Fantom Chain Integration

[Falcone]

I’m just going to condense this so community can get an overall understanding of fantom chain and its benefits. The team can look into the docs in more detail later.

Basically, Fantom is a PoS chain. Currently there are several dozen validators, but will grow overtime. They offer absolute finality, which means transactions can never be reversed. Anyone can run a node if they stake 3.1 million FTM, but can delegate and stake with even 1 FTM. Transactions are a fraction of a cent and less than 1-2 seconds.

They will soon be a major DEFI HUB IMO, and work synergistically with ETH, since its very easy to port and interlink. We know that there are several L2 solutions, but it will be sometime before the space comes to a consensus on which one to use. In the meantime, I think many in the space will see that FTM solves most of those issues and it will get traction very fast (even tho L2 solutions will still used in the future).

Protocols that will soon run the DeFi universe:

Yearn, Cream, Alpha, Sushiswap, Cover protocol, Curve, Synthetix, Badger DAO + functionality of Compound, Aave, and Maker (AND IDLE😍)

Their Anyswap in run by fusions DCRN, which will also bring major crosschain liquidity…

AnySwap

-the only multi-blockchain DEX
-bridge assets between Ethereum, Fantom, Binance Smart Chain, Huobi Eco Chain, XRP, LTC, ADA, and all DCDSA/EdDSA chains
-provide liquidity between any two tokens on any chain

with additional (and unique) functionalty provided by DCRM:

-private key sharding to secure users’ assets and allow for cross-chain transactions, -TIme Locking to allow for things like mortgages, derivatives, and loans
-Quantum Swaps, executed within a single transaction
-USAN (Universal Short Account Number Universal Wallet and Global Short Account Number)
-SCT (Smart Contract Template) to allow users and companies to easily create financial derivatives or develop suitable products based on market needs and target demographics.

I would also guess that fUni will eventually have DCRM functionality, as well, with AnySwap as a testbed

Curve is already getting involved, also yearn vaults are getting implemented already as well.

They are already partnered with chain link, Band, REN, the Graph, waves, and many more.

Their DEFI stuff is working with fLend coming soon.
- fMint

- fSwap

-fLend

Everything can simply be done through wallet interface.

I suggest we create a grant for experienced dev to start porting things over into Fantom, while the core team continues to push out ETH roadmap milestones. We can easily reach out on their discord and let them know about open grant opportunity. I also think this should get started fairly soon.

.

Also, to see why ETH projects are likely to move there and why its actually helping ETH ecosystem, check out this article…
https://fantom.foundation/blog/fantom-the-ethereum-helper/

Anyways, hope this info is of some help to someone

[Mischief]

Great proposal and in depth explanation @Falcone

I am also +1 to setting up a grant / bounty for FTM devs, this seems like the most optimal way whilst ensuring our own roadmap is being worked on at the same time. It also has the benefit of expanding our community and would bring eyes towards the developer mining program we proposed a few weeks ago.

With more and more integrating into FTM as a low cost solution, we should definitely consider this ourselves. As we know first mover advantage is very important in this space. Would also like to see others thoughts.

[tom]

+1 @Falcone this is a great write up!

[Davide]

Hey @Falcone, thanks for the detailed description about Fantom and its current traction.

If many other lead DeFi protocols are exploring this blockchain, it might be worth getting a better sense on how this can be beneficial for Idle. Fantom also raised $ 35M from Alameda Research to integrate other cross-asset products.

By the way, I’d like to share with our community some data and analyze Fantom’s infrastructure, comparing it to the crypto state of the art.

• According to FTMscan, daily transactions just reached 10k per day. This is a quite low milestone if compared to Ethereum (1.2M/day) and even BSC (2.5M/day).
• The total staked amount is equal to 1B ([reference](https://explorer.fantom.network/staking)). Other networks like Cardano, Polkadot, Cosmos, Tezos are in the range 2B - 23B. Those blockchains have hundreds of validators, while there are only 40 validators in Fantom and this partial decentralization might be a weakness. Currently, the validator with the lowest rank received 2.3M worth of delegated crypto, a quite small amount to secure a slot for securing the network.
• Fantom price increased 1,570% after releasing governance features and a cross-chain bridge to Ethereum. From the protocol’s point of view, we should need to identify the hype that drove this trend and if the current market cap ( 2B) is sustainable in the long term. If the market cap of the underlying infrastructure is lower than the products on top, the network can be attacked to exploit such products, or the services developed on top are not able to scale above the market cap threshold. The TVL in the Ethereum DeFi ecosystem is worth 37B, sitting on a $ 180B infrastructure.

The above observations suggest that Fantom is still in its early stages and might not be mature enough to support billion-dollar protocols, but this does not mean that it can not host the next-gen of DeFi contracts. Their roadmap is quite impressive and we should keep it on the radar.

If someone can provide more details on which metrics have been used by DeFi protocols to determine the security of the Fantom network, this would definitely help to move the discussion to a more advanced stage!