The ETH gas fee is crazy. Due to exorbitant transaction fees and sometimes slow confirmation times, a large number of DeFi participants prefer other blockchains that offer decentralized finance as opposed to ETH.
There are several L1, L2 networks where you can enjoy small fees and instant transactions. To name a few, you have Arbitrum, Avalanche, Polygon, Binance Smart Chain, etc. Another fast-growing alternative is the Fantom Network – a third-generation blockchain and decentralized Tier 1 platform that is extremely scalable and secure.
Fantom (FTM) is like any other platform that offers decentralized finance where you can earn money by staking your tokens, yield farming, and liquidity mining.
To take advantage of Fantom’s decentralized financial services (DeFi) and DApps, all you need to do is connect your MetaMask wallet to FTM (Fantom Opera network), which is the name of the main Fantom network.
In this beginner’s guide, we’ll show you how to connect your Metamask wallet to the Fantom Network (FTM). We’ll guide you through the steps that will make it super easy to get started with the Fantom Network.
$FTM – Fantom
Fantom is a Directed Acyclic Graph (DAG)-based smart contract platform and Tier 1 scaling solution that aims to address scalability issues found in distributed ledger technologies. This protocol has a strong focus on decentralized finance and provides DeFi services using its own custom consensus algorithm.
Fantom is a permissionless decentralized open-source network. It is based on a Byzantine Asynchronous Error Tolerance (aBFT) consensus protocol and is powered by Lachesis, a DAG-based aBFT consensus algorithm. This lets Fantom to be much faster, cheaper, and more secure. It is also very scalable compared to previous technologies.
Transactions can be completed on average in one second, and the network can handle thousands of transactions per second. Additionally, the Fantom network can scale to hundreds of nodes.
Fantom also fully supports Ethereum Virtual Machine (EVM), so users and developers can create smart contracts and deploy decentralized applications as they advance on Ethereum and other different blockchains.
There are several reasons to join the Fantom ecosystem, such as low gas prices, network speed, networking opportunities, etc. So what are you waiting for? Connect your wallet and interact with DApps from the Fantom ecosystem.
Introduction to the Fantom Ecosystem
To start using Fantom, you will need a web3 wallet that is compatible with the Fantom Opera network. For this, we will use the Metamask extension.
Once your Metamask wallet is connected to the Fantom Network (FTM), you can use it to access distributed DApps in the Fantom Network, as well as manage your FTM resources. In other words, you will be able to send, receive and store FTM cryptocurrencies and other compatible Fantom network tokens.
How to configure MetaMask for Fantom Network
Adding the FTM channel to Metamask is quite simple. Open the Metamask extension, select the network, choose custom RPC and enter the Fantom network details.
Add Fantom Network (FTM) to Metamask
1. Open the Metamask extension by clicking on the fox icon in the upper right corner of the browser. Then enter your password to unlock your wallet.
2. Now, at the top, you will see the main Ethereum network, which is the default network configuration.
3. Deploy the main Ethereum network and select Custom RPC at the bottom of the list.
4. Custom RPC will open a network window where you will see a list of networks Metamask can connect to.
5. Select the new network and enter the network details below.
Fantom network details (main network)
- Network-Name: Fantom Opera
- New RPC URL: https://rpc.ftm.tools/ or https://rcopi.fantom.red
- Channel ID: 250
- Symbol: FTM
- Block Scanner URL: https://ftmscan.com/
You need to enter the details above, such as Network Name, New RPC URL, Currency Symbol, Chain ID, and Block Explorer URL, as shown in the following image.
6. After entering the network details, click Save. Metamask will instantly connect you to the Fantom Opera network. Next thing is to click on the current network at the top of your metamask account, and select Fantom Opera if it does not automatically connect to the Fantom network.
That’s all! You are now connected to the Fantom network with your Metamask wallet.
