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Key Takeaways
In response to Messari’s report, Fantom is a Layer-1 blockchain with sensible contract capabilities, specializing in DeFi, NFTs, and gaming.
The community makes use of an aBFT consensus mechanism and an EVM-compatible state machine.
Regardless of market downtrends, Fantom has seen progress in day by day transactions and energetic addresses.
The community is planning important upgrades, together with a brand new StateDB storage system and Fantom Digital Machine (FVM).
Fantom’s DeFi ecosystem skilled a setback as a result of a Multichain bridge exploit however is recovering with new initiatives.
Background and Expertise
Based in late 2019 by Andre Cronje and Michael Kong, Fantom goals to deal with blockchain scalability and value points. It makes use of an asynchronous Byzantine fault-tolerant (aBFT) consensus mechanism generally known as Lachesis and an EVM-compatible state machine referred to as Opera. The community achieves sub-second finality (~900 ms), providing benefits like transaction certainty, higher consumer expertise, and vitality effectivity, based on Messari.
Community Exercise and Ecosystem
Fantom’s community exercise has seen a number of cycles since its launch. Regardless of a broader market downtrend, common day by day transactions and energetic addresses have grown year-to-date in comparison with late 2021. The Fantom ecosystem contains DeFi protocols, NFT marketplaces, and gaming functions. Initiatives just like the Gasoline Monetization program and Ecosystem Vault intention to draw builders and develop the ecosystem.
DeFi and Safety Challenges
Fantom hosts about $94 million in whole worth locked (TVL) as of now, a big drop as a result of a Multichain bridge exploit in July 2023. The community is taking measures to recuperate, together with collaborations with Axelar Community and Layer Zero to supply extra bridging liquidity.
Upcoming Technical Enhancements
Fantom plans to introduce a brand new StateDB storage system and Fantom Digital Machine (FVM) within the coming months. These upgrades intention to extend the community’s scalability and effectivity. Moreover, account abstraction is on the roadmap to enhance pockets administration and consumer expertise.
Picture supply: Shutterstock
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