History of Fantom and STRONG Potential (FTM Prediction)- 2021smart contract
crypto currencies have been dominating the crypto market and for good reason their programmability makes it possible to create cutting-edge technologies like defy nfts and metaverse worlds within-game economies now though the focus has been one the ethreum, cardano, Solana, polkadot and the like .
Fantom (phantom) is a smart contract crypto currency that could just take everyone by surprise today phantom was founded in 2018 by south korean computer scientist an apology sir if I’ve mangled the pronunciation the rehe then left the project early on forum known reasons now the only remaining member of phantom’s original team is michael kong who serves as the ceo and cio of the phantom foundation a non-profit based in the cay man islands which coordinates the development of phantom is famous because of its connection to defy architect and re cornier who created yearn finance now and re was recruited by michael in late 2018 to develop phantom and though Andre stepped back to become an advisor to phantom in 2019 he recently returned to serve as one of phantom’s core developers phantom raised around 35 million dollars between four icos in 2018 and phantom’s main net went live in 2019.in contrast with most crypto currencies.
phantom does not use a standard block chain instead it uses a directed a cyclic graph or dag for short now this architecture along with phantom’s novel lakeesis consensus algorithm allows itto process around 20000 transact ionsper second the asterisk here is this tps score only applies to basic transactions phantom’s smart contra cttps is in the hundreds and this is because it leverages the ethereum virtual machine which has speed limitations the trade-off of doing this is tha ethereum developers can easily deploy their dapps on phantom and these phantom dapps can be easily accessed by user swith ethereum web wallets .
such sometime ask phantom consequently hosts dozens of popular d5 protocols including curve finance cream finance and yearn finance which have a collective total value locked of over 5.4 billion dollars according to defy la maas far as i understand the total value locked you find for phantom on coin market cap corresponds to phantom’s own in-house d5 platforms phantom defy can be accessed from within the phantom web wallet and it basically involves using ftm as collateral to minta synthetic stable coin called fusd which can be used to buy over 170 synthetic assets including stocks commodities and other crypto currencies what’s cool is that even staked ftm can be used as collateral in phantom defy and speaking of staking phantom .
lets you choose how long you want to lock up your ftm4 with the longest lockup yielding the highest reward this is currently around eleven percent for validators and nine percent for delegators for the maximum one-year lock-up period while delegators only need to stake a minimum of one ftm validators must take a minimum of five hundred ftm with a maximum self stake of 7.5 million ftm validators also risk losing 100 of this stake .
if they try and manipulate the network all changes to phantom are decided via community governance and voting can be easily done from within the phantom web wallet phantom’s governance process is just as clever as its other components for example phantom allows ftm holders to rank their agreement with a proposal on a four-point scale rather than a simple yay or nay vote and better yet phantom has seen tens of millions of dollars in post-ico investment from the likes of alameda research and block tower capital to top it all off the phantom foundation’s members .
also have institutional connections in central asia which has allowed the project to secure some serious partnerships now this barely scratches the surface of how legit phantom is and phantom foundation reported an 800 increase in total value locked in its d5 protocols in less than three months in august banned protocol became a phantom validator two weeks later chain link integrated with phantom to provide pricing data for phantom’s d5 protocols at the end of august the phantom foundation announced.
History of Fantom and STRONG Potential (FTM Prediction)
it would be allocating 370 million ftm to developers building on phantom that’s nearly a billion dollars at ftm’s current price in September the coin base wallet added support for native ftm something which could foreshadow an ftm listing on the coin base exchange less than a week later crypto custodian fire blocks announced its support for both native and erc20 ftm opening the door to institutional investors at the end of September the phantom foundation announced the rtn nft marketplace created by the one and only andre cronier in October open ocean announced that it had added phantom’s top dexes to its cfi defy aggregator Andre cronier’s yeon finance.
also officially deployed on phantom about a week later the phantom foundation created a governance proposal to deploy arvei on phantom and it passed with over 99 percent voting in favor now this deployment has yet to october formula one driver pierregasly announced he would be the first celebrity to drop an nft collection on art eon the phantom foundation also announced that the phantom block chain had surpassed one million wallet addresses and last but not least the phantom foundation hosted the first ever phantom developer conference in abu dhabi .
