Fantom General Update | March 08 2021

Fantom General Update | March 08 2021

Let’s go through all the new developments in the Fantom ecosystem in the last fourteen days!

Alameda Research and BlockTower invest in Fantom

We are excited to welcome Alameda Research and BlockTower as Fantom investors.

Alameda Research has acquired $35m worth of FTM tokens and will collaborate with the Fantom core team in integrating Solana, Serum, Raydium, and other cross-chain products.In addition, Alameda Research will run a Fantom validator node.
👉 Read the announcement

BlockTower Capital, a leading crypto and blockchain investment firm, has acquired a $20 million stake in the Fantom ecosystem through the purchase of FTM tokens.
👉 Read the announcement

New DeFi applications

SushiSwap deployed on Fantom

You can now add liquidity and trade any ERC20 token supported on mainnet using SushiSwap.
👉 Read how to use SushiSwap on Fantom

Curve launches on Fantom

Curve, the stablecoin AMM, has launched on Fantom. You can now swap between stablecoins with low slippage and low costs on Fantom.
👉 Read how to use Curve on Fantom

C.R.E.A.M. launches on Fantom

With Cream, you can lend and borrow ERC-20 tokens on Fantom. At launch, the following 19 tokens are supported: wFTM, CREAM, WETH, wBTC, DAI, USDC, YFI, SUSHI, AAVE, CRV, BAND, KP3R, sUSD, COVER, HEGIC, LINK, SNX, SFI, FRAX.
👉 How to use C.R.E.A.M. on Fantom

Frax stablecoin

The Frax stablecoin is coming to Fantom. Frax is partly backed by collateral, partly algorithmic. The mechanism is working great on Ethereum, keeping Frax pegged to $1. We can’t wait to see it on Fantom.

Ecosystem updates

Binance supports native FTM

Users can deposit and withdraw Opera mainnet FTM on Binance. Compared to transfers of ERC-20 FTM and BEP-2 FTM, this significantly increases speed and drastically reduces fees.

Network incident analysis

On February 25 2021, Fantom Opera mainnet halted new block confirmations, which resulted in a temporary outage for 7 hours. No funds were at risk at any time.

The problem was caused by one of the biggest validators slowing down the block emission. This affected another node, which also slowed down as a result. As both together represent more than ⅓ of stake, the network halted.

The team is working on a proposal to lower the validators’ requirements. Once finalized, the community can vote via on-chain governance.

Here’s the full analysis

We want to publicly thank all Fantom validators that coordinated and worked together to solve the issue and bring the network live as soon as possible. A big thank you to the community as well for being incredibly supportive and understanding during those hours.

19 new Band Protocol price feeds go live

All the new assets that are getting added to Fantom need price feeds. Band Protocol made price oracles for 19 new assets available on Fantom. These include AAVE, BAND, BTC, COVER, CREAM, CRV, DAI, ETH, FRAX, HEGIC, KP3R, LINK, SFI, SNX, SUSD, SUSHI, USDC, USDT, YFI

Four open bounties for developers for a total of $2m DAI

If you are an expert developer, take a look at our open gitcoin bounties:

FTM listed on FTX

You can trade spot FTM and perps

FTM added to Sushiswap Onsen

You will now receive SUSHI token rewards on top of trading fees when providing liquidity for the FTM/WETH pair.

Native FTM comes to Trezor Wallet

You can now safely store mainnet FTM on your Trezor.

Multisender and Token Faucet now support Fantom

With Multisender, you can efficiently send FTM to multiple addresses at once. Multisender batches up to 145 token transfers into one transaction.

Token Faucet allows you to mint ERC-20 tokens to an address easily.

Fantom launches BandChain validator node

We have been working with the Band Protocol team for a long time and are happy to strengthen our strategic partnership by becoming an active part of their network.
👉 Read the announcement

Fantom network stats

TVL on Fantom has been on a tear. It now stands at $400m, up 100% from two weeks ago 👀

We also have a new Twitter account that posts Fantom stats daily.
👉 Go give @FantomStats a follow.

  • Arthur Hayes is back with a thoughtful piece about the current macro environment and what it means for one’s portfolio composition.
  • Citibank released a report on Bitcoin, noting its advantages for international trade. According to the report, Bitcoin is currently at the tipping point of mainstream adoption, which will help the entire ecosystem of digital assets to grow further.
  • EIP-1559 will be included in Ethereum’s upcoming London upgrade scheduled for July. Here you can read more about the potential impacts.

Mark Cuban mentioned Fantom in his fireside chat with CZ at minute 13:25. Awesome to have you in the community, Mark 😉