3 Fantom Opera Chain defi projects that are on a parabolic move – Fantom Opera Chain token (FTM) have been on a steady rise the past 30days and have seen an incredible gain of about 40% the past 24hrs alone.
The Fantom ecosystem is a high-performance, scalable, secure & directed acyclic graph (DAG) smart contract platform, designed to overcome the limitations of old-generation blockchain platforms.
Fantom Opera Chain makes use of Lachesis, a revolutionary & bespoke aBFT consensus mechanism that enables Fantom to be much faster and cheaper than older technologies.
The new generation smart contract platform along with its Decentralized finance (Defi) protocols have caught the attention of crypto traders recently which have resulted in double gains for FTM tokens.
Spirit swap records over 300% in the last 24hrs
Following the surge in the adoption of the Fantom ecosystem, decentralized exchange protocols have been on a parabolic move in terms of price action, SpiritSwap have risen more than 300% in the past 24hrs as at the time of writing this report.
SPIRIT token is currently trading on its own DEX at $0.30 and have gained 17x since its al-time low a month ago.
SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Chain. SpiritSwap’s design is based on the Uniswap constant-product automated market maker (AMM). In an AMM, liquidity providers simply deposit a pair of tokens and an algorithm automatically makes markets for the token pair.
Traders can easily swap between tokens in the AMM and get guaranteed rates for the swaps. Each swap on SpiritSwap incurs a fee, which gets distributed to liquidity providers.
Spookyswap rallies 427.8% in the last 30days
Spookyswap describes themselves as the first Decentralized exchange (DEX) and automated market maker (AMM) on Fantom Opera Chain, the token has pumped 427.8% in the last 30days and currently trading at $16.47 as at the time of writing this post.
Spookyswap are aiming to be a trader-focused dex while still preserving a light-hearted fun feel. Their goal is to add heavy trader focused features such as trading charts, order history, limit orders, and more.
In addition to the trader experience, they aim to be built by DeFi for DeFi. What this means for SpookySwap is a full on-chain DAO to handle governance over all SpookySwap contracts, the first of which would be the farm contract. The aim is to have virtually no lone human control over the platforms mechanics.
Before they can achieve this, they will have a SnapShot voting page up and all decisions will be voted on by the community before implementation. Every aspect and direction of SpookySwap can be influenced by the community.
Through leveraging Fantom’s great technology, their focus on the trader, and their attractive theming they hope to provide the best trading experience in DeFi.
Lending protocol TAROT Token records 240.5% in the past 24hrs
The Lending protocol on Fantom Opera Chain have also been on a parabolic move just like the DEXes mentioned above, it has risen 240.5% in the past 24hrs alone according to data from coingecko.
Currently trading at $1.41 as at the time of writing this report, up by 442.8% from all-time low just 3days ago.
Tarot is a decentralized lending protocol, designed to maximize the future potential of yield farming within the Fantom ecosystem. Liquidity providers can borrow using their Automated Market Maker (AMM) Liquidity Provider (LP) tokens as collateral. Lenders can deposit their individual tokens into the Tarot Protocol lending pools to supply loans.
This facilitates several novel use-cases:
- Borrowing tokens for leveraged yield farming, where the loan is added to a liquidity pool for additional LP tokens.
- Using borrowed tokens to implement an impermanent loss hedging strategy.
- Lending individual tokens to earn yield, while indirectly providing liquidity to AMMs without risk of impermanent loss.
- Achieve the same leverage as alternative DeFi lending protocols with less risk exposure.
This post was last modified on August 30, 2021 10:36 AM