Note: With the switch network button, you can switch between your favorite networks at any time. You can also use the same address for Ethereum, Fantom, BSC, Avalanche, or any other EVM network. To access tokens from a particular network, you need to switch to the correct channel.
Alright! Now that your fantom DeFi wallet is ready, it’s time to join the Fantom ecosystem.
Fantom Gas Fee
To get started with the FTM ecosystem, you need to transfer the tokens to the wallet address in the Fantom network. Now, before sending other tokens to your Fantom network address, please ensure to first send $FTM tokens.
$FTM is the native token of the Fantom network and will serve as a gas fee for any transaction on the Fantom blockchain. Simply put, all transactions on the Fantom network are paid for with native FTM tokens. It is like Ether (ETH) used as a gas price on the Ethereum blockchain and Binance Coin (BNB) on the Binance Smart Chain.
So now we need to send $FTM tokens to your Metamask address, which is linked to the Fantom blockchain. After sending the tokens, you will be able to interact with DApps and transact on the Fantom channel.
How to Transfer FTM and other Tokens to Fantom
First of all, the Fantom $FTM tokens are native tokens to the Fantom network. However, FTM tokens are available as as BEP20 on Binance Smart Chain and ERC20 on Ethereum. Discover the difference between BEP20 and ERC20.
To send $FTM or any other token to the Fantom Network, be sure to choose the Fantom Network when you want to transfer. There are two methods to send tokens to your Fantom. By exchanges and via bridging assets.
Transfer from Binance, Kucoin, Gate.io, or any other exchange platform
For example, suppose you have Fantom tokens in your Binance account. By the way, you can buy Fantom and other tokens from Binance, Kucoin, Gate.io, and other exchanges.
To withdraw your $FTM from your Binance account to your Metamask that is connected to Fantom, choose Fantom as your network on the withdrawal page. You can also receive with the same address by choosing BEP20 and ERC20. But remember that BEP20 is for the Binance Smart Chain network and ERC20 is for the Ethereum network. Fantom is the Fantom Network. Then choose the Fantom network on the withdrawal page.
Experiment with small amounts, and once received at your Fantom network address, you can continue with larger amounts.
Use Fantom Block Explorer to track your transaction: https://explorer.fantom.network/ (just enter the address)
But what if the Fantom option is disabled? Binance indeed seems to disable direct FTM transfers from time to time, as shown in the image below.
If a direct transfer is not an option, you must connect the tokens to the Fantom network. Also, if you transferred to the wrong network, you can use the bridge to transfer the tokens to the Fantom network.
Many bridges support the Fantom Network. You can use Multichain Fantom Bridge, SpookySwap, or Anyswap to connect tokens to the Fantom network. You can transfer to the Fantom network from Ethereum or Binance Smart Chain networks with these bridges.
Connect the Metamask to one of these bridges. Then choose source channel and destination channel as Fantom. Enter the amount you want to transfer and then cross-chain. This will transfer coins from another Ethereum, BSC, or other blockchains to your Fantom blockchain address.
You should see the bullet points in your Metamask Fantom receiving address. You can send any ERC20 and BEP20 token to the Fantom ecosystem with this method.
The Fantom $FTM ecosystem is fully compatible with the Ethereum virtual machine. This means that all popular Ethereum and Binance Smart Chain applications can also be traded on the Fantom smart contract platform.
Some good examples are Sushiswap and Curve. There are also native projects in Fantom Chain.
Some other DeFi exchanges and platforms support the Fantom network. You can start connecting to these DeFi platforms, stake on Fantom FTM, and earn passive income.
That’s all! In addition to Metamask, you can also use https://pwawallet.fantom.network/#/: – This is a Fantom fWallet that you can use to send, receive and bet on Opera FTM.
Congratulations! You have learned how to connect your MetaMask wallet to the Fantom network. You also know how to transfer tokens to and from the Fantom Opera network! Now you can provide liquidity stake tokens and get a yield farm.
Haley Hayward is an experienced writer at gblogo.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining gblogo.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.