Lachesis, the engine of the Fantom network. – Acyclic: you can’t return to a node from the current node Yes, there is the debate on whether a DAG is a blockchain and it is way too technical for this ape to understand so take a look at this thread from Andre… The Fantom network is technically not a blockchain but rather what is known as a Directed Acyclic Graph, or a DAG as Brad Pitt would say in Snatch. What is Fantom –įantom is a highly scalable, incredibly quick (1-2 second finality) and extremely cheap (less than $0.10 fees), decentralised smart contract layer one block… ahh, thought you had heard that spiel before?Īll the above is correct despite one major difference. Following that, I will shut up rambling and we can go into the real reason you are here… SpiritSwap. If you are unaware of what Fantom and the FTM token is, let me take you through a brief whistle-stop tour of this incredible layer 1 project. All in all, I think this is a very long-sighted approach to an incentive programme. I can imagine that projects being rewarded through the incentive program will be able to use these funds to hire new developers, deploy aggressive marketing campaigns, trickle-down incentives to their users in a sustainable way and even use the funds to cover overheads instead of using the project’s native token to do so. To put this into perspective, 370 million FTM could very soon be worth $1bn once FTM inevitably hits $2.70 and it might not stop there… If it does surpass this price then it will be the biggest incentivisation program there is, even surpassing Binance’s recent $1bn announcement. Once they achieve TVL milestones that are maintained for a designated amount of time, this is when the projects will be given access to the HUGE 370 million FTM available. The Fantom Foundation is going to incentivise projects to first draw in the TVL through building great products. If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom. Structuring an incentivisation program in a way that it pays the protocols rather than the users is the route in which Fantom has taken to draw in new users to their ecosystem through a build-first approach.Īnnouncing a 370 million FTM incentive program for builders! The only problem I have with it is that there are huge funds that will take advantage of this and in my opinion do more harm than good for emerging protocols… Protocols and projects giving back to their existing and newfound users is such a cool thing. I am all for it and think these are great initiatives. There are A LOT of incentivisation rewards being thrown around at the minute with every chain basically following suit and splashing the cash to draw in users to their ecosystems and rewarding them through liquidity mining and other yield-bearing incentives. I’m super excited to see where we finally end up in this new DeFi paradigm, projects with longevity in mind and sustainable protocols will come out trumps in my opinion. I really need to get that cough checked out. The multichain world has been welcomed with open arms and has finally enabled users to participate in DeFi, in a secure, non-CeDeFi (ahem…BSC…cough cough…) environment and without having to sell an organ to make a trade (ahem… Ethereum… cough cough…).
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