In This Issue
Fantom has been the talk of the town recently. So in today’s issue Matt has an excellent overview of the Fantom ecosystem for you.
And in case you have forgotten, crypto gaming is still going to be HUGE! While it may not be trending like it was a couple of months ago, it will trend again. So today I have an interview for you with Solana based Monkey Ball.
All About Fantom by Matt
Launched in 2019, the Fantom Opera Network is a decentralised, Ethereum compatible, open-source, Layer 1 blockchain that is powered by the Lachesis consensus mechanism which uses a proof of stake structure that enables transactions to be fast, secure and scalable. Fantom is one of the fastest and cheapest blockchains available and it has seen significant user growth over the past year, particularly in the DeFi (Decentralised Finance) sector.
Fantom’s native token is called FTM and it has the following utility within the ecosystem.
- Staking – FTM can be staked to earn rewards and secure the network.
- Payments – FTM is used for sending payments on the Fantom network.
- Governance – FTM is used to vote on important decisions via the staking process.
- Fees – Network fees are paid using FTM, including transaction fees and smart contract fees.
Top Fantom DEX
Launched in April, 2021, the number one DEX (Decentralised Exchange) on the Fantom network is SpookySwap. This platform offers a broad range of services including token swaps, liquidity support and yield farming. It also has a bridge which enables token transfers to/from the Fantom network to the Ethereum, BSC, Polygon, Avalanche, and Arbitrum networks. SpookySwap has a TVL (Total Value Locked) of approximately $1 billion.
To use SpookySwap you will need a MetaMask wallet connected to the Fantom Opera network.
MetaMask by default only supports the Ethereum network. However, when you connect MetaMask to SpookySwap it will automatically configure your MetaMask to work with Fantom Opera. To perform transactions on SpookySwap or on any other Fantom protocol for that matter, you will need some FTM for gas. If you need some free gas to get you started you can visit here.
SpookySwap has its own tradeable governance token called BOO which can be staked to earn around a 40% APR at the time of writing.
DeFi on Fantom
Apart from SpookySwap and the broad range of DeFi products that they offer, there are plenty of other DeFi options to consider.
Firstly, if you own the Fantom token you can stake it directly on the Fantom Foundation website and earn up to 14% APR depending on the length of your stake. This is a great option for those looking for a low-risk, passive income strategy. However, let’s take a look at some of the platforms which offer much larger APRs and support Fantom in their DeFi ecosystems.
Beefy Finance is a decentralised, multi-chain yield optimiser that enables users to earn compound interest on their holdings. Through a set of investment strategies secured and enforced by smart contracts, Beefy automatically maximizes user rewards from various liquidity pools, automated market making (AMM) projects, and yield farming opportunities in the DeFi ecosystem. Beefy has a TVL of over $800 million with Fantom accounting for almost half of that activity.
Tomb Finance is the first algorithmic stablecoin on Fantom. It’s designed to be pegged to the price of Fantom and bring liquidity and new use cases to the network. The mechanism it uses to achieve this is complex and involves interactions between 3 different assets – TOMB, TSHARE and TBOND. A common strategy used on the platform is to create TOMB/FTM LPs and stake them (current APR is 96% and the reward token is TSHARE). You can either sell those TSHARE rewards and compound them into more TOMB/FTM LPs or you can single stake the TSHARES and earn more TOMB (current APR is 396%). Tomb has a TVL of over $800 million.
Geist Finance functions in a similar way to Ethereum based lending protocols such as Aave or Compound. Geist offers attractive yields to users by distributing rewards in its native token. However, rewards cannot be sold immediately. There is a 3-month vesting period where holders of the reward token earn fees from the revenue of the platform. You can withdraw your tokens at any time but there are penalties. Geist has a TVL of over $400 million.
SpiritSwap is a DEX and it was one of the first native DeFi projects on Fantom. Their key features include lending/borrowing services, plus a range of farming options. They also have an easy to use cross-chain bridge. SpiritSwap has a TVL of over $250 million.
Hundred Finance is a decentralized application that enables lending and borrowing. A multi-chain protocol, it integrates with Chainlink oracles to ensure market health and stability. At present, Hundred supports Fantom, Ethereum, Arbitrum, Harmony and Moonriver chains. It has a TVL of over $200 million. Stable coin yields of up to 30% APR are on offer.
Liquid Driver was the first dApp on Fantom offering on-demand liquidity as a service. They offer sustainable yields for providing liquidity to their partners. They support a wide variety of dApps by incentivizing liquidity and they aim to be a one-stop-shop for users looking to generate passive income with their crypto assets. Liquid-Driver has a TVL of over $130 million.
fWallet is the native wallet for Fantom. With this wallet you can send, receive, stake your FTM tokens and access the Fantom DeFi ecosystem. It is also used to vote on governance proposals.
