plan.
And it's working.
For example, one of the new DEXs built on Fantom is called SpookySwap,
which uses a governance token called BOO.
According to their tweet,
there are only four decentralized exchanges with more volume than SpookySwap in all of DeFi.
SpookySwap lets you do all the farming, staking and cross-chain swapping you can do on ETH
but for a fraction of the cost.
SpiritSwap is another DEX built on Fantom
that works with a leveraged yield farming and lending pool called Tarot.
The first algorithmic stablecoin built on Fantom is called Tomb Finance,
and the experts will tell you,
any smart contract platform making its own stablecoin is a very healthy sign.
There's even a compounding yield optimizer built on FTM called Grim Finance.
See connections here with all these names?
The list goes on and on.
What's important here is how well this is marketed.
Lets be honest.
There's a lot of letters in crypto,
and sometimes unless you already know what projects go with what,
you wouldn't know what works together and what doesn't.
The genius behind strategy like this
is anytime you see the name of a project with some sort of scary or Halloween type reference,
you know right away that it's most likely a Fantom project.
These are the types of ideas that can make or break a project.
The proof is in the witches' brew.
On January 1 of this year,
FTM was trading for just over a penny.
On October 8, Fantom hit its all-time high of $2.43,
a 6400% increase just this year.
With a current market cap of over $5.3 billion,
this coin is having its biggest pump to date in October.
It feels like there might be paranormal forces moving this project.
Having partners like Chainlink, Yearn Finance, The Graph, Band Protocol and Ankr
certainly helps as well.
There are countless NFT drops on FTM,
but if I had to pick one that stands out, I'd have to go with Pumpkittens.
That's right.
A cross between pumpkins and kittens.
A purrfect idea.
Michael Kong, CEO of FTM, recently retweeted,
"Many are asking why Pumpkittens became such a massive success?
The only reason is 'because we're on Fantom', because of the wonderful FTM community."
This rare, limited drop of 100 NFTs
all live in one of the nine provinces of the magical, secret Pumpkinland that's living under Earth.
According to the website,
the GameFi features of this NFT will be developed and deployed in a timely manner.
As well as developing their own stablecoin, Fantom also has their own wallet.
The Fantom Wallet or fWallet is a progressive web app.
This means you can access this web-based wallet on a computer
as well as on a smart phone application.
You can use the fWallet to send and receive coins,
stake your FTM tokens,
as well as gain access to the Fantom DeFi ecosystem.
It's important to note that there are three different types of FTM tokens.
There's Opera FTM,
which exists on the Opera chain mainnet.
There's ERC-20 FTM for the ETH network and BEP-2 FTM for Binance Chain.
Just a note on the Fantom Wallet,
you can stake your tokens without locking them up and earn up to an APY of 4%.
If you do choose to lock up your tokens,
you must do so for a year and two weeks for an APY of 13%.
If you happen to miss out on the initial pump up to all-time high in early October,
don't worry.
It's not too late to join this supernatural project.
Many professional traders implement strategies based around buying into a coin after a correction
when it begins to retest previous price targets.
This is known as buying the breakout.
It's already started to pull back off of the all-time high
at $2.32 per coin at the time of this recording.
Keep in mind,
when Bitcoin dominance is back up, alts tend to pull back temporarily
while BTC is running the show.
There is still plenty of money to be made in this bull run,
and I believe our biggest run up yet is to come.
Not financial advice,
but history shows us that retracements after new all-time highs are good buying opportunities
to set up for the rest of the potential gains for the remainder of this bull run.
Just take a look at Polygon for instance.
Its new all-time high hit right before this year's mini bear market,
and it hasn't had any big moves since,
so it's primped to pump.
Fantom has been bucking the trend,
so watch its movement while Bitcoin shakes up the markets over the next 6 weeks.
Only a magician could tell you how high it could go in the next 3-5 years,
but for the rest of this bull run,
I predict that Fantom could easily jump another 10 spots on the CoinMarketCap rankings
and snag a token price close to $5.
That's a gain of over 130%,
and it's not a bunch of hocus-pocus.
It's alt season fundamentals.
That's all I got.
Be blessed.
BitBoy out.