Sorting out the main DeFi projects in the Fantom ecosystem: How are they developing?

Recently, Year (YFI) founder Andre Cronje (AC) has repeatedly posted content related to the Fantom public chain in his Twitter. At least 5 of the Twitter content released on August 30 are related to Fantom. He publicly expressed his support for its ecological development. In addition, on Fantom’s official website, AC also appeared in the team member introduction as Fantom’s “Chief DeFi Architect”.

With the blessing of AC Halo, the Fantom ecological token FTM has increased by as much as 100% in the past week, and reached a maximum of US$0.965 on the evening of September 1st, and has now fallen back to around US$0.86.

The rise of FTM is not only due to the celebrity effect of AC, but more importantly, the ecological incentive plan recently announced by the Fantom Foundation. On August 30, the Fantom Foundation stated that it would invest 370 million FTMs to encourage ecological development, and funds worth nearly US$260 million will be used to reward ecological applications with a locked-up volume (TVL) of more than US$200 million.

Subsequently, AC tweeted that it would airdrop FTM to users who have used Anyswap, Polygon, Avalanche, Ren Protocol and other cross-chain bridges to pay for cross-chain fees.

Why is Fantom being favored by the “King of DeFi” AC? What are its advantages?

Fantom (FTM) is a high-performance public chain based on DAG (Directed Acyclic Graph Distributed Database) technology that supports smart contracts. It aims to solve the problems of scalability and processing time of existing blockchain technology. The biggest difference between it and other public chains is the change in the storage of transaction data brought about by DAG technology. The simple understanding is that Fantom supports multiple nodes. The more nodes join, the faster the speed and the greater the scalability.

In Fantom, each transaction information can become a unit, and the unit can be arbitrarily connected to each other for verification. There is no need to merge the transactions and package them into blocks like the general blockchain to complete the transaction, thus increasing the amount of transaction concurrency , Realizing instant transaction.

In addition, since Fantom is compatible with the Ethereum EVM virtual machine, Ethereum’s DeFi application can be translated to the public chain with one click, and enjoy the low rate and high-speed transactions of the public chain.

At present, Fantom Project data shows that the total lock-up amount (TVL) of the chain has risen to 695 million US dollars, of which 430 million US dollars are derived from native applications. In fact, as early as April this year, a team on Fantom was building DeFi applications in the ecosystem, such as SpiritSwap, ZooCoin, and so on. How are they developing today? What new applications have been born on the chain? This issue of DeFi Honeycomb will sort out the mainstream DeFi in Fantom ecology.

Decentralized trading application ——SpookySwap

Introduction

SpookySwap (BOO) is the decentralized exchange (DEX) application with the largest transaction volume and lock-up volume on Fantom. Like Uniswap, it also uses an automated market maker (AMM) mechanism. It is the first batch to receive support from the Fantom Foundation One of the items.

SpookySwap official website

SpookySwap supports the exchange and issuance of various assets in the Fantom ecosystem. Users need to pay 0.2% of the transaction amount as a handling fee for asset exchange. The transaction will automatically be paid by SpookySwap platform token BOO. It is worth mentioning that SpookySwap will use all these transaction fees to reward liquidity providers instead of entering the Ministry of Finance or project foundations like other DEX.

Currently, SpookySwap supports 1,612 fund transaction pairs, and the bridge in the application supports ETH and BSC assets directly across the chain to Fantom. Users can obtain platform token BOO rewards by providing liquidity (LP) for fund pools such as FTM-BOO, FTM-ETH, FTM-BTC, FTM-BNB, and FTM-LINK.

Operational data

SpookySwap official website shows that on September 1, the TVL of the in-app fund pool was 238 million U.S. dollars, the 24-hour transaction volume was 87.82 million U.S. dollars, and the number of transactions that occurred in 24 hours was 144,000.

The total amount of BOO issued is 13.666 million, the circulating market value is 57.4 million U.S. dollars, and the number of currency holding addresses is 51713. BOO temporarily reported USD 15.5, an increase of 74.5% within 7 days.

One-stop integrated trading application ——SpiritSwap

Introduction

SpiritSwap (SPIRIT) is a one-stop comprehensive trading application on Fantom, which integrates trading, lending, IDO, NFT trading, machine gun pool, automatic insurance and other functions.

SpiritSwap official website

SpiritSwap has improved the user experience. It not only provides a K-line analysis page for on-chain transactions of assets in the Fantom ecosystem, but also provides users with an asset analysis panel. Users can see their asset distribution, lock-up, and Liquidity mining income; users can “receive vegetables” with one click, and adjust positions at any time according to the return rate of the fund pool.

Currently, there are 965 tradable fund pairs supported by SpiritSwap, and users can obtain platform token SPIRIT rewards for liquidity provided by the in-app fund pool.

The SpiritSwap lending function was launched at the end of August this year. It currently supports the deposit and lending of six assets: WBTC, WETH, WBNB, SPIRIT, FTM, and USDC. Users can receive SPIRIT rewards for depositing or lending assets.

