Today, Coin98 will show you how to:
- Purchase and store FTM.
- Transfer funds to the Fantom blockchain by transferring FTM coins from an exchange (CEX) or using a cross-chain bridge.
- Seek Investment Opportunities on Fantom
Let's jump right into the Fantom Blockchain!
Fantom is a fast, cheap, scalable, decentralized, and secure blockchain platform. Not only does Fantom support DeFi development, but it also develops for institutional and governmental demands, such as Financial Markets, Institutional Finance, CBDC (Central Bank Digital Currency), Real Estates, Smart Healthcare,...
Similar to other blockchains, to participate in DeFi on Fantom, you also need the native token of the corresponding chain for a fee, also known as "gas fee" (the fee you need to pay to the network). The gas fee on Fantom is currently around $0.002 - $0.004/transaction. So, to make transactions, only 12 FTM (~$5) can go a long way.
Step 1: Prepare tokens
Since the majority of CEXs currently support FTM, you have complete freedom to choose where to make your FTM purchase(s). The most popular Fantom-supported exchanges include Binance, Huobi, Gate.io, KuCoin, and many more.
In the following section, I'll go into greater detail about which exchange you should use to purchase FTM.
Step 2: Prepare your FRC20 wallet to store tokens
It is necessary to have a non-custodial wallet after you buy tokens on CEX to store tokens and interact with DeFi. At this time, many different wallets, including the Coin98 Super App, can store FTM coins.
First, you should have an Fantom Wallet to store your FTM, this article will be usefull for you: How to create & use Fantom Wallet
Following these simple steps, you can store FTM and other FRC20 tokens.
- Step 1: Click on the Fantom wallet on the main screen.
- Step 2: Select "Receive."
- Step 3: Copy the wallet address or scan the QR code address and send your assets to this address
Step 3: Transfer tokens from other Blockchains to the Fantom Blockchain
After buying FTM and transferring to a Fantom wallet (FRC20), you can participate in events or skin in the game in the Fantom Ecosystem, such as joining lending, yield farming or staking activities on this chain.
Typically, there are two methods for transferring tokens to the Fantom Blockchain.
- Option 1: Buy FTM Coins from CEXs and transfer them to a Fantom-supported wallet.
- Option 2: Convert tokens from other blockchains to the Fantom blockchain using the Cross-chain Bridge, then trade on DEXs.
To make it easier for you to visualize, I'll walk you through the process for the two methods listed above.
Option 1: Buy tokens on CEXs & withdraw to a FRC20 Wallet
Transfer and withdrawal fees will vary depending on the exchange. If you want to transfer your assets, you should pick the CEX that is most convenient for you to use. I recommend a few popular exchanges, such as Binance, KuCoin, Huobi, Gate, etc.
To begin with, you'll need USDT or USDC stablecoins in order to purchase FTM. US dollars (USD) or other currencies in your country can be used to buy USDT if you don't have any yet.
Step 1: Login to the Binance Mobile App. I recommend reading this “How to use Binance'' article
Step 2: Choose “P2P Trading” in your Binance Homepage
Step 3: In this step, you will see:
- Number 2 indicates which fiat currency you’re using to buy USDT
- Number 3 indicates the token you’re buying (e.g. USDT, BTC, BUSD, etc.)
- Number 4 displays a list of sellers who will sell you USDT in exchange for your fiat currency.
After you've decided on your preferred sellers, simply follow Binance instructions to complete the transaction (Remember to read the instructions carefully).
Now you already have USDT, you may purchase FTM directly from the exchange and transfer the tokens to the Coin98 Wallet by doing as follows:
- Step 1: On Binance exchange, use USDT to purchase FTM.
- Step 2: Transfer FTM to the Fantom wallet by typing in your Coin98 wallet address.
