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How to bet Phantom (FTM)?

by SuperiorInvest

Phantom (FTM) is known for its speed and cheap price blockchain layer 1. Like other blockchains (e.g. Solana (SALT) and Avalanche (AVAX)), which scales better than their counterpart, has been called “Ethereum killer.” After raising $40 million in funding, Fantom launched its mainnet in December 2019. Since then, it has become one of the most popular blockchains and is among the top 10 blockchains. total value locked (TVL) with $1.3 billion in TVL.

Fantom’s high-throughput blockchain is open-source smart contract platform. It is scalable and EVM compatiblewhich means you can deploy and run your Ethereum decentralized applications (DApps) on the Phantom. Its structure allows for its support decentralized finance (DeFi)in addition to digital asset management and DApps.

The Phantom consensus mechanism is a modified version proof-of-stakeand her name is Lachesis. It was designed to provide high-speed transactions, low fees and near-instant finality thanks to the aBFT algorithm. aBFT can scale to many nodes worldwide in a permissionless open source environment and offers a good level of decentralization.

Blockchain Fantom is powered by its native FTM token, and if you believe in the project and want to grow your FTM stack, you can consider staking Fantom to earn passive income.

What is Phantom staking?

Staking makes the blockchain more secure by locking up the investor’s digital assets for a certain period of time. This security is provided by validators who verify transactions with their staked tokens, which becomes an economic incentive for them to behave according to the rules of the protocol.

By staking FTM, investors are actively participating in the security of its network while simultaneously earning passive income, i.e. FTM rewards. Staking means that the chips will have to be locked for a period of time; however, they will still sit in the owners’ wallets, only they can access and unlock their funds at any time.

How to bet FTM

The minimum deposit to operate the validator is 500,000 FTM to prevent Sybil attacks on its consensus mechanism. Sybil attacks are malicious attacks that involve spoofing multiple identities to gain an unauthorized advantage within a network. Since the amount requested by the validator is relatively high, it is easier to delegate the FTM to the validator.

Several Fantom betting strategies can be used:

  1. Fluid Stakes: Investors can lock their FTM token for two weeks to 365 days for better returns. The reward varies according to the length of the betting period; the longer FTMs are staked, the higher the reward rate.
  2. Liquid staking: Investors can mint sFTM to improve ROI in liquid staking. They can also stake farmed tokens, participate in liquidity mining, farm LP rewards, and more.
  3. Deposit Bets: Investors can take FTM on a centralized exchange (CEX) like Binance or Coinbase. The betting reward is 1%.

To bet on Fantom, users can follow these simple steps:

  1. Have at least 1 FTM to bet;
  2. Go to the Fantom betting page and click Bet FTM;
  3. You can sign in using a compatible wallet, e.g MetaMask. You can open the wallet from your computer or mobile device. You can create a new wallet or access an existing one using a mnemonic or seed phrase.
  4. Deposit your FTM by transferring from an exchange or other wallet to yours The Phantom of the Opera wallet address.
  5. Click on “Staking”.
  6. Add delegation by selecting a validator and amount.
  7. Select the lock time and confirm.

There are several options when it comes to optimal Fantom wallets. The Fantom Opera Network is a the second layer and EVM-compatible blockchain, which means you can use any wallet that works for Ethereum, like MetaMask, Coinbase Wallet, or a cold wallet like Ledger.

After creating a Fantom account, you can also download a Fantom wallet (fwallet) by clicking the “Create Wallet” button:

Phantom wallet

Where to bet FTM?

In addition to its native blockchain network, Fantom can be staked on many platforms, including decentralized exchanges (DEX) and escrow blockchains. Here we take a look at the places to place the Phantom so you can decide which one is the most suitable.

How to bet Phantom on Ledger

Depositing through a hardware wallet like Ledger works through smart contract interaction, just like other transactions. Just stake from the Fantom fWallet by signing the Fantom FTM Ledger Nano S app. Then use the “Stake” menu item in your account.

How to Stake Fantom on Coinbase

In September 2021, Fantom announced support for the Fantom network on Coinbase Wallet. Coinbase Wallet users can access and use the Fantom network and work with Fantom DApps. Users can link their Coinbase Wallet account to their Fantom fWallet and perform activities such as staking on FTM and earning rewards.