In addition, users can pledge SPIRIT as inSPIRIT. The longer the pledge time, the more inSPIRIT will be obtained. The longest pledge time is up to 4 years. Holding inSPIRIT can determine the mining income of the liquid capital pool by voting.

Operational data

According to SpiritSwap’s official website, on September 1, the TVL of the in-app fund pool was US$87.88 million, the 24-hour transaction volume was US$31.4 million, and the number of transactions that occurred in 24 hours was 60,000.

The total issuance of SPIRIT is 1 billion, and the circulating market value is US$31.03 million. SPIRIT temporarily reported US$0.178, with an increase of 207% in 7 days.

Borrowing app ——SCREAM

Introduction

Scream (SCREAM) is the first decentralized lending application on Fantom, which was launched in July this year. It provides users with a decentralized, transparent and non-custodial peer-to-peer lending solution, similar to AAVE and Compound. Users can borrow assets supported by the platform in the Scream lending market, or deposit assets on the platform to earn interest.

Currently, Scream supports the deposit and lending of six assets: WBTC, WETH, WFTM, DAI, USDC, and fUSDT. Users can get the platform token SCREAM rewards by depositing or lending these six assets.

Operational data

According to the Fantom Project, on September 1, Scream’s TVL was US$94.42 million, of which the value of assets deposited by users was US$234 million and the value of assets lent was US$145 million.

The total number of SCREAM issuance is 2 million, and the market value is 160 million US dollars. SCREAM is temporarily quoted at 80 US dollars, with an increase of 422% in 7 days.

Transaction aggregator ——ZooCoin

Introduction

ZooCoin (ZOO) is a comprehensive trading application on Fantom, which is mainly composed of trading aggregators, K-line charts, NFT markets and other functions.

ZooCoin official website

Among them, the transaction aggregator can provide users with an asset exchange path with the lowest slippage, which integrates Fantom DEX liquidity. In addition, the platform integrates the K-line trend chart of Fantom’s ecological assets, which can update the latest market changes in real time, and can also implement limit order transactions in Zoo Dex.

The ZooCoin NFT market is the earliest NFT trading market on Fantom. It not only has trading functions, but is also a creation platform. Creators can create their own works and upload and sell them, and collectors can also buy their favorite works here.

Operational data

The ZooCoin website shows that on September 1, ZooCoin’s TVL was 4.75 million U.S. dollars.

The total issuance of ZOO is 950 million, with a market value of 24.71 million U.S. dollars, and ZOO is temporarily quoted at 0.026 U.S. dollars.

Cross-chain revenue aggregator ——Beefy Finance

Introduction

Beefy Finance (BIFI) is a cross-chain revenue aggregator that can run on multiple chains. Currently, it supports Fantom and BSC chains.

Beefy Finance provides users with automated investment strategies through smart contracts and algorithm programs, which can maximize user benefits from various liquidity pools (LP), automatic market making (AMM) projects and other mining and farming projects on Fantom.

Beefy Finance official website

At present, under the Fantom network, users can obtain automatic reinvestment income by depositing single assets such as FTM, USDC, DAI, and LP assets such as FTM-BOO, FTM-ETH, and FTM-ETH.

Operational data

According to the Beefy Finance website, on September 1, Beefy Finance’s TVL was 132 million U.S. dollars, the total number of BIFI issuances was 80,000, and the market capitalization was 82.98 million U.S. dollars. BIFI temporarily reported $1,091, with an increase of 2% within 7 days.

Cross-chain stablecoin transaction application—— Curve

Introduction

Curve fi (CRV) is a cross-chain decentralized stable currency trading application. It was launched on Ethereum as early as January 2020. It allows users to trade stablecoins with low slippage and low handling fees, and supports cross-chain. Cross-chains include ETH, Polygon, xDai, Fantom and other networks.

Curve fi official website

Curve fi landed on Fantom in July this year, supporting the exchange between the stable coin DAI-USDC-fUSDT and the packaged asset wBTC-renBTC.

On September 1, the Fantom Foundation announced that Curve fi will be the first application of the incentive plan. The Foundation will provide 12 million US dollars of FTM to the Curve application.

At present, users can get the dual rewards of Curve fi platform pass CRV and Fantom platform pass FTM by depositing fUSDT-2CRV, DAI-USDC, and renBTC-wBTC fund pairs.

Operational data

According to Curve fi’s official website, on September 1, the asset deposits on the chain were as high as 236 million U.S. dollars, and the 24-hour trading volume was 8.76 million U.S. dollars.

The total number of CRV issuance is 3.03 billion, the circulating market value is 678 million U.S. dollars, and the number of currency holding addresses is 36,344. The CRV provisional report is 2.25 U.S. dollars, with an increase of -10.7% in 7 days.

Follow us on Twitter @TritiumVC . Office Website here .

No Financial Advice📢

This report does not constitute financial advice or a recommendation to buy in any way. Always do your own research and never invest more than you can afford to lose. Investing in cryptocurrencies is high risk, and you could lose 100% of your investment.

Tritium Ventures is an integrated asset management institution focusing on investment, incubation and management in the blockchain.