Fantom’s FTM token is the best-performing Layer 1 smart contract platform this year, and the Total Value Locked (TVL) on the blockchain has surged since a liquidity mining program was launched in September.
No less than 370 million FTM tokens, currently valued at $888 million, have been allocated to the program.
If you want to get in the action, here is a step-by-step guide.
Bridging assets to Fantom
If you are already familiar with DeFi on Ethereum, you will find this fairly easy. For those new to joining us, please review our DeFi 101 content before attempting to proceed.
Step 1: Add the Fantom Opera network to MetaMask. Navigate to Chainlist and connect or add manually with these parameters.
Step 2: You need some FTM tokens to pay the gas fees. Luckily, you can get some for free by joining the SpookySwap discord and using their faucet bot.
Step 3: AnySwap is the preferred bridge for most assets and there is currently no fee for transferring assets to Fantom. however, you will be charged a 0.1% fee for the return trip. Make sure your MetaMask wallet is connected to the Ethereum network, enter the asset you want to transfer and confirm the transaction.
Deposits usually arrive within 10-15 minutes.
Here are some of the available yield farming options:
year vault
Yield aggregator Yearn Finance has chosen Fantom as its first non-Ethereum bet, and there are a number of experimental vaults to be found here.
curve pools
Decentralized exchange Curve Finance was one of the early participants in the liquidity mining program and liquidity providers can earn CRV and FTM rewards.
For the sword
SpiritSwap and SpookySwap are the dominant DEXs on Fantom, and both offer a variety of yield farms with lucrative yields.
BeethovenX is a fork of Balancer that offers multi-asset pools. Liquidity providers can earn BEETS tokens.
SCREAM is a decentralized lending platform. You can deposit stablecoins and other assets to earn interest along with SCREAM tokens.
The story goes on
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Risk Warning: Yield farming carries risks, including the possibility of smart contract exploits that could result in a loss of funds. Please do your research before depositing any assets.
Disclosure: the author breeds SPIRIT and BEET.
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