With DeFi becoming more interoperable across various blockchains, Layer 1 smart contract blockchains are becoming highly popular in the market. The latest crypto that is riding the DeFi wave today is Fantom.
Fanton (FTM) has been on a massive rally since the beginning of 2021 with new network developments and coalitions. Let us see whether Fantom could be a millionaire-maker coin for investors in 2022 and beyond.
The colossal rise of FTM’s price shows the exceptional investor interest in next-generation smart contract platforms. But what makes Fantom a good buy now?
What Is Fantom?
The leading smart contract cryptocurrency platform, Fantom, has high potential for future returns.
Fantom is an advanced smart contract cryptocurrency platform that offers fast transactions with low costs. It runs smart contracts suited to process transactions for several activities like decentralized finance (DeFi). Named the ‘Ethereum-killer’ by crypto enthusiasts, Fantom could be a viable alternative for Ethereum with its super-fast, highly scalable, and secure blockchain network.
It also allows developers to build highly customized decentralized applications (dApps) and non-fungible tokens (NFTs). The network provides the solution to the current limitation in the blockchain space with its high-speed consensus mechanism called Lachesis.
Is Fantom A Millionaire Maker Investment?
Thanks to rapid growth within its DeFi ecosystem, FTM has become one of the best-performing cryptocurrencies in the crypto space today.
The price of FTM has risen by over 1,839.76% in a year. With the launch of its latest update, FTM had a whopping surge and has reached a new all-time high of $1.93 in September, which then almost doubled in October to $3.48. The colossal rise in price is one key reason to buy FTM now for good returns in the long run.
The Fantom project was launched in December 2019 by the South Korean computer scientist Dr. Ahn Byung Ik. The team also consists of several specialist engineers, scientists, researchers, designers, and entrepreneurs. A big-name to watch out for in the team is its DeFi Architect, Andre Cronje, a prolific DeFi developer and the founder of Yearn.Finance.
The platform is utilized by more than thousands of users daily for multiple purposes, including information security and crypto-currency transactions. Fantom prides itself on its near-zero transaction fees and instantaneous transactions. FTM, the native token for the platform, is the backbone for all the transactions and is also used for staking, governance, payments, and fees.
The Fantom network works with several other projects like Chainlink, Brand Protocol, Ethereum Classic Labs, and Coti, to name a few. Moreover, the network is highly advanced and efficient, with three significant layers having their own responsibilities. This makes Fantom a perfect choice for developers, driving its adoption rate and pushing FTM’s price to new highs.
Fantom is one of the top cryptocurrency platforms available today as companies can seamlessly build Fantom-based private/permissioned blockchain networks using its plug-and-play feature. Furthermore, enterprise Fantom is a set of guidelines and technical specifications that aims to accelerate the adoption of blockchain technology among enterprises, making Fantom a potential millionaire-maker investment.
Check Out: Why Fantom Will Skyrocket
Factors That Could Make FTM A Millionaire Maker Cryptocurrency
Some of the promising developments in the Fantom ecosystem make FTM a good buy now.
Let’s see some of the significant factors that drive FTM to be a millionaire-maker coin in 2022 and beyond.
1. Strong Network Fundamentals
Fantom network is known for its innovative network fundamentals that make it fast, scalable, and secure. A highly advanced Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism keeps the network operational. The aBFT mechanism maintains the network security while keeping the speed at optimal levels. Unlike other solutions, Fantom does not ignore security and decentralization in favor of scalability, making it unique.
According to Fantom’s whitepaper, it is the world’s first DAG (Directed Acyclic Graph) based smart contract platform that supports dApp development. Moreover, it adopts a novel and innovative protocol known as the Lachesis for achieving consensus in the distributed DAG environment. This high-speed consensus mechanism permits digital assets to operate at unparalleled speed.
2. Fantom’s Collaboration With Uzbekistan
Fantom’s DAG protocol is making new inroads into Uzbekistan by revamping critical areas of the Uzbek information technology (IT) matrix. Fantom has entered into a coalition with Elyar Ganiev and the AG Mentors Group, who will help in bringing the blockchain applications to the Uzbekistan Government IT infrastructure.
