Fantom is a protocol layer blockchain (similar to Ethereum) on which people can transact, launch smart contracts and build decentralised apps, with a focus on DeFi projects.
Built on top of Ethereum, Fantom employs a unique consensus mechanism (known as Lachesis) to deliver faster and cheaper transactions – typically 1-2 seconds and costing 0.001 cents. Fantom is capable of handling thousands of transactions per second.
FTM is the native token of the Fantom network, used to pay for transactions and given to users in the form of staking rewards. It also offers holders the ability to vote on changes to the protocol.
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