Fantom is a distributed technology stack building a Directed Acyclic Graph (DAG) based platform. It is highly scalable in terms of speed, security and scalability and could be used to power smart cities in the near future.
Also, since Fantom is an Ethereum Virtual Machine (EVM), many ETH dApps can be deployed to Fantom’s ecosystem with little or no modification.
(Also Read: What Is Fantom? Here’s Everything You Need To Know About $FTM Before Investing In It)
Let’s take a look at some basic ways of yield farming in this ecosystem.
Set up your wallet
If you haven’t already, you’ll need to set up a hot wallet.
A recommended FTM compatible wallet would be MetaMask. In addition, you also need to set up the RPC network if you haven’t already done so. There are the following settings you can use:
Network name: Phantom of the opera
New RPC URL: https://rpc.ftm.tools/
Chain ID: 250
The rest is optional but can be entered if required.
Bridging tokens to MetaMask (if applicable)
Once MetaMask is set up, you need to either send native Fantom tokens or bridge them across other chains like Arbitrum. Popular platforms are xPollinate, Anyswap, MultiChain, Synapse, cBridge. Full instructions can be found here.
Image credit: xPollinate
Yield Farms on Fantom
There are many yield farms in the diverse Fantom ecosystem, including farming, staking, lending and borrowing protocols, and more.
This list is not limited to the above and before entering any protocol it is a must to do your own research (DYOR).
Ghost Finance ($GHOST)
Geist Finance is a decentralized, unregulated liquidity market where buyers and borrowers lend and borrow their synthetic assets. Geist Finance is backed by many key players and even the co-founder of the Fantom Foundation.
It currently offers credits/loans for the following assets: FTM, USDT, DAI, USDC, ETH, LINK, WBTC, CRV, MIM. Geist Finance also has a similar feature to Ellipsis Finance where all rewards vest for three months and can be withdrawn with a 50% penalty.
Photo credit: Geist Finance
- TVL: (10/01/2022) $1.326 trillion
- Risk: low
- Review Status: Reviewed twice, click here for more information on the results Here
Official fWallet (no native coin)
Photo credit: Fantom
fWallet is the official staking site for Fantom and was developed by the Fantom Foundation. This is great for beginners but is limited in terms of functionality and farming.
Most users here stake single stocks or borrow synthetic assets using wFTM as collateral. Interestingly, while liquidation is not possible, you cannot withdraw your assets if your C-Ratio is too low.
- TVL: None, as technically it is not a protocol
- Risk: Almost none
- Review Status: Reviewed
SpookySwap ($BOO)
Image Credit: SpookySwap
SpookySwap is known as the first native farm and exchange on Fantom. It is also known as an all-in-one decentralized exchange for leveraging diversified funds across ecosystems. SpookySwap features swapping, providing liquidity, farming, staking $BOO, bridging and more.
Currently the most popular farms are USDC/FTM 62.55%, FTM/DAI 53.68% and fUSDT/FTM 63.56%. They have many other notable farms. In addition, many other farms are available to them. The most popular are the stable coin pools with attractive high returns and little to no temporary losses.
A unique feature is that there is a BugBounty program. The BugBounty program was created to reward white hat hackers for finding possible exploits. Users can win up to $500,000.
- TVL: (10/01/2022) $1.209 billion
- Risk: low
- Audit status: Checked by CERTIK
Beethoven X ($BEETS)
Image Source: Beethoven X
Beethoven His most popular pools are “Fidelio Duetto” and “Fantom der Oper”.
They form a combination of BEETS/FTM and FTM/USDC with agricultural rates of 144% APR and 74.18% APR, respectively. They also have a multichain bridge for ETH/AVAC/BSC/MATIC.
- TVL: (10/01/2022) $150 million
- Risk: High
- Audit Status: No audit but uses verbatim Balancer V2 contracts that have completed multiple full audits and have an extensive BugBounty program.
Curve ($CRV)
Image source: Curve Finance
Curve is a decentralized exchange liquidity pool designed for efficient and effective stablecoin trading. It is well known throughout the cryptocurrency industry. It was originally developed on Ethereum, but now supports a variety of platforms as well. The downside is that it doesn’t exactly offer the highest APY % on offer.
- TVL: (2022-10-01) $22.969 billion across all supported networks
- Risk: Almost none
- Review Status: Reviewed
Beefy Finance ($BIFI)
Photo credit: Beefy Finance
Beefy Finance is a multi-chain revenue optimizer on the networks of BSC/MATIC/AVAX/ONE/FTM and many more. Difficult to find an annual percentage equal to or higher than this platform.
Additionally, it effectively offers higher annual percentage as well as higher ROI by applying auto-compounding and farming optimization strategies.
In short: it takes your LP tokens and regularly sells the rewards for you.
- TVL: (10/01/2022) $440.78 million
- Risk: medium
- Review Status: Reviewed
Tarot ($TAROT)
Tarot is decentralized leveraged Credit protocol for liquidity providers to use their LP tokens to earn higher yield farming rewards. Tarot is not recommended for beginners due to the possibility of liquidation.
The returns on Tarot are very attractive, with a leveraged stablecoin LP pair capable of reaching 168%. Users with a higher risk appetite can participate in the FTM/TSHARE leveraged pool at an APR of 549%. Users can also participate in their isolated loan pools as lenders or borrowers.
- TVL: (10/01/2022) $160.94 million
- Risk: medium
- Review Status: Reviewed
Grim Finance ($REAPER)
Photo credit: Grim Finance
Grim Finance is another lending protocol that was initially very popular. Despite the scrutiny, however, hackers have hijacked $30 million from Grim Finance, which is a red flag for many humble farmers.
- TVL: (10/01/2022) $18.41 million
- Risk: Very high
- Verification Status: Verified but hacked
SpiritSwap ($SPIRIT)
Credit: SpiritSwap
SpiritSwap is a protocol that incentivizes Fantom Network participants by introducing revenue sharing via the AMM model. They offer trading, farming, staking, and more features to come. Their most popular pool right now is the stablecoin pool, which has a 70% APR return.
- TVL: (10/01/2022) $262 million
- Risk: medium
- Review Status: Reviewed
Tomb Funding ($TOMB)
Photo credit: Tomb Finance
Tomb Finance is quite well known and is heavily endorsed by the infamous Harry Yeh. They have three unique currencies: TOMB, TSHARE and TBOND. The interesting thing is that TOMB is 1:1 coupled to FTM. This means that it can occasionally have trouble catching up with the FTM connection.
In addition, TOMB can be exchanged for TBOND. However, TBOND is a locked asset and can only be redeemed above the bond. TSHARE is said to be equivalent to a YFI as claimed by Harry Yeh. Currently, the ATH price is $22,000. It is highly recommended that you review Tomb Finance’s documentation before investing to understand this concept.
- TVL: (10/01/2022) $262 million
- Risk: Low/Medium
- Review Status: Reviewed
Final Thoughts
There are a variety of strategies and farms in the FTM ecosystem that are not just limited to this list. Sometimes it is effective to borrow funds from one protocol and invest them in another. It’s always good to check a few things in a protocol before investing in it and this includes:
- Is it checked?
- Has it ever been hacked?
- his supporters
- TVL
Another great tip is that protocols with a higher TVL are generally more secure.
This is because whales are inside the log, indicating that their internal reviewer actually reviewed the code. Always conduct your own research before participating in a DeFi ecosystem.
Selected image source: Chain Debrief
Also Read: What is Fantom? Here’s everything you need to know about $FTM before investing in it
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