Australian Blockchain Platform Fantom Surpasses 3 Million Transactions

Wednesday 05 May 2021, 12:00 PM AEST - 1 week ago

Fantom (FTM) – an Aussie blockchain platform founded in 2018 – has just passed the important milestone of 3 million transactions.

Sitting at a market cap of $2 billion, with each token currently worth $0.71, the Sydney-based DeFi platform has witnessed a staggering growth within the past year, after slowly ramping up operations and getting the word out to eager investors.

Low Fees And Cross-Chain Consensus Compatibility

Technically speaking, the Fantom Blockchain brings a lot to the table. Built around an asynchronous and byzantine fault-tolerant (aBFT) consensus mechanism named Lachesis, it’s possible for developers building their projects for the Cosmos blockchain to ensure compatibility with the Fantom Blockchain as well. New projects can also be easily created on the Fantom blockchain itself.

Fantom is seamlessly integrated with MetaMask and boasts many well-known Ethereum dApps.

Although the low fees set in place by the platform are one of the main selling points, Fantom pride themselves on the speed of their transactions as well. The increase in Fantom’s network activities comes amid the “Go-Opera” network upgrade just a few days ago, which was also aimed at improving the network reliability, efficiency, and transaction speed.

According to Michael Kong (CEO of Fantom), the butterfly effect that helped Fantom reach widespread popularity couldn’t have started without the help of developers who saw Fantom as the best way to bring their projects to fruition.

We’re extremely excited to see developers building on Fantom and people using what they create. Initially, we saw household names from the Ethereum DeFi ecosystem deploying a second instance on Fantom; more recently, we witnessed a surge in people building natively on Fantom, which is a huge sign of confidence. Developers find it easy to build on Fantom, and people love the near-zero fees and instant transactions. The growing popularity created a network effect that pushed Fantom market cap past the $2 billion mark. It’s a major milestone for us.

Michael Kong, CEO of Fantom

The growth of Fantom doesn’t seem to be slowing down anytime soon as it looks like the team behind it will take steps to ensure that their DeFi platform remains a force that can compete with older kids on the block.

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