How to use Fantom Crypto | The Best Fantom DeFi Tools

HOW TO USE FANTOM

Fantom is onboarding more developers, partners, and integrations leading to the ecosystem rapidly expanding and more dApps becoming available. FTM tokens act as the gas to run this well-oiled machine. The Fantom network has a broad range of products and applications that use their own fungible tokens. These tokens are stored in the same place as your FTM tokens and interact with the numerous different products that have been built on the network. To get the most from your FTM, use the following tools to their full advantage. All the services below are easily accessible with no entry limits – you just need a little FTM to get started. 

So don’t be afraid to start your journey into the world of DeFi today. The possibilities are endless.

Best Wallets for Fantom

A good wallet is crucial for storing and making best use of your crypto. So here is a list of the best available wallets for Fantom users. All products in this section are non-custodial and require you to safely store your Private Key

Fantom fWallet

fantom defi

The Fantom fWallet is the native wallet for the Fantom network. It offers a very simple, easy-to-use interface. The wallet is a useful tool for earning additional money on your Fantom tokens via its staking capabilities and provides access into the Fantom DeFi ecosystem (fLend etc). The Fantom fWallet is available for both iOS and Android users on mobile, whilst the desktop version is available using the Chrome browser.

MetaMask

fantom

Metamask is the most well-known and popular software wallet / browser extension combo in the crypto universe. Known mostly as the go-to Ethereum wallet, it also allows you to store mainnet FTM tokens and seamlessly interact with numerous Fantom dApps – including SpookySwap. MetaMask is built to be privacy-first. Allowing you to easily access, store, and swap tokens, without having to worry about dApps or exchanges accessing more personal data than you’ve consented to. MetaMask is available for both iOS and Android users on mobile, while the Desktop Wallet is available for Chrome, Brave, Firefox, and Microsoft Edge browsers.

Best AMMs for Fantom (Automated Market Makers)

AMM’s are an incredible way to earn high returns on your $FTM tokens. Participating in the DeFi community is an interest-earning opportunity no one should pass up. Take advantage of the following Automated “Money” Makers to effortlessly grow your FTM.

SpookySwap

fantom crypto

SpookySwap (BOO) is the most well-known AMM platform used on the Fantom Network. It is an all-in-one DEX, with bridging functionality to exploit funds from across the different ecosystems on the Fantom network. SpookySwap is growing from strength to strength. For this reason, we have created a complete How to use SpookySwap Tutorial. This will help you navigate through all the options for maximising returns with SpookySwap in a simple, easy to follow way.

Beefy Finance

How to use Fantom Crypto | The Best Fantom DeFi Tools - - 2022

Beefy Finance is a multi-chain yield optimizer platform that allows users to earn compound interest on their crypto holdings. The protocol includes liquidity pools (LPs),‌ ‌automated market making (AMM) projects,‌ ‌and‌ ‌other yield‌ farming ‌opportunities. The main product of Beefy Finance is ‘Vaults,’ where users stake tokens, and the protocol gives yield and automatically increases their deposits via a compounding mechanism. The great thing is that your funds are never locked, and you can withdraw them at any time.

Best Lending & Borrowing Platforms for Fantom

Lending and borrowing your $FTM or other Fantom-based tokens can earn you very good rewards. It simply works by giving some of your tokens to a lending platform (earning rewards on what you lend), and then borrowing additional tokens that you can re-invest elsewhere. So you have the ability to earn interest on more tokens than you started with. You even have the choice of putting the tokens you have borrowed back into the same platform or somewhere else completely different – even taking out another loan with them. The possibilities you have really are endless. 

Geist Finance

defi on fantom

Geist Finance enables depositors (those who deposit their tokens) to earn by providing liquidity. Also, borrowers can withdraw funds using over-collateralized deposits. The protocol itself is based on the hugely popular, AAVE, and offers a simple interface. It is very community centric, with 50% of the revenue generated through borrowing is distributed directly to users who stake $GEIST. At the time of writing staking rewards are as high as 366% APY. You can deposit, borrow, and pool $FTM for $FTM yields. 

fLend

fantom lend


Fantom Lend, known as fLend for short, is accessed through the Fantom Wallet. To use fLend, users first must lock in $FTM tokens and mint fUSD – a Fantom stablecoin pegged to the US Dollar. Users can then lend their fUSD as well as any synthetic tokens they have swapped for, to the liquidity pool. By doing so, they earn passive income and can start coming up with their own best strategies to find the best way to put their money to work. On the other hand, users can use their $FTM collateral to borrow synthetic tokens, paying interest on the debt. For example, users can borrow an asset and go short on that particular asset; similarly, they can buy a synthetic position to go long without losing exposure to FTM or any other collateral supported by Fantom. They can hedge their position with a short. They don’t have to sell FTM, instead they are able to preserve capital should there be a downturn in the market. 

How to use Fantom Crypto | The Best Fantom DeFi Tools - - 2022

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How to use Fantom Crypto | The Best Fantom DeFi Tools - - 2022

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