Why Fantom is the place for innovative OHM forks
The market is flooded with OHM forks, but so far very few have been built on the Fantom Opera Network. This is surprising considering Fantom is a perfect place to build an OHM fork looking to innovate and add its own twist to the tried-and-tested Olympus model. In this article we’ll break down several reasons why we chose to build on Fantom.
If you’re new here, welcome — FantOHM is a unique project with a devoted, forward-thinking community and we’re happy to welcome newcomers who want to be a part of something special. Things are moving quickly so be sure to stay tuned as we progress as we have some BIG announcements coming very very soon.
Why we chose to build on Fantom
Unlike many smart contract platforms out there, Fantom has no trouble standing out. Utilizing the revolutionary Directed Acyclic Graph (DAG) technology, Fantom addresses the blockchain trilemma of scalability, security and decentralization in a unique and unprecedented way.
Although not entirely blockchain technology, DAGs are often regarded as a next generation blockchain with the capability of improving the low throughput, high transaction costs, and compromised security that plague traditional blockchain platforms. By taking advantage of the inherently scalable nature of DAGs, platforms like Fantom can handle thousands of transactions per second while maintaining decentralisation, security and extremely low transaction costs (due to the lack of miners in itsconsensus mechanism).
Fantom has seen incredible growth this year, with unique addresses rising from 45,00 in April to over 1 million in November alone, boasting over 700,000 transactions per day. When we first began planning, there were no OHM forks on the Fantom platform, which offered an incredible opportunity. Here’s a few of the main reasons we chose to build on Fantom.
Cheap gas fees & fast transaction times
No surprise here. Our team of devs had been launching contracts on Ethereum all year, and quite frankly, we were fed up with the gas fees. When we began working on an OHM fork with a unique twist, we knew that many people would be prohibited by Ethereum’s absurdly high gas fees. Fantom provided the perfect platform for low transaction costs that didn’t also sacrifice quality, speed and decentralisation.
A future-oriented platform
On top of the significant benefits of Fantom’s transaction speeds and low costs, we’ve also all been big fans of Fantom for a while. We’ve used Spookyswap, Hyperswap and other dApps and have been staking BOO since day 1. There’s also a lot to love about the chain performance and ease of access, as well as the multi chain bridge which makes life a whole lot easier for the average user. You can use Metamask with Fantom, its EVM (Ethereum virtual machine) compatible, meaning popular dApps can be easily ported over, and there is both an erc-20 and bep-20 version of the FTM token. User-friendly and high performing, what’s not to love?
Fantom’s platform launch was also a little different to most others, and we loved how they went about it. Unlike most smart contract platforms, Fantom incentivised developers to join the platform not through the traditional method of liquidity mining and financial rewards, but rather through rewarding developers for innovating and building on the platform. With this unique approach, Fantom has been able to grow at a rate that very few platforms can claim and they’ve attracted some of the world’s best developers in the process. Their incentivised innovation program effectively combats parasitic liquidity mining programs and targets builders, teams and liquidity in a way that other platforms can learn from.
Community & governance
The governance model Fantom offers is another reason why it was the perfect place for us to build a deeply community-driven DAO like FantOHM. As OlympusDAO showed the world, there is no limit to the success a community can have if everyone is aligned and working towards a shared goal. Our community has been the no. 1 reason we’ve started off with such a bang and we intend to keep listening to our members and incorporating suggestions as we move forward.
Fantom’s platform is open-participation, permissionless and anyone can run a node. Since Fantom is decentralized, token holders make decisions regarding its future. By holding and staking Fantom, you can propose and vote on changes, and you can even vote on a scale of 1–4, instead of merely saying yes or no. Given that this is how we intend to run FantOHM — with a dedicated community governance model — this platform ticked all the boxes.
On Fantom’s platform, even if you own lower amounts of the token or you’re not an expert in running distributed systems, you can still participate in securing the network and be rewarded. This is also how we intend to approach governance. FantOHM also intends to cultivate an extremely welcoming environment where all token holders can have their say in how the project develops — active listening is one area we believe will be key to building a sustainable and successful project.
Aesthetics & Buzz
If you haven’t spent time on the Fantom network, we encourage you to do so. There is a really cool aesthetic across a number of products which we felt excited about joining. As one of the first Fantom OHM forks (the very first when we began building), we wanted to continue the ‘spooky’ theme of the Fantom network, and after listening to our community, we decided to change our logo to the adorable ghost you see now!
In terms of hype and buzz around a platform, few compare with Fantom. Along with piquing the interest of some of the industry’s most reputable names, including Andre Cronje, Fantom has great tokenomics. The FTM token is available on a number of centralised and decentralised exchanges and has a max supply which will be reached in 2024, meaning that after FTM’s inflation stops after a few years, the price action of the token will be very free to skyrocket. A huge supply of FTM is currently staked, which is exactly what is encouraged amongst FantOHM holders. With such a loyal community, the dream of (3,3) is not so far away.
Looking forward
Our aim at FantOHM is to build an innovative policy-controlled currency system, backed by a community committed to the (3,3) dream. There are a number of other things that set us apart from the abundance of OHM forks out there, and we are very excited to start to share these updates in the very near future.
After stealth launching as one of the first OHM forks on the Fantom network, we were able to achieve a rate of organic community growth that is deeply encouraging. Within a day of launching we had 300 people buzzing about the Discord and since then we have grown to the thousands.
Many of our members are having exactly the type of conversations that indicate a project with serious long-term potential, and with our big upcoming announcements, the future is looking very bright indeed. Stay tuned, the next time you hear from us, we’ll have some very exciting news!
