Why WingSwap Adopts Fantom Blockchain
A Sneak Peek into WingSwap and why we choose Fantom Blockchain Ecosystem
WingSwap is a dedicated decentralized exchange (DEX) that is set to take the DeFi niche of the blockchain industry to the next level. As it is known that the advent of blockchain technology has changed the conventional method of operation across several industries and it gives rise to what is now called decentralized finance or DeFi. DeFi refers to the control of traditional financial services like asset exchange, swapping, staking, lending/borrowing, trading, etc. on the blockchain via different protocols. According to DeFiPulse, the total value locked (TVL) in DeFi protocols followed an exponential trend and is currently at $89 billion which means that there are a lot of values locked in DeFi.
As a result of this, the WingSwap team came together to launch a decentralized exchange that will change the status quo of the DeFi industry by integrating multiple features. The likes of which have not been seen in the industry. To ensure that our solution is unique and that the potency of use case is widely felt, we decided to use Fantom Ecosystem — a novel blockchain infrastructure with proven efficiency which is different from the conventional ones that are widely used by the several competitors in the industry.
The Fantom blockchain ecosystem combines absolute Turing-completeness, developer friendliness, speed, security, reliability, and interoperability to empower participants on the network while also ensuring that the entry barrier to participation is lowered. A lot of the popular blockchains have mostly benefited early adopters. Fantom is changing the narrative and is set to become a flag bearer for positive financial impact.
The Fantom blockchain is designed to accelerate adoption of blockchain technology today and evolve to meet the needs of users in the future. Existing decentralised networks including those focused in financial use cases need to be reviewed and a genuine option in a public, peer-reviewed platform that is capable of private transactions and efficient at synchronizing across different chains needs to be created. Hence, Fantom blockchain was built to bring the much needed innovation and solution to the industry. Highlighted and explained below are some of the amazing features of Fantom and why it is adopted by WingSwap:
Fantom is modular
Lachesis powers Fantom’s Opera mainnet deployment, which uses the Ethereum Virtual Machine (EVM) and it’s compatible with Ethereum. The modularity makes Fantom exceptionally flexible. Developers can port their existing Ethereum-based dApps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs.
Fantom is a network of networks
Fantom has a unique element which makes it a completely independent network. Unlike the first generation of blockchain platforms (Ethereum and alike), that slow down when more complex dApps are launched on them or with the increase in its user base. This high level of scalability offered by Fantom (FTM) provides every application with its personalized (independent) blockchain with custom governance rules, tokens and tokenomics.
Fantom is made up of an uncountable number of decentralized systems which interact with each other, despite working independently in their specific zones.
Fantom has high level of security
Fantom is secured by Proof-of-Stake consensus mechanism. Unlike Proof-of-work (used by Bitcoin and Ethereum), Proof-of-Stake can prevent centralization and save energy. The consensus mechanism can also scale to hundreds of nodes, expanding decentralization and security. Fantom was born to solve the ‘Blockchain Trilemma’ — the balance between speed, security and decentralization which cannot be achieved at the same time, where Fantom utilizes a permissionless, leaderless protocol to achieve decentralization, security and uses asynchronous Byzantine Fault Tolerance (aBFT) to process transactions asynchronously which increases the speed of the overall process.
We are proud to be part of the digital revolution led by Fantom that will eventually permeate all aspects in life, from payments and a fully digital economy to digital identity, medical records, to create a global scale internet of digital assets.