Fantom Adopts Chainlink (LINK) Smart Contract Products

  • Chainlink’s prominent keepers and Verifiable Random protocols have been integrated into the Fantom mainnet.

Chainlink’s prominent keepers and Verifiable Random protocols have been integrated into the Fantom mainnet. Binance made this revelation that the development will aid developers to create more user-friendly decentralized finance (DeFi) apps.

Why Fantom?

Notably, Keepers is a decentralized transaction automation feature that helps developers and project designers to automate smart contract functions of any type, through custom triggers. 

This will aid programmers to peg predetermined options that keepers can constantly monitor. Upon meeting the predetermined options, the smart contractor’s function automatically becomes triggered.

Meanwhile, the Verifiable Random Function (VRF) uses on-chain randomness to determine fair in-game results in any blockchain game. It can also select randomly, governance participants for certain tasks.

While addressing the development, the CEO of Fantom Foundation, Michael Kong gave further insights into the functions of the new feature. He said having Chainlink VRF on Fantom allows developers in the ecosystem to integrate rigid outcomes into their dApps. Kong added that with the Chainlink VRF Fantom results cannot be manipulated.  The CEO opined that it can be used for GameFi, NFTs, and other cases or initiatives.

Currently, according to statistics, Chainlink has overseen $1.85 billion in some 5,630 transactions in the last 24 hours. Due to the current dip in the cryptocurrency industry, the transaction rate has dropped since two months ago despite hitting a high time of 10,440 within a day last May.

Accordingly, DeFi apps on Fantom hold below $1 billion in locked value according to data provided by DeFiLlama. This underlines the decline from a zenith of $12 billion early this year. Also, the popular Stablecoin swap application, Curve presently locks about $178 million. The highest among DeFi apps on Fantom. The app is currently followed by a leading exchange, SpookySwap with about $122 million.

Key Notes 

Fantom is a type of blockchain that supports smart contracts and is powered by its native FTM token. Launched in December 2019, after raising $40 million, It’s a type of blockchain that is renowned for its speed and cheap transaction charges. Fantom changed its narrative in 2021 by proving capable of supporting its decentralized finance (DeFi) sphere.

The Fantom blockchain attains its swiftness via a directed acyclic graph (DAG), where a past transaction on a blockchain is shown as a “hashgraph” (a graph of blockchain hashes). It’s comparable to the technology that powers Hedera Hashgraph. 

In addition, Another specialty of the blockchain is Fantom’s “leaderless” consensus mechanism, Lachesis. The mechanism is a variant of proof of stake, called asynchronous byzantine fault tolerant (aBFT). The major privilege of this innovation is that it can work without any loop, even if a third of transaction data is illicit. 

This implies that Fantom’s blockchain nodes can verify transactions unassisted (the “asynchronous” in aBFT), without having to work through a row of transactions. While it can take a while to clear a transaction on Ethereum and Bitcoin, transactions on Fantom clear within a few seconds.

Comparing it with Solana, Fantom is compatible with the Ethereum virtual machine (EVM). This makes it simple to port decentralized applications built on Ethereum right over to Fantom. (Avalanche, Binance Smart Chain (BSC), and Polygon are also EVM compatible). 

To that end, FTM is available as an ERC-20 token and a BEP-20 token. This indicates there’s a type of coin that corresponds to the Ethereum and Binance Smart Chain token standards.

Rebecca Davidson Verified

Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”

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