Momentum and narratives for high-throughput layer-1 networks are increasing. Fantom is the latest blockchain to be put into the spotlight following a big endorsement from decentralized finance (DeFi) pioneer Andre Cronje (who ‘ quit DeFi ‘ in March 2022).
On Feb. 2, the Yearn Finance founder tweeted 13 reasons why he is bullish on Fantom. The first of which was fast confirmation times with the network boasting sub-900ms finality. This provides a smoother user experience for dApp builders and users, said the developer.
He emphasized these points in a recent blog post titled ‘Frustrations of a dApp Developer.’ However, Cronje is the co-founder of the Fantom Foundation, so he will naturally be bullish about his own baby as he was with Yearn.
Why Fantom @FantomFDN ? 1/13 Fastest confirmation times (sub 900ms finality), offering smoother UX for dapp builders & users https://t.co/Mr8sWQI4Jd — Andre Cronje (@AndreCronjeTech) February 2, 2023
Fantom Advantages Touted
The developer also spoke of synchronous remote procedure calls (RPC) due to Fantom’s low confirmation times.
Additionally, Fantom has gas monetization, “allowing your team to earn revenue from gas fees on your contracts, earn 15% of all gas spent on your contract as revenue.” Gas subsidies will also mean that wallets with no FTM can still use the network.
In the second half of the year, Fantom will support native smart wallets. These allow wallets to be owned by normal Web2 methods such as username/password, social authorization, and facial recognition.
Furthermore, Fantom is compatible with leading programming languages Solidity and Vyper. This means developers do not need to learn a new language to build on the platform, and onboarding is easy.
The project has sustainable funding and revenue via Gitcoin grants, ecosystem vaults, and gas monetization, Cronje added.
Additionally, the network has “proactive security” in the form of automated on-chain continuous auditing via Watchdog from Dedaub. Cronje also touted network legacy:
“Fantom is the oldest smart contract chain after ETH, operating for 4 years with 99.99% uptime.”
However, its token distribution appears to be heavily whale dominated, as observed by Lookonchain:
Andre Cronje( @AndreCronjeTech ) tweeted 13 reasons to choose Fantom today. And the price of $FTM has increased by 173% in the past 30 days. We find 5 whales to watch among $FTM holders. 1.
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