On May 6th, DataHub hosted Fantom, SpookySwap, and BuilderDAO for their “Build it Better” Twitter spaces series. In this Twitter space, we learned about Fantom, SpookySwap, and BuilderDAO.
Fantom features fast transaction speeds, low transaction costs, and deterministic finality while remaining permissionless, decentralized, and open-source. Fantom can be described as a “generalized smart contract platform” that utilizes similar API services that you may find on Ethereum.
The Fantom blockchain is able to process multiple transactions at a time, which increases the overall throughput on the network. Also with Fantom, you are able to achieve block finality in roughly one second. Growing user adoption has been proven with over 150 apps/protocols built, $6.6B of total value locked and over 228 million transactions.
“With Fantom, you get finality in one second. So, you get all of these benefits of achieving a fast consensus, while still being able to deploy the same sort of small contracts on our network, as on Ethereum.” - Michael Kong, CEO of Fantom
Benefits of developing on Fantom include fast transactions and low transaction fees. If you are an Ethereum developer familiar with Solidity, you will have no problem moving over to Fantom, as they are completely transferable skills.
The Fantom blockchain also has a very reliable uptime, which allows developers peace of mind when building applications on the network.
SpookySwap is an AMM built on Fantom that is an all-in-one decentralized exchange for leveraging diversified funds across ecosystems. Launched in the spring of 2021, SpookySwap leverages Fantom’s ultra-fast transaction speeds to provide its users with a wide range of features, all at a low cost.
So far, the SpookySwap team has prioritized user experience and has captured about 40,000 consistent users. As of June 1st, 2022, SpookSwap has over $200 million USD of liquidity and has done just over $40 million USD of daily volume.
“We saw launching on Fantom as a great opportunity with the speed of the network and the low transaction costs, so that we could provide a high volume AMM.” - Owen P., SpookySwap
When DataHub 2.0 launched in January 2022, there was a priority to launch on EVM compatible chains. By offering EVM-compatibility, Fantom allows Ethereum dApps and developers easy access to exceptionally high throughput without compromising security or decentralization. dApps can be ported over to Fantom from Ethereum in minutes and benefit from higher performance and lower cost.
When Building on DataHub, we provide a unified platform to manage the full application tech stack, helping developers continue to scale, or start building new applications on the Fantom smart contract platform.
“I first started using Fantom last September when there was that dungeons and dragons inspired game, and was super impressed by how fast transactions were processed. Using Fantom enables a true gaming experience.” - Yannick Folla, Head of DataHub
When users build on DataHub, they are able to plug into RPC services to access Fantom full nodes where they are able to deploy, manage, and scale their smart contracts and dApps.
DataHub provides an easy on-ramp service that streamlines the Web3 stack, so developers and enterprises alike can continue to scale, or start building new applications on the Fantom smart contract platform. No node investment or operations are needed when using DataHub for building new applications on Web3.
While Fantom may currently be known mainly as a DeFi chain, it is much more than that, and Fantom is a powerful smart contact platform. To learn more about how to build on Fantom, simply head over to: https://docs.fantom.foundation/ to start reading their documentation.
Also, feel free to come join the conversation with BuilderDAO, a community of Web3 pioneers and developers interested in building on Web3: https://discord.gg/EePSRwxpWY
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