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Fantom is a crypto project that offers smart contracts similar to Ethereum but has a few differences. You might be wondering how you can get free coins right?
- You can get free coins on Fantom with staking and the longer you stake the higher the rewards.
- You can get free coins from Fantom Faucets.
- There are free coins available when you participate in liquidity mining.
Keep reading and I’ll walk you through how to earn money with these 3 ways, what makes Fantom special, and what the latest controversy is with this project.
Are you ready?
In order to transact on the Fantom network you need some Fantom coins (FTM) for gas fees. You could go to an exchange like Uniswap or Pancake swap to get the tokens.
Another way is with a crypto faucet. Faucets work by rewarding you for a small amount of work. Not ALL faucets are the same and for a list of the BEST faucets you can check out this list HERE.
Let’s get you started with FREE and EASY Fantom coins right now ok?
The first step is to download the Metamask wallet that you can do HERE. Next, you want to add the Fantom network to Metamask and the easiest way to do this is to go to this site HERE. Then on the top right click on connect wallet and it will add the Fantom Network details to Metamask.
Next, go to this site HERE and enter your address. You will get some free Fantom Tokens.
The next way to get FREE Fantom tokens is with staking. Staking is when you deposit tokens and earn interest from them similar to a savings account at a bank.
At the time of this blog post if you lock up your tokens for a year you could get an APR of 14.68% and that is very good.
You would first get the Fantom wallet HERE. Next, you would choose how much you want to stake and which validator.
A validator is someone who is responsible for verifying transactions of the blockchain (it’s an important role).
When you stake tokens if you want to withdraw them there is a 7-day cooling period where they are still locked up.
The third way to get some free Fantom is with yield farming or liquidity mining.
Anything you want to do on Ethereum you can do on Fantom or Binance Smart Chain because it’s Ethereum Virtual Machine compliant.
To yield farm you first have to get some Fantom coins (FTM). Then you need to bridge it to get it on the Fantom blockchain.
One bridge you can use is this one HERE.
Now you go to the Spooky Swap DEX. You would then swap half of your FTM for the BOO token. Then you provide an equal number to.
Next, you would click on the farm button then the Get spLP button.
Just because you have the spLP (Spooky Liquidity Provider) tokens doesn’t mean you will earn money. There is another step.
Next, you would stake those LP tokens to earn the rewards. The button is right below the Get FTM-BOO spLP button.
Now you are liquidity mining or yield farming (whatever you want to call it). You are lending your assets and in return compensated. Below is a picture of the current APR because it can change daily.
You will be Paid in BOO tokens, but you can always swap them for FTM and hence it’s free Fatom tokens.
There are other places you can do liquidity mining one is this one HERE, which I wrote about. What’s interesting is they made a video game to lure people in (clever).
I’m a big fan of this place HERE, because it’s nice, boring and I know the creators so there is more trust.
What makes Fantom special is instead of using a blockchain it uses a graph, where transactions are written on top of each other. It can process up to 20,000 transactions per second compared to Bitcoin which can handle 7 transactions a second.
Fantom uses smart contracts just like the VERY popular Ethereum project. Fantom does have some nifty selling points such as the graph that speeds up transactions and has lower gas prices.
It is also Ethereum compatible so someone can run Ethereum Daaps on the Fantom network.
It also has a DEFI (Decentralized Finance) thing going on. You can create tokens, take out loans, and trade these tokens.
There are 176 of these tokenized assets. These assets include cryptocurrencies, national currencies, and commodities. Commodities are things like wheat, oil, and gold.
The problem with Fantom is there are only 60 validators, so It’s not very decentralized. Validators need to stake a minimum of 500,000 FTM. A validator’s whole stake will be slashed if they try to manipulate transactions.
The reason someone would want to be a validator is they can earn over 17% interest per year.
Andrei Cronje is a very famous person in the DEFI ecosystem. He built a project called Yearn Finance that you can learn more about HERE.
Just recently there was a tweet where Andrei and Anton Neil are shutting down 24 Daaps on the Fantom blockchain.
This tweet was a misunderstanding the projects will still run on Fantom (just their involvement is being terminated).
As you can expect tons of people and money left the project causing the price to drop.
The power of 1 Tweet!
Another thing that hurt the project was an article from Rekt. Rekt is a journalist for DEFI projects and in a nutshell though some developers and wales were pulling out a lot of liquidity from Fantom and this article hurt the project even more.
It turned out many facts were not that accurate and a few hours after publishing, Rekt deleted it and tweeted an apology. Still, the damage was done.
You can learn much more about this Rekt Journal drama by viewing this article HERE that explains it very well.
I have a love/hate relationship with crypto. I understand it’s probably here to stay, but there are security concerns with it.
Ethereum is still VERY new, it’s going through a lot of changes and I’m just nervous about it. Bitcoin is less risky because it’s boring.
There is a DEFI project built on Bitcoin and I feel more comfortable risking my money on it. If you are interested in checking it out you can view this post HERE.
There are some great ways to earn money with crypto, another way that is often overlooked is by taking bills we are already paying and reducing them.
There are a few ideas HERE that can help you reduce bills your already paying that may be helpful to you. I hope this blog post on Fantom crypto and earning free coins was helpful to you. Bye for now.
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