Decentralized Finance Products and review of a popular Defi Project (Fantom) by @swaylee
Greetings Everyone,
Welcome to Rasheedy's blog and today we will be talking a delve into the world of defi for the first time. Defi here means decentralized finance but I'm sure we all know this so I would just stick to the short form for this post. We would brush up the meaning of defi products and what it's all about before going to review Fantom which is a very popular and fast growing defi products. Let's get to it immediately.
DEFI Products
This word might look strange to some people but it's not rocket science. It is a simple term and inorder to know the meaning of a defi product, we would need to know what a Decentralized Finance is.
Decentralized Finance is a crypto terminology used when referring to a seamless and trustless financial environment devoid of third part involvement and control. This it does by making use of blockchains technology and decentralization. It is a fast growing concept as so many people support the notion that the traditional financial environment is ineffective and manipulative and there is need for everyone to be independent and make decisions for themselves without external bodies or their influence.
From the definition above, we can deduce that a defi product here are products built on a blockchain which support the removal of externalities like third parties from the financial system. A great example of defi products are defi projects like decentralized applications. That is to say that any Application built on a blockchain that allows one to carry out transactions independently is a defi product.
Fantom Review
We have all heard about the scalability issue on the Ethereum Blockchain and how they charge extremely high gas fees so they built a layer blockchain to help better some of this issues and to improve the base Blockchain. This layer 1 blockchain called Fantom was built on the Ethereum Blockchain to help resolve these issues and we would be taking a quick look at it.
As we can see from the screenshot, it is an open source smart contract built specially for crypto assets and decentralized applications. So this is to say that as one can build a dApp on a blockchain using smart contracts, one can also build dApps on Fantom but this time with more scalability, speed and far less fees.
It is compactible with the Ethereum Blockchain so one can run their Ethereum dApps on the Fantom ecosystem. Their users are wildly increasing with over 200 dApp currently being deployed in the ecosystem. It uses the POS consensus mechanism. Fantom is also very environmentally friendly and has validators from around the world
About FTM
It's governance token and native utility token is FTM and this can be staked and used in the voting process. Those who stake FTM can vote for changes that they would love to see on the ecosystem. The gas fees are paid using FTM. People who wish to be validators on the ecosystem need to hold a large amount of FTM to be considered.
FTM Scan
From the first screenshot used in this review, you can see a button that takes you to the FTM Scan and this is the ecosystems Blockchain explorer where every transaction, hash and address on fantom can be seen through.
Multichain bridge
This is an external dapp that allows one to swap tokens much like we have Poloniex on Steemit. The multilink feature allows one to swap tokens from one blockchain to another. I can swap a BSC token to an Ethereum Blockchain token and so on with affordable fees. This section also let's us check the swap's block explorer, it's liquidity pool and the total tokens locked in it.
Fantom projects
At the moment of taking this screenshot, there are about 227 projects running on the Fantom ecosystem and this section shows every single one with details like total value locked in the ecosystem, their native tokens and their tags. It also shows the price changes in the past 24hrs and it's current price in $.
Mobile wallet
This feature is still in the testing stage. It appears to be available for desktops and laptops but yest available on mobile devices.
Final Remarks
It really is a superb idea to make an alternative to your shortcomings now people who complain about gas fees and speed would find a way out. If you are a user of the Ethereum Blockchain, I suggest you utilize your laptops and check out this site.
10% to @tron-fan-club
Note: You must enter the tag #fintech among the first 4 tags for your post to be reviewed.
Decentralized Finance has given a lot of beautiful information. It has been very beautiful. Thank you.
You've done a great review of this wonderful project
Hello dearest friend @swaylee
Thank you very much for giving such an informative post.
I enjoyed going through your post and I hope to read more of your interesting post.
#steem-on 💙
This is a nice review, I love it