Fantom, a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications, has officially announced it has surpassed 3 million transactions. The platform is known for offering fast network speed and low transaction costs, helping alleviate some of the major pain points currently seen in the DeFi industry.
This milestone comes after Fantom’s recent successful network upgrade, which optimizes user experience through maximizing transaction speed and efficiency. The upgrade ensured user transactions could be completed within 1 second, improving efficiency of emission of events regardless of network conditions.
The cryptocurrency community has become increasingly aware of how the current popular blockchain technology can be rather outdated with subpar transaction speeds and network congestion. Since its introduction, Fantom has sought to resolve those exact concerns, and with its latest upgrade, the network has delivered on that promise.
Fantom’s permissionless aBFT consensus protocol ensures decentralization, scalability and security while delivering speed and lowest transaction fees. Its EVM compatibility allows users to utilize the same address they would on Ethereum and have access to the same tools, even while processing transactions at much faster speeds with lower costs.
Due to Fantom’s progress, the platform has garnered a faithful group of supporters and allies. Among Fantom’s strongest supporters is Harry Yeh of Quantum FinTech Group, leader in the fintech investment environment. Quantum and Fantom have joined forces to sponsor Scuderia AlphaTauri driver Pierre Gasly for the 2021 Formula One™ season. This is key for Fantom to gain brand awareness on a larger scale and a marketing effort with likely large future payoff due to the immense amount of coverage of the racing season.
Other recent milestones include surpassing 200,000 daily transactions, an 15x increase in unique mainnet wallets in 2021, logging 76,000 unique mainnet wallets on the network (in addition to 22,000 Ethereum wallets that hold FTM), and a 10x increase in gas usage since the beginning of April.
Disclaimer: This article is educational and does not represent financial advice. Please consult your financial advisor before purchasing any digital assets.