Metamask is the most popular software wallet and browser extension. Metamask allows you to store mainnet FTM and interact with Fantom Dapps. Fantom support can be easily integrated with your Metamask by adding a custom PRC with the following information.
Network Name: Fantom Opera
Network URL: https://rpc.ftm.tools/
Chain ID: 250
Currency Symbol: FTM
Block Explorer URL: https://ftmscan.com
Bridging Funds to the Fantom Network
Multichain can be used to transfer ERC-20 tokens from Ethereum or Binance Smart Chain to the Fantom network and vice versa. You can simply connect your Metamask wallet and bridge funds across. Anyswap, which is a decentralised cross-chain swap protocol is also an easy and frictionless option. SpookySwap and SpiritSwap also provide bridging services as already discussed above.
Given the fast and cheap transactions available on Fantom, it’s not surprising that the protocol is making considerable progress in the DeFi sector. There is already over $8 billion in TVL across more than 100 different platforms and this figure is certain to rise as highly anticipated new dApps are rolled out in 2022. Ethereum compatibility is a major feature, with an increasing number of developers now choosing to build their protocols and deploy their assets on Fantom.
Monkey Ball Interview
For anyone not familiar, what is Monkeyball?
MonkeyBall is the next-gen esports game on the metaverse that will enable players to create, build, compete, and earn. It combines high production value gaming, blockchain, and NFTs to deliver a fast, turn-based play and earn soccer game that’s easy to learn yet hard to master.
The best and simplest way to describe it is if Fifa Street and Chess had a baby, that baby would be MonkeyBall. Players build their ultimate team consisting of 4 Monkeys that fill the positions of Goalie, Striker, Defender, and Midfielder – with each Monkey having natural abilities that make them better at one of the positions.
Matches consist of a total of 12 rounds – 6 per half. A round ends when the two teams finish their turns. In a turn, a player can move a player, dribble, pass or shoot the ball, or use a Special move of theirs.
What does the MBS token do?
MonkeyBucks, MBS, is the main in-game currency.
Players will need it for the upcoming launch of the in-game store, to purchase Breeding Capsules, to Breed future generations.
It’s used to purchase items from the in-game store, and players will earn it by winning matches and completing in-game missions.
Are there any staking or yield farming opportunities for MBS right now?
Sure, currently there is staking on Raydium.io which is still pumping good numbers. We will also open new, additional liquidity pools over the next few weeks and will announce those accordingly.
How are you using NFTs in your game?
NFTs are the main in-game assets of MonkeyBall from which players will earn MBS. Instead of human characters playing the soccer game, they are super awesome, unique Monkey NFT players.
MonkeyBall’s Monkeys come with a total of 32 traits covering their Appearance, in-game Skills, a certain stat level and Max Potential for each, and in-game Perks, or boosters.
Players will form their ultimate team of 4 Monkeys; taking care of them at Home Base, playing them in matches, completing missions with them to earn MBS, and improving their capabilities.
Towards the end of 2022, we will also introduce Stadium NFTs, which will be purchased and used to host matches, tournaments, or events. Stadium NFTs are just one passive earning channel that will be available in MonkeyBall.
How will your play to earn features work?
This is a very exciting topic for us because there will be both active and passive ways for MonkeyBall players to earn.
For active engagement, the obvious ones are playing matches and completing missions. However, our goal is to enable wide participation in MonkeyBall – whether you are a hardcore or casual gamer, a fish or a whale. MonkeyBall will be pioneering passive channels to earn in-game. Not in the MVP, but there will be Spectators and Stadium owners. Just like in real life, a team’s home field and crowd have an influence on that team’s performance. As such, we will incorporate Spectators in matches, where you will be able to select and root for the winning team and collect a percentage of the winnings. For Stadiums, users will be able to earn MBS by hosting matches, tournaments, or events.
Who are your biggest partners and how do they contribute to your game?
Partnerships are a cornerstone to crypto, so having the right ones is critical. Being a game company, partnering with the biggest gaming guilds, like YGG, has been huge because it injects many highly engaged and skilled gamers into our player ecosystem, which will give the overall game and economy a huge boost and long-term stability.
We have a robust pipeline of partners that we will release over the next several months – partners from within the crypto world and from outside.
What comes next for Monkeyball?
We have really only just begun here at MonkeyBall. We have a ton on the way including game features and many more partnerships that to roll out.
The next few months will be action-packed as we have Pioneers Gear Up Camp starting in a few weeks, the launch of the in-game Store and the sale of Breeding Capsules about a month later, with Breeding Season starting a short time after that and the first game mode, Player vs Environment being launched several months after.
Once the Player vs Player game mode launches, leagues will be implemented, followed by tournaments. We are super excited for each milestone, big or small, on our journey!
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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See you next time!
Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.