XP Network has partnered with Fantom Network. The collaboration will see Ethereum-based projects realizing the true potential of the Fantom network and transferring their assets by leveraging the XP network bridge.
The two projects that have already contributed are BitUmans and Pumpkittens.
XP Network is a platform on which developers can experiment and deploy their respective decentralized applications. They are free to do so on any chain of their choosing, including Polkadot, Diem, and Ethereum, among many others.
The XP network is the only bridge that connects EVM-based chains to those based on multiple non-EVM networks.
It has proven to be safe and economical for users. Artists can imprint their collection on Fantom and send it to Ethereum for listing on OpenSea. It works well for artists as they don’t have to rely on them rotten mint OpenSea algorithm no longer.
Networks that XP Network supports are Polygon, Binance Smart Chain, Ethereum, Aurora, Elrond, Velas, Avalanche and Gnosis to name a few.
Fantom has been referred to as the on various occasions scariest chain. It is a network of blockchains that provides ledger services for many applications and businesses. Fantom enables developers to build blockchains that are fast, highly scalable, and secure.
Lachesis powers Fantom, enabling the network to help businesses, organizations, and individuals build decentralized applications in the real world.
Fantom currently ranks as the 7th largest blockchain in terms of total DeFi value at $4.15 billion. The marker is just above Polygon and almost below Tron. Fantom’s popularity in the community has all the right reasons.
Firstly, Fantom only takes a second to fully confirm a transaction. Technically, the finalization time for Fantom is only one second, which is less than Binance Smart Chain, Solana and other networks.
Another reason for Fantom’s popularity is its lower transaction fee of around $0.01. The fee is much lower than other networks like Avalanche and Binance Smart Chain, and thus NFT mining becomes much more economical compared to Ethereum as well.
Fantom’s ecosystem is quite vast and includes everything like yield farming, trading, staking, gaming, non-fungible tokens, and autocompounders.
An update on the collaboration was released by XP Network in its official blog post, which confirmed that Fantom is indeed a very scalable blockchain with a capacity of 4,000 transactions per second.
Speed varies depending on how congested the network is at the moment.
Projects based on Fantom have made a name for themselves in the market. The likes are:
- SpookySwap, the largest decentralized exchange platform on Fantom, has a native token called BOO.
- BeethovenX is a farming and AMM platform with a renowned investment product like A late quartet.
- SpiritSwap is a personalized cute little ghost that proudly competes with SpookySwap.
According to the blog post, the team behind XP Network has committed to working on adding more chains to the bridge.
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