Fantom (FTM)
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About FTM
Fantom (FTM) is a high-performance, scalable, and secure smart-contract platform designed for decentralized applications (dApps) and digital assets. Using its unique Asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism called Lachesis, Fantom can achieve near-instant transaction finality with minimal fees, making it ideal for DeFi and enterprise applications. FTM, the native token, is used for transaction fees, staking, and governance within the network, allowing holders to vote on important protocol decisions. Fantom aims to offer high-speed blockchain solutions that bridge the gap between security, scalability, and decentralization. In 2024, Fantom announced its upgrade to Sonic (S). FTM holders can upgrade to S at a 1:1 ratio. Sonic retains full EVM compatibility, making migration seamless for existing projects.
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Frequently Asked Questions about Fantom
What is Fantom (FTM)?
Fantom (FTM) is a high-speed, scalable blockchain platform designed for decentralized applications and digital assets, featuring the Lachesis consensus mechanism for fast and secure transaction finality.
When did Fantom announce its upgrade to Sonic, and what does it mean for users?
Fantom announced its upgrade to Sonic in early 2024, introducing faster transactions, improved scalability, and better incentives for developers. FTM holders can upgrade to S at a 1:1 ratio. Sonic retains full EVM compatibility, making migration seamless for existing projects.
What is the process for upgrading FTM tokens to Sonic's native S tokens?
FTM holders can upgrade their tokens to S on a 1:1 basis using the upgrade portal on MySonic. For the first 90 days after Sonic's mainnet launch, users can freely swap between FTM and S through this portal. After that period, upgrades will be from FTM to S only.
How long will FTM be supported, and is there a deadline to upgrade to S?
FTM will remain supported on the Opera network, but to use Sonic’s features, upgrading to S is required. Major exchanges, like Binance, will delist FTM trading pairs in early 2025, making it advisable to upgrade within the initial window.
How does Fantom work?
Fantom uses an aBFT consensus protocol called Lachesis, allowing nodes to confirm transactions independently, resulting in near-instant transaction finality and high scalability without compromising on security.
What makes Fantom unique?
Fantom’s Lachesis protocol provides high-speed, low-cost transactions with finality, making it ideal for DeFi and enterprise applications. Its focus on bridging scalability, security, and decentralization distinguishes it in the blockchain space.
What is Fantom staking?
Fantom allows users to stake FTM tokens to secure the network and earn rewards. Stakers contribute to network security and can participate in governance by voting on protocol proposals.