What is Fantom network?
Fantom is a DAG network that allows users to send and receive cryptocurrencies and use smart contracts to interact with dApps. In a sense, Fantom is a cheaper, faster version of Ethereum. The Fantom network is a scalable, high-performance, and secure smart contract platform that facilitates scalable, decentralized, and secure applications.
Usually, it is big news when a large company, firm, or famous person enters the crypto ecosystem. Conversely, when someone leaves this ecosystem, this causes mistrust and uncertainty, particularly when this includes people who were leading the project.
The developers Anton Nell and Andre Cronje announced their departure from the project a few weeks ago. They said they would stop working on crypto and DeFi projects. Undoubtedly, this was a great blow to the crypto community since no one expected such an outcome.
This news raised many questions about the continuity of the blockchain, which began to rise, and the price of FTM dropped to the same extent. CEO of Fantom Michael Kong further clarified that the immediate departure of the main developers would not lead to the closure of any of the projects based on the protocol.
Billionaire Investor Stelian Balta triples Down on Fantom.
Fantom continues to attract investors as Stelian Balta, founder of HyperChain Capital, added another $15 million. The track record of Hyper Chain shows it as a great practice that enabled them to keep doing well as other funds imploded in the crypto winter.
This investment was followed by two previous investment rounds that included an initial investment of $2.5 million in 2018 when Fantom was founded and an investment of $15 million in April 2021.
According to the data from the Fantom foundation, 178000 smart contracts have been launched on the Fantom network, which processes more than 850,000 transactions daily on average. There are recently more than 2.85 million unique wallets, with thousands more added daily. As Fantom offers absolute finality, it doesn’t reverse transactions and offers institutional-grade security to distributed networks.
Furthermore, HyperChain’s most recent investment was made when the crypto industry was undergoing major shake-ups as most of the funds folded and sparked contagious effects across the crypto landscape.
According to the Stelian Balta, “Fantom has the strongest technology stack out there. They can process various transactions simultaneously, dramatically enhancing the network throughout. Market analysts are confident in their technology roadmap with further enhancements to consensus and the launch of the Fantom Virtual Machine.
