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Next Terra (LUNA), Solana (SOL)? This L1 Can Outperform in 2022

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Tue, 01/04/2022 - 17:53
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Vladislav Sopov
Austin Barack, co-founder of VC heavyweight CoinFund, explains why he is optimistic about Fantom (FTM) blockchain
Next Terra (LUNA), Solana (SOL)? This L1 Can Outperform in 2022
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Cryptocurrency veteran Austin Barack, researcher and principal of Coinfund blockchain-focused investment fund, shares his uber-bullish thesis on Fantom blockchain and its core native asset, FTM.

Technology, growth catalysts, narrative: Why FTM might be a smart bet for 2022

Mr. Barack has taken to Twitter to share a thread to cover the mid-term prospects of Fantom, a high-performance smart contracts platform powered by native asset FTM.

First of all, Mr. Barack indicated a number of technical advantages Fantom design has over its core competitors. Its unique proof-of-stake (PoS) mechanism, dubbed Lachesis, boasts deterministic transaction finality and lightning-fast transaction confirmation.

Fantom's DAG-based aBFT design allows the blockchain to handle more than 10,000 transactions per second and scale its node structure to over 1,000 nodes.

Fantom is 360° compatible with Ethereum Virtual Machine: any dApp written for Ethereum (ETH) blockchain can easily migrate to Fantom. Both the end-user infrastructure (Metamask wallet) and development toolkit (Truffle developing environment) for Solidity programming work for Fantom's applications.

Fantom is on track to top league: Tron, Polygon left in the dust

Additionally, Fantom is going to address major EVM bottlenecks by releasing its own virtual machine, Fantom Virtual Machine, or FTM.

Besides a splendid technical design, Mr. Barack is fascinated by Fantom's community initiatives coordinated by a clutch of Web3 legends, including Andre Cronje, "the father of DeFi."

FTM can also benefit from the so-called "L1 narrative" that switches the focus of investors toward Layer 1 platforms for smart contracts, such as Ethereum, Solana, Terra and Avalanche.

Fantom exceeds Polygon by TVL
Image by Defi Llama

In the final days of 2021, Fantom (FTM) ecosystem exceeded that of Polygon (MATIC) in terms of total volume of value locked in all dApps. Previously, it smashed veteran smart contracts platform Tron.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)