Why Should You Build On Fantom?
Dear Spiritors, we hope you are all doing well and having a great January. The month of January is often considered the start of new beginnings, as it marks the beginning of the new year. This has certainly been the case for DeFi. We have seen a fresh start in the charts, increased interest from a market cap perspective, and, as usual, builders are building. Builders and the platforms they choose to build on are crucial components in DeFi. This is because the more protocols a platform has, the more TVL it has, resulting in more revenue and value for the platform.
As SpiritSwap, established builders in the space, we are passionate about building on Fantom. There are many reasons for this, and we have decided to list them all in an attempt to show our appreciation for Fantom. We would also like to encourage potential developers to come and build on Fantom. From a technical standpoint to the strong community it has, we are confident that they will fall in love with it.
Fantom is a blockchain platform that offers several benefits for developers. One of its main advantages is its scalability, with a unique consensus algorithm called Lachesis, allowing for high throughput and low latency. For more information about lachesis, you can read this beautiful article written by Andre Cronje himself. But to put it simply this makes it a great choice for high-performance decentralized applications like SpiritSwap. Furthermore, it offers fast confirmation times (sub 900ms finality) which makes it a smoother user experience and eliminates the need to wait around for transactions to go through.
Fantom also offers true finality, ensuring that transactions once seen by the network cannot be rolled back by a chain reorg, and eliminates the need for a complex “wait 10 blocks” UI logic. Did we mention eliminating complexity? Account abstraction is expected to be applied on Fantom in Q3-Q4 2023, allowing wallets to be owned and controlled by more usual methods such as username, password, social authentication, face ID, and so on. This would lower the entry barrier to those who’d like to enter into the DeFi scene, but find it complex!
DApps built on Fantom can also earn revenue from gas fees on their contracts, by earning 15% of all gas spent on their contract as revenue. We have written a whole article about that, which you can find out by clicking the link here! Moreover, it offers full Solidity & Vyper compatibility, making it easier for developers to bring their coding knowledge on other chains to Fantom, without having to relearn anything new. Also, the virtual machine that Fantom is using will be upgraded to FVM (a.k.a. EVM2.0) in the near future. This has been part of Fantom’s roadmap, and team members have hinted that it was nearing completion in various articles, including the most recent one, which can be read here.
Here in Fantom, we have a strong community of developers and enthusiasts. The platform is actively being developed and supported by a dedicated team, and there are also many third-party developers building on the platform. This can make it easier for developers to get help and find resources when building on the platform. Additionally, the foundation also focuses on sustainable funding and revenue initiatives such as the Ecosystem Vault, gas monetization and the Gitcoin Grants, which SpiritSwap was nominated for. (Oh, we have written an article about that as well!)
Fantom is the oldest smart contract chain after ETH, being four years old, and operating since its inception with 99.9% uptime. Furthermore, it is focused on the long game. With a 30-year runway, much longer than any of its competitors, Fantom can focus on building a platform that will continue to thrive decades from now. As builders on Fantom, we’d like to see our fellow colleagues come here, test the waters and build on here if they’d like to! Because it’s scalable enough to host many protocols, the community is big enough to give love to all protocols, and the future is bright enough to shine here together.
If any developers out there would like to build on Fantom, SpiritDAO is the best place to do so. Our repositories are public, which means that developers can view the codebase of SpiritSwap and contribute to it once a pull request is made for their proposed changes. An example of a team that has contributed to SpiritSwap’s decentralization and codebase is the ORBS team, who integrated dTWAP. They proposed a partnership, received the support of the community, and have built the product with a feedback loop between them and the moderators throughout the process. ORBS team is an example of what a successful partnership looks like for SpiritDAO, and they have made headlines for it, which you can check from various news outlets’ stories such as Daily Coin, Binance forum, Zycrypto and many more!
We’d like to thank you all for your time, and hoping to see you in our Discord if you have any questions! We’ll always be there to answer if any dev/or a user who is interested has any questions. Take care, and stay safe everyone!
