Why Should You Build on Fantom — Part 2

Hello Spiritoors, we hope you are doing well! What a crazy weekend, right? The crypto markets experienced a lot of volatility over the weekend, with both fluctuations and stablecoins losing their pegs. However, the market appears to have stabilized now after a 20% drop and subsequent increase, and most of the stablecoins getting their pegs back. Despite all the chaos, it’s reassuring to know that our protocol is in the best possible environment and our chain has a 30-year runway, as previously stated by Andre Cronje.

We’ve previously expressed our love for the Fantom Opera chain in an article “Why Should You Build On Fantom” and received positive feedback, we’ve decided to write a second article expressing our appreciation for this wonderful chain. In this article, we’ll discuss various developments that have taken place within the Fantom ecosystem over the past few months. These include updates to the Ecosystem Vault, Gitcoin Grants, technical improvements, and the implementation of Algebra’s latest version of V3 liquidity on the chain, which will be made by us. It’s so awesome to be on Fantom, that we’ve decided to write a sequel of our appreciation! So, if you’re ready, let’s delve into these topics!

Technical Improvements

There have been recent technical improvements made to the Fantom Opera chain, with the release of the Fantom mainnet, go-opera version 1.1.2-rc.5. This update brings several improvements to the network, including faster processing of genesis files through batched genesis block processing. There are also optimizations in the P2P protocol, parallel EVM logs search, and configurable database management, resulting in approximately 30% faster processing time for events and blocks on the network. The update also includes changes to the database layer, allowing for integration of multiple data storage types and more efficient database management. There are also security improvements for Opera nodes, such as restrictions on P2P connections and account unlocking when external RPC is enabled. In simpler terms, the update makes events and blocks processing approximately 30% faster and reduces log search time by 5 times.

The information provided in the previous message is self-explanatory, but to summarize it, building on Fantom is now faster and more efficient than ever before. For more detailed information, please refer to the update article published by the Fantom Foundation, which can be accessed through the provided link.

Ecosystem Vault

The vault that we’ve mentioned previously, the Ecosystem Vault is now live! The Ecosystem Vault is a fund on the Fantom network that is financed by 10% of transaction fees and controlled by the community, providing an opportunity for projects to secure funding to build dApps on Fantom. To apply for funding, a project needs to submit a proposal and can request an amount equal to the total supply of FTM in the Vault at the time of application. For a proposal to be successful, it needs at least 55% approval, with at least 55% of FTM stakers in attendance. At the moment we’re writing this article, 207,490 FTM is collected via gas, and will be distributed to the projects that apply to the vault and meet the approval conditions!

We, SpiritSwap, will be publishing our Ecosystem Vault application on the forum very soon, and will be waiting for our community’s feedback/support on the forum! We’re eager to hear from the Fantom forum very soon, so stay tuned for our Ecosystem Fund proposal, which you would be able to see from this link. If you’re a team that has a clever idea but don’t know here to start,

Gitcoin Grants

Also, another source of revenue for potential Fantom projects, the Gitcoin Grants have started to be distributed to the projects with the distribution of Round 1! We’ve actually written an article about Gitcoin Grants and how it works in the past, but just to quickly summarize it, Gitcoin grants enable developers to receive a fair share of donations that a particular chain decides to distribute. Fantom Foundation uses the “quadratic funding mechanism” to ensure that donations are distributed fairly, and in round 1, the Fantom Foundation allocated 125K $FTM to be shared among the projects, in addition to vote-donations.

To give all the potential newcomers to Fantom some alpha, for round 2, a bigger allocation is expected, which would benefit more projects, as there’s a cap on how much a project can earn as a matching amount from the Foundation! In round 1 SpiritSwap has already received 7366 FTM as a matching amount, and is looking forward to round 2. We believe that the DeFi market only gets bigger with every new project and every great idea contributes to Fantom’s success. As long as Fantom is thriving, SpiritSwap believes it will also prosper, and we’re encouraging other potential projects to join us!

Concentrated Liquidity

Lastly, we are proud to announce that SpiritSwap will bring a significant addition to the Fantom Opera chain, which is concentrated liquidity! As the first DEX on the platform to implement V2 of Algebra’s Concentrated Liquidity pack, we will introduce exciting features such as built-in farms, limit orders, and more. Concentrated liquidity will enhance the ecosystem’s efficiency for traders and LPs, enabling traders to benefit from deep liquidity with less slippage and LPs to earn up to 5x more swap fees, which has never been done before on Fantom! You can find our article published after the proposal from here and the article explaining the features of concentrated liquidity by clicking here! Additionally, we will be hosting AMAs on Twitter/Discord with influencers of the Fantom Opera chain. We’d advise you to stay tuned and join our Discord to be a part of the conversation, where you’d be able to ask all your questions about concentrated liquidity, and our mods will be able to answer you!

Conclusion

In Part 1 of “Why Should You Build On Fantom”, we highlighted that SpiritDAO is the ideal place for developers to build on Fantom. With new builders contributing to SpiritSwap’s codebase, the DAO’s decentralization and product quality continue to improve daily. Following the release of our article on January 24th, a massive proposal passed from the DAO, meaning that SpiritSwap will implement concentrated liquidity with the Algebra team’s help.If you have faith in the future of the Fantom Opera chain, and you can provide the SpiritSwap DAO with an excellent product, you can propose it to the DAO, as our codebase is publicly available.

Thank you for taking the time to read our articles, and we are thrilled to be able to write not just one, but two articles with full appreciation about our home on the Fantom Opera chain. Join us on Fantom and be a part of something truly remarkable!

SpiritDAO