Fantom Opera: an easy transition from Binance Smart Chain
Hey DeFi enthusiasts! As many of you probably already know, coming to Fantom is pretty easy. It takes just a couple of transactions to see that it’s incredibly similar to Binance Smart Chain, but better in many ways.
While this might seem trivial to some users, for those who are just starting to move their first steps in the crypto world and into DeFi, this could prove a little more challenging. We wrote this article to help less experienced users try Fantom Opera and onboard them with ease into the DeFi world.
Why should I come to Fantom?
Fantom holds a pretty special place in our hearts. Many of us came from Ethereum or Binance Smart Chain then luckily discovered Fantom. Fantom Opera is a truly decentralized network where transactions take place in a second and cost a fraction of a cent.
Fantom is lightning fast (in fact, it gets faster the more people use it!), very cheap, and has incredible potential. That’s why we decided to build our DEX on this chain.
How can I try Fantom Opera?
Moving funds to Fantom is pretty easy and can be done in three main ways:
- Using the “Receive” feature of Fantom fWallet;
- Using a bridge, such as Anyswap, Multichain or Xpollinate to move directly from other chains;
- Sending FTM on Fantom Opera network from an exchange that supports withdrawals on the network like Binance.
In this article, we’ll consider the third method as it’s quick, very cheap and really easy.
How to configure MetaMask for Fantom network?
Before moving funds, we need to configure MetaMask to support Fantom Opera. We can do this manually, entering the RPC values, or we can use a very handy site called Chainlist which does everything automatically in two clicks. Just search for “Fantom”, connect the wallet and then click on “Add To Metamask”.
Then, you just need to select Fantom as the network. Your wallet address will be the same you are using on Ethereum or Binance Smart Chain.
How will I pay for gas?
Fantom Opera is similar to Binance Smart Chain and Ethereum, but instead of using BNB or ETH for gas, it uses FTM.
As stated before, the gas required for a transaction on Fantom is negligible, about 1/5th of a cent. However, if you happen to find yourself without gas for some reason you can use our faucet to automatically receive 0,1 FTM for free, which is enough for about 10 transactions.
To do this:
- Head to our Discord, find our faucet channel then type “!faucet”. This should trigger the Fantom Tip Bot to direct message you.
- Once the faucet bot has messaged you, write “!faucet” again in the DM with the tip bot unless the bot has already sent you a message “Got 0.10300000000000001 FTM from Faucet, tx hash”.
- Once the aforementioned text is sent to you by the bot, you can then use the command “!withdraw” followed by your address and the faucet will send your wallet some FTM which should be enough for about 10 transactions.
How can I send my funds using FTM on Fantom Network?
As we mentioned above, we’ll use Binance for this example. To move funds onto Fantom, all you need to do is convert to or directly buy FTM and then withdraw to your MetaMask address using the FTM network.
The withdrawal costs just 0.01 FTM and takes about a minute.
Once you receive the funds in your wallet, you can head to SpiritSwap and swap your tokens to whatever you like. You can then start providing liquidity to farm SPIRIT and enjoy the best APR Fantom has to offer.
We’re here to help!
If you need a detailed step-by-step guide on how to connect MetaMask to SpiritSwap, how to swap, stake SPIRIT or provide liquidity you can find all of these resources together with other guides on our GitBook.
If you need help, feel free to come say hi on our Discord. We’ll be happy to assist!
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