Fantom has its own token, Fantom cryptocurrency (FTM), compatible with both the Ethereum and Binance-chain, which has a current market cap of over $6Billion, as shown on Coinmarketcap
. As well as its own coin, due to its ability to host smart contracts and dApps, Fantom has several applications hosted on its blockchain.
One of the applications is SpiritSwap
, a decentralized exchange (or dex) built on the Fantom Opera Chain, that allows users to trade, stake, or farm their coins. The SpiritSwap protocol adds incentives for network participants by introducing revenue sharing through a classic automated market maker (AMM) model, similar to Uniswap. In an AMM, users can deposit tokens and an algorithm automatically makes markets for the token pair, guaranteeing a certain rate for the swap.
Another application made on the Fantom chain is called Grim Finance
. Grim Finance is a smart yield optimizer platform that allows users to stake their LP-Tokens issued from AMMs in Grim Vaults, and automatically earn interest and re-invest it for a compounding effect.