Despite bear market, fantom experiences large scale expansion of its DeFi ecosystem

By July 19, 2021DeFi
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Despite bear market, fantom experiences large scale expansion of its DeFi ecosystem

Over the past six to eight weeks, Fantom's DeFi ecosystem has rapidly expanded. This has enabled developers to utilize Fantom's blockchain to build state-of-the-art DeFi platforms and an overall rapid increase in the number of users on the Fantom platform.

The Total Value Locked (TVL) of DeFi projects using Fantom has hit a record high at $256 million USD. Fantom has proven that innovation, easy-to-use and seamless on-boarding are the keys to striving in a struggling economy, even in the most trying of times.

The Fantom platform possesses many capabilities that provide a competitive edge. Not only are transaction speeds instantaneous as they only take one second, but the fees are also near zero; users do not have to compromise speed or cost! Fantom is also EVM-compatible, processes 300,000 daily transactions, boasts over 200,000 unique addresses and has over 12,000 smart contracts deployed. Fantom's impressive record illustrates that instantaneous processing and low cost are key features that attract users and further promote their growth through massive transaction processing.

Reports on Fantom’s user analytics show that the platform is used worldwide in 178 countries daily! The main users of Fantom reside in the following countries: USA, Canada, UK, Germany, France, Australia, Japan, Singapore, Hong Kong and the UAE. In a short period, Fantom has been able to rapidly expand worldwide, demonstrating its ability to meet the versatile needs of their clients, not only a particular niche.

Fantom further entices users with campaigns that reward users with prizes. Their recent #OneMillionWallets campaign issued over $21,000 in prizes for their winners. This campaign acquired over 3,500 participants, creating over 200 wallets and had over 20 excellent submissions. The expansion of Fantom benefited the company, but they have also collaborated to give back to their clients.

Fantom’s use of Amazon Web Services (AWS) to create a futuristic network and ecosystem that is secure, reliable, and stable for both individual and business use, was quite impressive. According to a case study by Amazon Web Services, "With AWS Cloud, Fantom has achieved 400 times growth in the number of daily transactions, with 3 times faster peer-to-peer synchronization for sub-second transaction verification speeds and better user experience". In the digital age, users not only want confidence in the speed and cost of their dealings, but they also want confidence in a platform that comes through security and reliability. Fantom has ensured that its platform is well-rounded and provides only the top-tier excellence its clients strive for.

The rapid expansion of Fantom during a time of economic uncertainty has illustrated the power of creating a user-centred platform. While large-scale competitors and platforms have faltered, Fantom has grown due to their efficient transaction speeds, low cost, ability to adapt to the needs of their users worldwide, giving back to their users, and constant innovation with entities like Amazon Web Services. The lesson learned through their expansion is that the key to a business's success is not monetarily driven but to be client-oriented.

Mervik Haums, founder of Startup Fortune said “As an EVM friendly layer 1 solution, Fantom has been showing remarkable growth in the first quarter of 2021. It’s ability to make blockchain transactions without the hassle of high fees, complicated interfaces or slow transactions made it a DeFi powerhouse, especially in the government sectors. Several countries adopted the technology to build faster blockchain solutions. Fantom’s one second TTF (transaction time to finality) makes it the fastest blockchain. That’s the prime reason even the Amazon AWS did a case study on Fantom”.

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