Option 2: Use Cross-chain Bridges to transfer tokens to FRC20 Tokens
As Fantom is also a well-known blockchain, many bridges on the market currently support asset transfers to and from the Fantom blockchain. You are free to select any bridge below that makes you feel at ease. I'll suggest a few bridges here:
cBridge introduces cross-chain token bridging experience with deep liquidity for users, highly efficient and easy-to-use liquidity management for both cBridge node operators and Liquidity Providers, and new developer-oriented features such as general message bridging for cases like cross-chain DEX and NFTs.
cBridge currently supports 26 blockchains, ranking 8th in the market with more than $720M in TVL.
Multichain is a fully decentralized cross-chain swap protocol for various tokens with an automated pricing and liquidity system. Additionally, the protocol is powered by Fusion’s Decentralized Control Rights Management (DCRM) technology, boosting Multichain's ability to swap any coins/tokens on any blockchains that uses ECDSA or EdDSA as a signature algorithm
Multichain now supports more than 40+ different blockchains, allowing users to have multiple choices when transferring assets.
SpookySwap is one of the first Decentralized Exchanges (DEXs) built on the Fantom Opera Network using an Automated Market-Making (AMM). Apart from swapping Fantom-based tokens, users can bridge tokens back and forth to Fantom and other major blockchains such as Ethereum, BNB, Cronos, OKEx, Polygon, Arbitrum, Avalanche, and Harmony.
Learn more: How To Use SpookySwap
Step 4: Add tokens to Coin98 Super App
Because FTM is the native token of the Fantom blockchain, it will be displayed by default in multi-chain wallets. If you need to add another token to this multichain wallet, follow these simple steps:
Step 1: On the homepage, select More → Custom Tokens.
Step 2: Fill in the following information:
- Select Blockchain.
- Enter Contract Address (the contract address of the token)
- Token name
You can check this information on block explorers.
Users only need to select Blockchain and enter the Contract Address of the token you want to add to the wallet. The remaining data will be automatically updated after the user enters the correct contract address.
In case the system fails to extract the data, you can manually fill in the remaining data into the required cells.
To finish adding tokens, select “Create” and you're done.
Step 5: Transfer Fantom tokens (FRC20) from Coin98 Super App
To transfer tokens from a decentralized wallet to another, follow these simple steps. I'll show you how to transfer FTM from your mobile wallet.
- Step 1: Click the Fantom wallet.
- Step 2: Choose Send.
- Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section in the main interface, select the Fantom wallet you want to send from.
- The gas fee for each transaction is paid with FTM, approximately 0.0012 FTM
- The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
Step 6: Skin in the game with Fantom blockchain
Here is an overview of the Fantom Ecosystem. Early in 2021, Fantom had less than 50 projects. Heading to the end of 2021, Fantom had over 200 projects, revealing how rapidly the ecosystem grew, not only in quantity but also in quality.
Learn more: Fantom Ecosystem Overview
Lending is a money market that allows you to deposit your assets in order to receive interest. The most prominent lending protocol on Fantom is Geist Finance.
Geist Finance is a decentralized & non-custodial liquidity market protocol based on Aave - the top 1 lending protocol at the moment. Instead of the traditional Peer-to-peer method, Geist Finance involves both lenders and borrowers in a liquidity pool instead of an intermediary (like banks).
Farming is a method of providing liquidity for AMMs in order to receive rewards. Farming produces much higher profits than lending and staking, but there is a risk of impermanent loss.
You can also choose Yield Aggregators as they offer different strategies to find the best yields for farming/staking assets. This is one of the most important sectors in DeFi as it helps users gain a massive amount of profit, which is one of the main reasons why anyone would want to participate in DeFi.
Some notable Yield Agreggator projects on Fantom Network include Liquid Driver, Beefy Finance, AutoFarm, etc.
If you're interested in learning more about the Fantom blockchain and the investment opportunities it offers, I recommend checking out this article. Hopefully, this will be beneficial to you!
I've shown you how to transfer coins to the Fantom blockchain in order to skin in the game.
Hopefully, after reading this article, you will have a better understanding of the DeFi market and find the best ways to play to maximize your profits.