How Fantom’s DeFi Ecosystem is Helping Blockchain Adoption
Cryptocurrencies are becoming extremely popular, especially when it comes to bitcoin and . But one of the major reasons that people are hesitant to use blockchain technology is the enormous transaction fee and longer transaction confirmation time. People don’t want expensive transaction fees and long wait times; Fantom’s DeFi Ecosystem fixes both issues, bringing a lot of new user-friendly features to the blockchain world.
A blockchain built for developers
At Fantom, they are committed to providing scalable, decentralization, and secure technology for everyone. Fantom is similar to Ethereum blockchain, but it’s much faster in terms of transaction confirmation as well as having lower fees. Any project that was specifically built for Ethereum can be used and followed through to Fantom.
Fantom’s blockchain network is fully compatible with the Ethereum Virtual Machine which allows developers to build projects the same exact way they do on Ethereum. It also allows them to port existing Ethereum projects to Fantom’s ecosystem to provide an easy-to-use interface.
Not just a low-fee network, Fantom’s platform is a low-energy network too
When it comes to energy usage, Fantom uses hundreds million times less energy than Ethereum and combined – that’s just amazing! That makes Fantom a critical DeFi player because people are looking for networks that use lower energy and leave less of a carbon footprint.
Cross-chain operability to connect users across different blockchains
With interoperability/cross-chain transactions and increased reliability, more people are making the switch to Fantom than ever before. With Fantom, cryptocurrencies from other blockchain networks such as Ethereum and Bitcoin can be bridged to Fantom so those tokens can work much faster in Fantom’s ecosystem.
Taking DeFi to the people
While many people still use centralized exchanges, the problem with this method is that they hold onto your assets, so if somebody hacks into the network, it’s more likely you could lose your assets. With Fantom, you still have your assets in your wallet and you are free to trade as you’d like, making it a safer option.
With the low fee environment and ease of use of Fantom, people will no longer need to rely on centralized exchanges to trade their cryptocurrencies and manage them in one spot. Fantom’s recent integration with Transak Finance makes it easy for people from over 60 countries to buy Fantom with Fiat currencies using their bank account or credit card.
Fantom is constantly adding new features to their network, which is why more and more people are making the switch now. With Fantom, there’s finally a blockchain technology that can be considered user-friendly and convenient, and developers are provided with a decentralized technology that is faster and more secure to build real-time solutions.
This article was first published on coinquora.com
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