which attracted hundreds of developers and investors now all these updates have had a predictable effect on the price of ftm which has gone up by more than 10x over the last four month sit looks like my two dollar price prediction came true and ftm still has alot more room to the up side this is because phantom’s market cap is medium sized and its fundamentals are significantly stronger than most of the crypto currencies which currently out rank it ftm’s tokenomics are also seriously robust all ftm coins allocated to phantom’s early investors founders and advisors finished vesting last November .
what’s interesting is that ftm’s average price across its ico was around 3 cent switch most ftm being sold at around 3.5cents this happens to be the exact price point where ftm topped out which makes sense given cashing out at that price works out to a 100x profit for most of phantom’s ico participant snow if you’re curious about which crypto currencies had the highest ico returns well i happen to have a Blog post all about that and it’s up there in the top right anyways the only ftm coins coming into circulation are coming from ftm’s staking rewards this is happening to the tune of about 500000 ftm per day which is just under 1.5 million dollars of daily cell pressure now this small amount of cell pressure is being easily offset by the demand for ftm coming from the growing number of phantom users and investors .
that said there is likely some cell pressure coming from the phantom foundation’s massive developer fund though this seems to be minimal as any ftm awarded to devs is vested monthly over one year come to think of it this might be why ftm saw a correction at the end of october in any case more than half of ftm circulating supply is being staked andi’m sure most of it is being staked for more than the bare minimum this reduction in available supply further increases ftm’s ability to fly best of all ftm has a maximum supply of 3.175billion which means in flat ionary issuance isn’t eating away at its price action now given these facts my forecast for fdm for the remainder of this bull market is another 2 to 3x it’s very possible that ftm could pump higher and this is all because of the project’s promising road map although phantom does not have an official roadmap members of the phantom foundation have highlighted a few upcoming milestones on multi pleoccasion broadly speaking the phantom foundation wants to continue expanding the phantom community continue developing phantom’ score technology and continue forging partnerships with institutions in terms of community expansion .
the phantom foundation’s developers believe in the if you build it they will come mentality and don’t really care about any kind of marketing even so a july with a few founders of the phantom foundation revealed that they want to continue sponsor in celebrities such as the aforementioned formula one racer to bring attention to the project the phantom foundation is also work in gto get ftm listed on as many exchanges as possible and in my personal opinion a coin based listing is only moments away not only that but a few of the hedge funds backing phantom are in the process of creating a quote y combinatory for phantom now for those unfamiliar combinatory is a startup accelerator famous for incubating .
multiple billion dollar companies like airbnb, coinbase and dropbox the fact that some hedge funds are doing the same for startups building onphantom means there could be many more daps deploying on phantom and not just clones of d5 protocols on ethereum when you couple this startup accelerator with phantom’s billion dollar developer fund you have a serious recipe for mass adoption with minimal marketing which is exactly what phantom is going for on the developer side the phantom foundation’s focus is on decentralization and scaling now phantom currently has only 60validators which makes it much more centralized than most crypto currencies the phantom foundation is aiming to on board between 1 000 and two and a half thousand validators in the coming years but before it can do that it has to address another decentralization issue storage at the .
phantom developer conference phantom foundation ceo and cio Michael kong explained that the size of the phantom block chain is growing very quickly due to the uptick in user activity as i explained in my video about the fastest crypto currencies block chain size can compromise decentralization in the long run because a smaller and smaller number of nodes can store the full transaction history phantom’s devs are exploring solutions to this issue such as taking some processes off-chain or pruning aka deleting old or unused block chain data if you ask me i think phantom should use a decentralized storage network liker-weave to store its transaction history the way Solana does and you can learn more about r-weave using the link in the top right in the scaling department phantom devs have begun testing scaling solutions that could increase phantom’s transaction speeds by 10 to 100x but note that this again applies to regular transactions to increase smart contract transaction speeds phantom devs are hoping to finish the phantom virtual machine as soon as they can it will basically be an improved version of the ethereum virtual machine i will note though that it’s not clear what the fvm’ steps will be when it comes to institutional partnerships the phantom foundation is focused on strengthening its presence in central asia where the project has seen the most traction as i mentioned earlier a few members of the .
