Do you ask yourself, how can I join the Fantom Ecosystem and start profiting from it, besides just buying the $FTM Token? We have you covered. If you want to dive deeper you find my Fantom Project Review here.
In this tutorial, we are getting started with the Fantom Ecosystem.
There are many reasons, like low gas prices, network speed, upcoming opportunities in the network, to mention a few, for getting started with Fantom.
We need to set up a wallet that is compatible with the Fantom Network. We will use Metamask for that purpose.
The $FTM Token is the Gas on the Fantom network, so we need to get some $FTM Tokens into our newly configured Wallet. We also will cover how to bridge Coins (be aware that there will be Gas Fees) over from the Ethereum or Binance Chain Networks to the Fantom Network. If you already have a Fantom wallet and Metamask setup, no worries - we can always do the next step so we can buy BOO!.
Before starting, you need to have a Metamask Wallet up and running; if you did not do that, here is a video where I explain how to do that.
Introduction to the Fantom Ecosystem
If you want to see if the Fantom Ecosystem is worth your time, money, and energy, check out my recent Fantom ($FTM) project review. But now, let's get started.
Fantom (FTM) is the Gas on the Fantom Ecosystem, like Ether (ETH) on the Ethereum Blockchain and the Binance Coin (BNB) on the Binance Smart Chain
With a Market Capitalization of around four Billion USD (9. Sept 2021) and a price of $1,70 USD, there is still a considerable growth potential of ten to 50 x in the following years. Fantom has a native Token implementation, but also an implementation as an ERC-20 Ethereum and BEP-2 Token. The Fantom Ecosystem is fully compatible with the Ethereum Virtual Machine (EVM), which means that popular Ethereum Applications can run on the Fantom Smart-Contract Platform. First, know examples are Sushiswap and Curve.
Let's have a look at the Fantom Ecosystem.
There are not so many native projects yet on the Fantom Chain. The recently 370 Mill USD Decentralized Finance (DeFi) Incentive Program) should change that in the next month. This program is a great opportunity for new projects to raise and make huge gains with native Fantom projects.
But let's get started with getting you ready for the show.
It would be best if you had Metamask installed for this step. If you do not know how to do that, I prepared a little video for you. After setting up your MetaMask correctly, you can continue from here.
Add the Fantom Opera Network to your Metamask
- You have your Metamask Wallet up and running if you go back to Setup Metamask.
Before using your Opera FTM address, we need to configure the Fantom Opera Network in your Metamsk.
Step 1: Log in to your Metamask
Login as usual.
Step 2: Select Custom RPC
Click on the Ethereum Mainnet Dropdown Menu, scroll down, and click Custom RPC
Step 3: Fill the fields and Save
- Network Name: Fantom Opera
- New RPC Url: https://rpcapi.fantom.network
- ChainID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
Now you can switch between your Networks FTM and ETH, and you can use the same address for both your Ethereum and Fantom Wallet.
Transfer FTM to your Wallet
As mentioned before, the FTM Token is the Gas for the Fantom Network, so the next step is to add some Fantom Tokens to be able to make transactions. Here we have multiple options.
Option 1: Claim Free FTM from Spookyswap
Now it's time to transfer the 0.2 FTM to your Metamask Wallet
You can do that with the command.
A couple of seconds later, you should get a success message and see the funds in your Metamask Wallet. Here we go.
With this 0.2 FTM Tokens you can make a bunch of transactions due to the very low networks fees in the Fantom Network. Another option is to transfer FTM Tokens to your Metamask Ethereum Wallet and then bridge them to your Fantom Network. Let's see how this works.
Option 2: Transfer Funds from Binance (or other Exchanges) to Metamask
Step 1: Log in to your Binance Account
Buy FTM Tokens if you did not do that yet. You can also transfer.
Step 2: Transfer $FTM to your Metamask Ethereum Wallet
Choose the FTM Token, withdraw function choose Ethereum Network. There will be a network fee of around 20 USD.
Step 3: Go to Multichain for the Cross-Chain Swap.
Here we will need to transfer the Coins from the Ethereum Blockchain or the Binance Smart Chain to the Fantom Network.
Connect the page with your Metamask Ethereum Wallet, choose FTM, and set the amount you want to transfer, click transfer and confirm the transaction fee.
Be aware that gas fees will occur on the Ethereum or Binance Smart Chain Network.
A couple of seconds later, you should see the Fantom Token in your Metamask Fantom Wallet.
Buy your first Native Fantom Coin
Now you can go to one of the Exchanges that support the Fantom Network.
We will go with Spookyswap.
After connecting the Wallet and choosing the right Network, we can swap for low Network fees.
Just click on Swap, choose the Coin Pair you want to Swap, Click on Transfer and Confirm the Transaction.Welcome to the Fantom Ecosystem. Enjoy your ride.
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