In this blog tutorial, we show you how to add Fantom to the MetaMask wallet. But first, we talk a bit about what Fantom is, what it does, etc. If you do not want to read about that and directly want to see how to add Fantom to MetaMask. You can go down this page and start reading “Getting Fantom on MetaMask” to learn how to add Fantom to MetaMask.
What is Fantom
The Fantom Opera blockchain, created by the Fantom Foundation, was launched in December 2019. To be completely fair Fantom Opera is not really a Blockchain but rather a DAG (Directed Acyclic Graph). A DAG works in a bit of a different way to a blockchain but essentially has the same purpose. Because of that reason, we will not go too deep into it. At the start, the Fantom Foundation had the goal of making the chain super fast. With the possibility of transferring 300,000 transactions per second (TPS). This, however, was a bit too ambitious and the chain currently can process around 4,500 TPS. But don’t understand this wrong. This is still a lot! The Fantom DAG works very fast, with a transaction finality time of between 1 and 2 seconds. But Fantom does not just exist to process transactions quickly. No no, it can do much more. Besides a fast chain, Fantom also functions as a smart chain. Meaning it can process complicated smart contracts for things as Defi, NFT’s, and much more. But because Fantom is currently not the only chain that can do so, it was built with the possibility to connect to others. So Fantom can connect to the Ethereum blockchain EVM and the Cosmos SDK. This way Dapps and tokens can easily switch from these chains onto the Fantom DAG.
Fantom Staking
Fantom works with its own special staking process called Lachesis. Lachesis currently only allows the network to have 50 validators. Making the network decentralized to a certain extent. To become a validator you will need to stake at least 1,000,000 FTM tokens. But don’t worry. You don’t need to operate as a validator to earn staking rewards. No, as an FTM token holder you can delegate your FTM tokens to a validator of choice. This way you can express your vote onto the network and also earn a part of the staking reward with your FTM tokens. To Delegate your stake you only need 1+ FTM tokens. When you stake your tokens you can also choose for how long you want to delegate them. But this period concedes only between 1 day and 1 year. So if you want to stake them for longer than a year, you will have to re-stake them at the end of the period.
Native Defi on Fantom
The Fantom Defi ecosystem basically has 2 sides. You have the Fantom Defi, which comes native to the Fantom chain. And there is the imported Dapps coming from other blockchains like Ethereum and Binance Smart Chain. The native Fantom Defi ecosystem consists of fMint, fSwap, and fLend. With fMint users can mint a Fantom native stable coin called fUSD. The stable coin is pegged to the FMT token with a value ratio of 5 to 1. So, quit high. Then fSwap lets users trade between many different tokens like fBTC, fETH, and many more. And finally, there is fLend. Here you can lend out your token to earn some nice yield on them. Because, who doesn’t want to earn some interest?The nice thing with the native Fantom Defi is, that even your staked FMT tokens can be used in it. Because users that have their FMT tokens staked can mind sFMT tokens, which they can then use in the Defi protocols.
Imported Defi on Fantom
Besides the native Defi on Fantom, there is also the Defi and Dapps that migrated from other blockchains. Because Fantom is an EVM (Ethereum Virtual Machine) compatible DAG. It can run the same Dapps. Developers only need to make some small tweaks to deploy the same code on Fantom. Because of that many Dapps like Curve Finance, SushiSwap, Cream Finance, and more have moved to Fantom as well. Because Fantom has already a highly scalable base structure. It can run many Dapps on the network smoothly. So it would not come as a surprise if the network grows and sees more Dapps being built on it. Like the newly build SpookySwap which functions as a Fantom DEX.
Fantom roadmap
Where Fantom goes from here on is difficult to say. Because the Fantom roadmap from their whitepaper stopped in 2020. But we expect the network now to focus on the development of their ecosystem. And that they will do. Because the Fantom Foundation has a special development fund. This fund holds a large amount of 370 million FMT tokens. Currently worth more than 700 million dollars. So as these funds are directed to a Dapp ecosystem. We believe that the platform has the potential to grow at a fast pace.
Fantom Bridge
As for now, there are 2 bridges that let you bring your tokens over to Fantom. One of these bridges is the Ren bridge and the other is the Fantom bridge. Bringing tokens from one chain to another can only happen with a bridge. If you just try to send tokens by only putting in an address and not using a bridge. You will most certainly lose your funds. So as we always say be careful with your funds and make sure you use the right bridge.
Fantom wallets
Many wallets and exchanges already added support for the Fantom DAG. And more will probably follow as the network grows. Because the network has easy EVM compatibility. It can connect to many mobile, computer, and web wallets. Because many of them allow you to manually add an EVM network. On top of that, we also see some hardware wallets adding support for the Fantom Opera Crypto, like Ledger wallet. You can find all these Fantom wallet apps for either Android, IOS, or any other operating system here on this page. So that all Fantom coin holders can find a good wallet that suits them. But today we focus on the Metamask wallet and how you can Add Fantom to MetaMask.Now that you are all educated on Fantom let’s start and add Fantom to your wallet!
Getting Fantom on MetaMask
So to add the Fantom to MetaMask you have to open the MetaMask wallet (In case you don’t have MetaMask yet, please get it on this page). Once you have MetaMask installed, open it up on the full screen. So you will have the same screen as in our example here.
Now go to the top right of the screen where it says “Ethereum Mainnet” and click on the little arrow pointing down next to it. This opens the network’s tap where you can select all different types of EVM blockchains (Ethereum virtual machine) networks. Now here you can click on the Custom RPC to add a new custom EVM blockchain network of your choice. In this case, Fantom.
Now Metamask will ask you for the data needed to connect the wallet to Fantom. Please fill in the list below.
Network Name - Fantom
New RPC URL - https://rpc.ftm.toolsFantom
Chain ID - 250
Symbol - FTM
Block Explorer URL - https://ftmscan.com
When you have done this, you can just click save. And now you have added Fantom to your MetaMask wallet. If you would like to switch between the EVM blockchains. Simply click on the Network button in the top right of the screen to select another blockchain. Because adding different types of EVM blockchains works the same, you can add any EVM blockchain in the same way. But instead of the list given in this blog, you replace that with another network’s ChainID, symbol, etc. We hope this blog post helped you to integrate a new EVM into your MetaMask crypto wallet. So that you can now use Fantom as much as you want.
Find your wallet here
In case you want to see all the other wallets supporting Fantom. You can simply take a look here to filter between all wallets that do!
So we hope this article taught you more about how to add Fantom to MetaMask wallet. But in case you have Questions regarding Fantom or Ethereum? Feel free to ask them on our online Facebook or Telegram groups. Because we are happy to help whenever we can!
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