How Fantom Is Making the DeFi Space More People Friendly

Monday 03 May 2021, 7:08 PM AEST - 1 week ago

Fantom, a relatively new platform in the blockchain industry has been making headlines recently due to its recent surge in price and revolutionary network speed and performance.

The platform has undeniably been gaining traction and widespread support since the launch of their last upgrade set to improve transaction speeds that were already unparalleled by its competitors. Something that has helped this platform gain momentum is the amount of effort they have been putting towards gathering feedback about current popular blockchain technology by users and fellow platform projects, seeing where these platforms may be falling short and improving where they can.

Below, we go over some of the efforts that Fantom is putting towards helping improve the DeFi space.

Fixing financial roadblocks

A major factor that dissuades people from involving themselves in the cryptocurrency field can be financial barriers. People often see the higher transaction fees as a deterrent to adopt to the technology. The same can be seen in the prevalent themes across the media with articles pointing to exorbitant transaction fees on the Bitcoin and Ethereum networks. Blockchain enthusiasts share the belief that transaction fees are increasingly becoming a roadblock for potential users to start using blockchain.

Its no secret that some top queries on search engines related to cryptocurrency are why are crypto transaction fees so high?, why are Ethereum fees so high? and so on. People arent joining the space, simply because they cannot possibly afford to pay the prices that are currently set for transactions; thus slowing the growth of the field.

But Fantom has been making rounds recently by being a platform that addressed these challenges through hosting the lowest transaction fees available in the cryptocurrency space, with transfers costing just a fraction of a cent. They manage time and efficiency while keeping the fee low through an aBFT consensus mechanism that allows efficient, low-cost transactions. These efforts to keep prices low without compromising on performance are to ensure that joining the cryptocurrency space is accessible to a wider public.

Inspiring other projects to follow suit

Diversification is key to growth for any market maker, and the Fantom Foundation prides itself upon breaking down the barriers that current decentralized lending protocols may be facing with the blockchains that they ar ...

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