phantom foundation have close connections to institutions in the region specifically Pakistan, Tajikistan, uzbekistan and afghanistanas michael explained in an interview with amazon web services phantom is basically the only crypto project looking to forge partnerships with the countries and it has succeeded in securing a partnership with each government the phantom foundation is looking to expand those partnerships particularly in the realm of supply chain tracking and central bank digital currencies or cbdc snow besides the fact that the cbdc controlled by the governments in some of these countries is a terrifying prospect for obvious reasons it sounds like the partnerships are having next no impact on the price of ftm the phantom foundation specified in its aforementioned july ama that its institutional partners leveraged permissioned versions of phantom’s technology provided by the phantom foundation’s enterprise arm not phantom’s publicly available crypto currency block chain this isn’t all that surprising given that almost every other institutional partnership you see in crypto currency is structured in the same way it’s extremely rare to see an institution use a public crypto currency.
block chain especially governments now this is a damn shame because transparency for stuff like cbdc’s supply chains and especially elections would go a long way towards repairing the trust in the government that’s been broken in so many countries this conveniently brings me to my concerns about phantom and my first concern has to do with just that transparency i’ll start by saying that i know phantom provides regular updates on its blog about what’s going on with the project the only problem is that there aren’t any updates about critical information such as the current holdings of ftm by the phantom foundation and how that ftm is being spent it would also be nice to know which wallets belong to the phantom foundation and team by labeling them on phantom’s ftm scan block chain explorer and how many validator nodes they are running .
History of Fantom and STRONG Potential (FTM Prediction)
say this because michael explained in that interview with amazon web services that the phantom foundation is in fact running some validator nodes and this might actually be why coin base hasn’t listed ftm yet michael also mentioned that the phantom foundation is using aws to run its validator nodes and so are a few of the other phantom validators depending on how many phantom nodes are relying on aws this could present a central point of failure for phantom but i reckon this is something phantom developers are aware of now on that note another central point of failure for phantom could actually be andre cronier himself in case you haven’t noticed phantom development is fairly dependent on what andre does or doesn’t do for a long time the phantom foundation denied this but it seems to have accepted it ever since andre came back to the project you could argue that andre’s return to phantom is the primary reason why ftm hit new all-time highs whether directly due to the hype or indirectly due to the stuff he’s been building on phantom this begs the question of what will happen to phantom if andre decides to leave again now luckily it looks like this is very unlikely this is because andre is obsessed with building cutting-edge crypto tech andit’s clear that the current lineup at the .
History of Fantom and STRONG Potential (FTM Prediction)
phantom foundation feels the same way my theory is that andre initially left phantom to scratch that itch with d5 but he quickly realized how dependent d5 ison d gens who couldn’t care less about the tech this is based on what andre said at the phantom developer conference quote they are liquidity locusts they come in they feed they destroy they leave and this is why the phantom foundation is focused on developer incentives not liquidity incentives now to be clear this doesn’t mean that andre believes phantom is some amazing crypto currency on the contrary andre says ftm is a coin and i’m not kidding quote phantom is a coin we don’t want to forget that because as long as we remember that it means we acknowledge that we have to work harder and we have to do more work to prove to people that we’re not the crazy thing is that ‘
andre calls phantom a coin even though ftm has gone up by more than 100x over the last year and even though phantom has seen more than a million users billions of dollars in market cap and billions of dollars in total value locked imagine what phantom will look like when andre stops calling it a coin phantom is a crypto currency that doesn’t get nearly the amount of attention that it deserves the funny thing is that ftm keeps pumping regardless of whether anyone’s watching that’s because everyone working at phantom has a firm understanding of fundamentals and the long-term value they create this understanding comes from the fact that phantom went live in the middle of the last bear market where hype and marketing meant nothing the phantom team has worked hard since then and the fruits of their labor are only starting to ripen phantom could ironically become one of the best smart contract crypto currencies out there but only time will tell phantom faces a lot of competition andit has a fraction of the funding poseur and adoption of most of its competitors now for what it’s worth phantom checks every box on my list and the concerns i mentioned are laughable compared with the concerns i have about most other crypto projects no crypto currency is perfect and no crypto currency will ever be but i daresay if phantom continues its current trajectory it could come pretty damn.
History of Fantom and STRONG Potential (FTM Prediction)