According to reports, Fantom will provide DAG-based solutions for areas like central bank digital currency (CBDC), enterprise resource planning (ERP), and supply chain management (SCM). This has facilitated the blockchain with a real-world use case, making Fantom one of the top cryptocurrencies to buy now.
3. The Launch Of Rarity
It is best to buy FTM now, as it is one of the most popular blockchains in the DeFi sector. The launch of a new fantasy role-playing game called Rarity has brought several new users to Fantom. It is a tech-based role-playing game that is directed by interacting with smart contracts on Fantom. The game has seen massive popularity since its launch. As gamers playing the game need FTM to pay for transaction fees, the demand and price of FTM have seen a significant rise, reaching new all-time highs.
4. Fantom’s Massive Incentive Program To Reward DeFi Developers
What makes Fantom a millionaire-maker coin is its fast-growing ecosystem. Currently, the team is dedicatedly working on building the network’s dApp ecosystem. In addition, the Fantom Foundation announced a groundbreaking incentive program earlier this year. Fantom has committed a total of 370 million FTM in rewards to distribute to protocols developed on the blockchain.
The program was intended to foster the development of quality projects on its platform and, in return, attract a higher TVL. As a result, it has attracted several new users to the platform pushing FTM’s value higher.
5. Continued Support From HyperChain Capital
Fantom has again received another investment from one of its very first supporters, the HyperChain Capital. The continuous support has further bolstered the investability quotient of Fantom, making it a good buy now. HyperChain, the leading digital assets management company, has been an ardent supporter of Fantom since 2018 through an investment of $2.5 million. The firm has made another $15 million investment into Fantom in April 2021, showing its support and exposing the future potential of Fantom blockchain.
6. The Continuous Rise Of DeFi
The rising popularity of DeFi is a significant reason why Fantom is one of the top cryptocurrencies to buy now. The total value locked in Fantom’s DeFi platforms has heaved to over $600 million now, accelerating Fantom’s adoption and popularity. In addition, several projects built on the network, including the ones focused on decentralized trading, lending, and digital collectibles, have equally contributed to Fantom’s growth in recent weeks.
Moreover, the native DeFi projects have also seen rapid growth over the past few months. The new incentive programs in the ecosystem will open a new phase of Fantom DeFi for users. Eventually, several successful projects will either switch to Fantom’s superfast network or deploy Fantom to ensure their presence on Fantom, one of the fastest-growing DeFi ecosystems.
Some of the popular Fantom-native DeFi projects on the platform include SpiritSwap, Tomb Finance, Scream, Reaper, Cream Finance, and Tarot, which collectively account for more than $200 million in total value locked.
7. The Go-Opera Update
The new Go-Opera update has made Fantom one of the most popular cryptocurrencies in the market today. It was completed on April 29 and has efficiently upgraded the network’s already impressive performance speed. The price of FTM has seen a meteoric rise since the completion of the update.
One of the significant improvements that Go-Opera brought is the addition of one-second finality; no transactions take longer than a second to complete now. The second is faster synchronization. Now new nodes can easily join the network with much faster P2P synchronization. This will eventually drive the adoption rate of the Fantom network, significantly boosting the investability quotient of FTM.
Read Also: Is Fantom Worth Investing?
Could Fantom Become A Millionaire Maker?
Fantom is a blockchain platform with tremendous growth potential, making this the best time to buy FTM.
According to crypto analysts and experts, Fantom (FTM) is expected to keep the bullish trend and surge higher in the coming years, making it a good buy now. The project is working to create more accessible advanced technologies for everyone. Several industries like manufacturing, healthcare, and education have highly benefited from the increased security and transparency that Fantom’s blockchain transactions provide.
Therefore, Fantom has positioned itself as one of the most promising blockchain platforms that are highly scalable, fast, and sustainable.
With all the developments and updates in its ecosystem, Fantom could be a millionaire-maker coin in the future. The team behind the token aims to become the backbone of IT infrastructure in the smart cities that are emerging, and therefore the growth that Fantom is experiencing now shows no signs of stopping any time soon.