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Fantom(FTM) Online with Wigwam crypto app
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How to buy and hold FTM with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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The Fantom (FTM) Token Review
FTM is the native token of the Fantom network, a smart contract platform designed on the Fantom Opera blockchain to deliver fast, affordable transactions.
About the Fantom Network
In 2018, the Fantom network was launched as a smart contract platform to address blockchain's scalability, decentralization, and security challenges. That year, the network secured $40 million in funding to develop the blockchain and promote it among developers. Fantom launched its official mainnet the following year, where users can conduct token transactions and work with dApps.
In 2018, the FTM token was introduced as a gas and utility coin for users within the Fantom network. Holders use it for paying transaction fees and actively engage in governance by suggesting and voting on network improvements.
The FTM Token Use Cases
- Securing the network - The FTM token on Fantom secures the network through validator nodes that need at least 3,175,000 FTM to participate and stakers, who lock up their FTM for getting rewards in return.
- Network fees - FTM holders utilize the coin to pay for deploying smart contracts and cover transaction fees on the network.
- Payments - Holders can use FTM tokens to send and receive payments within the Fantom network.
- On-chain governance - users can actively participate in the development of the Fantom ecosystem by using FTM tokens to vote for changes.
- DeFI - The growth of Fantom's DeFi ecosystem can boost the demand for FTM tokens. These coins can serve as collateral in many DeFi apps and find utility in liquidity pools and lending platforms.
Economic value
The FTM token currently has more than 2.8 billion coins in circulation out of a total supply of 3.175 billion. The coin's current annual supply inflation rate stands at 10.16%. 80% of the percentage incentivizes Fantom users, with the remaining 20% rewarding nodes.
Here's the initial allocation of FTM coins: Block Rewards (32.75%), Advisors/Contributors (12.00%), Strategic Reserve (6.00%), Public Sale (1.57%), Private Sale II (11.69%), Private Sale I (25.35%), and Seed Sale (3.15%).
FTM is an inflationary token, having seen an increase in supply by over 250 million coins in the past year. However, holders staking FTM can actively propose changes to the Fantom network. The governance system charges 100 FTM for each proposal submission, and this amount is burned in the process. The token's current price is $0.50, and its value is influenced by factors such as project updates and marketing environment.
Challenges
The long-term value, relevance, and functionality of the FTM token are closely linked to the success of the Fantom network. If the token value declines, it could lead to financial setbacks for buyers. Also, growing competition from new projects sharing similar use cases introduces uncertainty in the future. Therefore, learning the current market conditions is crucial for investment decisions.
FAQ
Easily buy the FTM token through crypto exchanges. Visit Binance or Kraken Exchange and provide the necessary information to create and verify an account. Deposit funds and make your purchase with just a few clicks. Bitfinex is also a reliable platform to buy this coin.
Yes, you can. To stake this token successfully, follow these steps:
- Ensure you have a minimum of 1 FTM in your wallet.
- Visit the Fantom official website and choose an appropriate wallet
- Download the wallet, log in, and either deposit supported crypto or transfer your assets.
- Navigate to the staking section via the menu and click on "Stake your FTM."
- Specify the number of tokens you want to stake.
- Select a validator for your staking.
- Click on "Create New Delegation" and choose a node from the list.
- Click on "Stake," then "Continue."
- Confirm the transaction for a successful stake.
To easily monitor FTM address activities, use blockchain explorers. FTMScan and Fantom Explorer are great for users at all levels. Check transactions and block history on FTMScan. Also, with Fantom Explorer, users can access blocks, validators, accounts, and transaction records.
Crypto wallets supporting the Fantom Opera chain offer the easiest way to add FTM tokens. Opt for options with user-friendly interfaces like Metamask and fWallet. After installing your wallet, access settings and choose the network. Add Fantom Opera (FTM) from the dropdown menu. Once connected, click Add Token, search for FTM, and import your coins. If assets aren't visible, use the manual method. Click "custom token," and enter the correct FTM token address, for Ethereum blockchain the FTM token address is: 0x4e15361fd6b4bb609fa63c81a2be19d873717870. Then, input "FTM '' for the symbol and "18" for decimals. Confirm, and your assets will be visible in the wallet.
The first risk to buying this token is volatility; a bear market poses a potential risk for investors. Additionally, FTM faces challenges from new tokens entering the market with similar use cases.