How to Stake Fantom on Binance

To bet FTM on Binance, you need to deposit a suitable amount to the exchange, then go to Binance Earn and choose a suitable product for you; this is usually a lock-in period of 30, 60 or 120 days. You can choose a longer betting period for higher returns of up to 14%.

How to bet Phantom on Kucoin

Similar to Binance, you need to deposit your FTM token to Kucoin and go to Kucoin Earn. Then click “Subscribe” and choose the product that suits you better based on the rewards and the time you want to lock your assets.

Is it safe to bet FTM?

Staking FTM is safe because the validator node does not have access to your staked tokens; make sure you don’t lose your mnemonic phrase or private key. However, as with other proof-of-stake blockchains, you risk losing a fraction of your stake if the validator is not serious and misbehaves. It is safer to choose reputable Fantom validators who always have active communities, websites and Twitter accounts.

How to bet more chips on Phantom

Fantom provides a flexible and dynamic ecosystem allowing you to stake multiple DeFi tokens to earn passive income from your investment. To use any of the following systems to stake your native tokens, you need MetaMask or any other wallet mentioned above connected to the Fantom Opera network. In this case, Fantom staking acts like a CEX like Binance, becoming a marketplace where non-native cryptocurrencies are traded.

Here are some of the most popular tokens that are based and can be staked on Fantom:

  • Spookyswap is the largest DEX on Fantom, with $777M TVL and BOO is its native token that can be combined with FTM for maximum liquidity and revenue farm. To bet BOO, buy chips in exchange or trade them in Spookyswap; connect your wallet to Fantom Opera to view your positions and start earning.
  • BeethovenX is a community driven company DEX, an automated market maker (AMM) and a DeFi powerhouse. It is governed by the native BEETS token and lives on the Fantom Opera and Optimism chain, yielding an APR of 31%. To bet Beets, after depositing some FTM, connect your wallet to Fantom Opera and follow the procedure to select a validator and lock-in period.
  • QiDao is an autonomous and community-managed protocol that runs on Fantom and allows you to borrow stablecoins at zero interest against your crypto assets used as collateral. Loans are disbursed and repaid in miTokens (stablecoin soft pegged to USD).
  • Scream is another decentralized lending protocol powered by Fantom, similar to platforms like Compound (comp) a Aave (AAVE). Users who stake SCREAM tokens can earn around 58% APR, while for liquidity providers, rewards can reach up to 82% APR.

How to start a Phantom node

Validators run full nodes and are a key part of the Fantom network. By running a full node, validators participate in consensus to increase security and generate new blocks. There are some technical requirements and skills to consider when running a full Fantom node and it may be better suited for technical operators.

Below are the requirements needed to run a full Fantom node:

  • Minimum Requirement: 500,000 FTM
  • Maximum size of the validator: 15x the amount of your own deposit
  • Minimum hardware requirements: AWS EC2 m5.xlarge with four vCPUs (3.1 GHz) and at least 4.5 TB of Amazon EBS General Purpose SSD (gp2) storage (or equivalent).
  • Rewards: currently ~13% APY (normal APY on own deposit + 15% delegate rewards). APY varies by % wagered. Check for current APY Phantom Foundation website.

A step-by-step guide to running a full node

  1. Users can run a node on their own hardware or use a cloud provider. One of the big cloud providers like Amazon AWS is recommended.
  2. They can setup a non-root user.
  3. Install the necessary construction tools; install Go and then Opera.
  4. Register their Fantom validator node in the chain. To do this, users need to create a validator wallet, which becomes the validator identity on the network, which is required for authentication, message signing, etc.
  5. Run your own node. To do this, restart your node in validator mode and then close the Opera window by typing “exit”. They must then return to the window where they started their node with the following command:

(validator)$ nohup ./opera –genesis $NETWORK –nousb –validator.id ID –validator.pubkey 0xPubkey –validator.password /path/to/password &

Users can refer to to the Fantom instructions for full specifications and details on how to run a validator node.

How much money can you make betting on Phantom?

You can earn 5.01% if you choose a minimum lockup period (14 days) and a minimum amount. The maximum APY is currently 15.31% for a maximum lock-in period of 365 days.

The FTM Bet Rewards Calculator estimates how much can be earned by staking Fantom.

FTM and most crypto tokens fell more than 90% during the 2022 bear market; therefore, bets will increase the number of your chips, but not necessarily the total value. It is also worth considering that staking and locking your tokens can make your funds illiquid and exiting a position difficult.

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