4 Reasons Why We Chose To Expand On Fantom
A developer’s point of view on a dApp integration on Fantom
Introduction
Lately, DeFi has proven itself to be a serious contender for its centralized counterpart. Inch by inch, despite the noise, it is slowly taking over traditional finance with its trustless, permissionless, resilient and transparent transactions that are available for anyone with an internet and a computer.
Starting with the most fundamental financial concept of lending crypto assets, DeFi app developers are now getting into more complex versions of financial products.
iGain IRS, for instance, was conceived with the idea of ensuring stability and control in users’ interest rates, when lending and borrowing on DeFi platforms. Thanks to the power of decentralized derivatives.
More and more investors are adopting DeFi, and many were galvanized by the “DeFi summer” in 2020. However, blockchain technology started to become a victim of its own success, clogging a large number of networks, thereby making the transactions slower, and costs higher.
As a rule, DeFi wouldn’t make sense if you are paying transaction fees more than your transaction amount. It would sound absurd to pay a $20 service charge for a $5 item.
That is the reason why DeFi users have started to look for a cheaper alternative blockchain, supporting the same robust DeFi products that are familiar with.
That’s how we turned to Fantom.
1. Fantom has low fees
As the demand for blockchain transactions has dramatically grown on a monthly basis, the scenario created a “good problem to have” — and too big to ignore — rising gas fees.
Gas fee, or in layman’s terms, transaction fees, is the amount of cryptocurrency that you need to pay to the blockchain in order for your transaction to proceed, i.e. trading, swapping, bridging assets, and more.
Fantom, thanks to its Directed Acyclic Graph technology (DAG), is able to process 4,000 TPS (transaction per second). This is one of the most important aspects that any app developer should consider because fees can eat users’ earnings little by little if you don’t take action early on.
2. Fantom is Flexible
Fantom, being an Ethereum Virtual Machine (EVM) compatible chain, has made it easy for iGain IRS to be deployed on its network.
A DeFi platform like iGain takes a significant amount of time time to be built. Countless hours of coding and smart contract audits by our core team of developers were needed to be rendered to ensure the maximum security of the protocol itself.
EVM made it possible for iGain and other dApps to be smoothly “copied and pasted” on the Fantom network , without having to restart from scratch and consume time that could have been spent on developing new features on the platform.
The same thing can be said for users. Although the network is different, users are in known territory since iGain keeps the same UI, mechanism, and idea.
3. Fantom is backed by a thriving community
iGain enjoys the company of the 200+ dApps that have already been deployed on the Fantom network.
The dApps and the developer community are some of the most crucial foundations of a blockchain. A flourishing dApp in a network means a growing community.
Fantom has already proven itself capable of handling DeFi in the fast-phased development in the crypto world. Tons of swaps that are present in Ethereum are now also available on Fantom.
And now, thanks to iGain, Fantom users can now enjoy its FIXED lending interest rate through a special leverage token mechanism called LONG 🟢and SHORT 🔴
4. Fantom is supported by Yearn
Initially designed and piloted on a lending protocol, Aave, iGain‘s roadmap now includes integration with a lending aggregator, and for that, we have chosen Yearn Finance.
A lending aggregator maximizes users’ profit by combining staking contracts from various protocols, making it easier to spot the best DeFi crypto staking opportunities.
In other words, an aggregator sets up the most optimal staking in order for users to get the maximum APY of the market. These staking returns, no matter how high, however, are not fixed and subject to fluctuations based on demand.
That’s where iGain comes in. Getting the best staking rates in DeFi, and also fixing THAT rate literally getting the best of both worlds.
There are plenty of blockchains available on Yearn, but we specifically chose Fantom because there’s no need for Layer 2.
Since Fantom is already fast and cheap, there hasn’t been a need for iGain to be deployed on a Layer 2 blockchain, which adds a bit of complication when it comes to technology integration.
Start trading with Fantom and win 3 DeFi Rune NFTs and 5,000 HAKKA!
To celebrate this major integration, iGain, together with Fantom and Yearn, collaborated to teach users that DeFi volatility on interest rates can be under your control.
To participate:
- Just go to Genki
- Log into your wallet
- Follow @iGainFinance on Twitter (must be done thru Genki)
- Trade at least one of the following:
Each successful trade will earn you 1 DeFi Rune NFT. If you have collected all 3, you will be entitled to receive 5000 HAKKA tokens as a bonus.
The campaign runs until 20th July, 2022, 23:59 UTC. See terms and conditions.
