Fantom ($FTM) - A deep dive into the ecosystem and the DeFi opportunities
All right, let's dig in.
I made the last $FTM thread in November, but as we all know, 2 months in DeFi is like 2 years IRL.
In other words, a lot has happened with $FTM since then.
Fantom has 111 DeFi protocols at the moment, most of them with low volume.
Tbh, I think people are a little scared to use Fantom protocols because of the scary UX/interface.
If you're not familar with DeFi, it can be a little hard to navigate and understand Fantom.
But that is also the point. Because Fantom is built by degens for degens.
The less people that know about the most crazy yield farms, the better for the people who are in it (in terms of yield).
But DeFi is for everyone, and I believe that more people should discover this ecosystem. It offers some of the best opportunities right now.
In this thread we're going to focus on DeFi, but if you want to read more about why $FTM is undervalued, I recommend you to check out this thread by brother @jackniewold :
https://twitter.com/JackNiewold/status/1473758246712270850?s=20
You should also check out this thread by @austinbarack to understand more about what $FTM is and its growth potential:
https://twitter.com/AustinBarack/status/1478206147756711938?s=20
So our overall goal is to earn the most money possible, right?
Let's start with my all-time favorite $FTM - $TOMB:
$TOMB is a cross-chain algorithmic stablecoin, pegged to the price of 1 FTM via seigniorage.
Okay, let's explain that quickly. $TOMB is in other words pegged to the price of FTM, so farming $FTM - $TOMB should net no impermanent loss (IL)!
A unique concept IMO, because all farmers' worst nightmare is IL.
If you want to play the $FTM - $TOMB opportunity you have 5 options:
1) At @tombfinance 132% APR on $FTM - $TOMB (942% APR on $TSHARES)
2) At @beefyfinance 260% APY
3) At @reaper_farm 255% APY
4) At @tarotfinance (leverage) 134-195% APR = (280-600% APY)
5) At @grimfinance 282% APY (PS! The platform was exploited on Dec. 21, be careful)
I've made a guide for how to do play $FTM - $TOMB step by step with @reaper_farm here:
https://twitter.com/Route2FI/status/1469645405445140480?s=20
If you want to try the original $FTM - $TOMB with $TSHARES you can check out my step-by-step here: https://twitter.com/Route2FI/status/1463814731433717763?s=20
If you want to try $FTM - $TOMB on Tarot check out this tweet: https://twitter.com/Route2FI/status/1478848340653752321?s=20
I have $FTM - $TOMB on all of the sites, but not @grimfinance atm.
So why is this play on $TOMB one of my favorites?
If you think about it, how sick isn't it to get 250% on one of your favorite tokens? Just compare it to normal staking (9-14%) or most yield farms which don't give you over 100% APY, and here you have an opportunity to get over 250% APY without IL. I don't think most people understand how sick this is.
Btw, if you're not familiar with impermanent loss, please check out this short video here:
https://academy.binance.com/en/articles/impermanent-loss-explained
It's important to understand what you should look out for when trying yield farming (LP).
Let's move on to the next opportunity, Liquiddriver, and Spiritswap.
I'm sure you've heard about the Curve War on $ETH with $CRV & $CVX, but are you familiar with the Spirit War with $SPIRIT & $LQDR?
Check out this thread to understand it and why it's important for Fantom: https://twitter.com/crypto_klay/status/1477346893680185346?s=20
This is some of the most interesting stuff going on in DeFi atm IMO!
Let's look at some ways you can profit from this:
Liquiddriver:
LiquidDriver is a High-Yield liquidity mining DAPP launched on Fantom, incentivizing liquidity providers as on SushiSwap.
One way you can use Liquiddriver to generate yield:
See this tweet: https://twitter.com/Route2FI/status/1477741574427709444?s=20
Also see some great strategies from brother @milesdeutscher to use at Liquiddriver here:
https://twitter.com/milesdeutscher/status/1479257726521724928?s=20
Spiritswap:
Spiritswap is a new AMM, and I'm sure this will grow into becoming one of the biggest ones this year.
To benefit from the Spiritwar you can play different options.
$SPIRIT is a undervalued token IMO, and if you want to some small caps in the $FTM ecosystem, you can eg:
1) Stake linSPIRIT here: https://www.liquiddriver.finance/linspirit (58% APR)
2) LP SPIRIT/LINSPIRIT here: https://www.liquiddriver.finance/farms 82% APR (see below)
Beethoven
Beethoven X is the first next-generation AMM protocol on Fantom (think Balancer on $ETH).
Some opportunities:
1) Investing in the Fidelio Duetto pool:
Step 1: Go to: https://beets.fi/#/pools
Step 2: Find the Fidelio Duetto pool (142% APR)
Step 3: The reward are paid out in $BEETS, you reinvest them here: https://beets.fi/#/stake
Step 4: You get 139% APR in fBEETS as rewards
Step 5: Reinvest your fBEETS at an autocompounder, eg. reaper.farm to 312% APY here: https://www.reaper.farm/ (look for the pool Fres Beets Beethoven X Crypt)
2) Stablecoin Pool: Daniele And Do's Double Dollar Fugue
The pool is named after the legends @dokwon and @danielesesta
Step 1) Put in $UST, $MIM and $USDC and get a 22,5% APR paid out in $BEETS.
Step 2) Either convert the $BEETS rewards to a stablecoin at Spookyswap/Spiritswap or go into step 3 as described in the Fidelio Duetto pool above.
Spookyswap
Spookyswap is the number 1 AMM and they also have a bridge I've used a lot going from $ETH to $FTM.
It's on Spookyswap I create most of my LP's that I use in different yield farm strategies.
Some Spookyswap strategies:
Yearn + Spooky
1- Exchange all your $FTM into $WFTM @SpookySwap
2 - Put in $WFTM Vault (10.5% APY) on @iearnfinance
3 - Collateralized your $yvWFTM in Abracadabra money, borrow $MIM (2% Interest rate)against it
4 -Buy $TOMB as a discount of $FTM
5 - Stake $TOMB on @tombfinance
BOO/XBOO:
Step 1: Go to: https://spookyswap.finance/pools
Step 2: Stake BOO (get 46% APR), Receive xBOO immediately
Step 3: Stake XBOO, get the token of your choice as a reward (eg. $WFTM, $HND or $TUSD are tokens I like these days) You get approx. 20% APR
Abracadabra:
A borrow strategy (see tweet below):
https://twitter.com/Route2FI/status/1475425891526316037?s=20
Other than that you can also deposit $FTM on Abracadabra, borrow $MIM. Spend your $MIM on more $FTM, use the mew $FTM as collateral to borrow $MIM again.
Then deposit this $FTM and repeat... (only for degens though). Could be high risk.
But what we're all waiting for is the Degenbox $UST - $MIM strategy on the $FTM network.
Today the strategy is only available on the $ETH network, and since we're all tired of paying suit gas ($ETH gas), most $FTM lovers would love to see this strategy on their own network which has ridiculous low gas fees.
Feels good to see the master, @danielesesta focusing on $FTM now tbh.
If you don't know what Degenbox is, I suggest you should read my thread on how to do it step-by-step here. The principle will be the same when it launches on $FTM. Will be a great way to get over 100% APY:
https://twitter.com/Route2FI/status/1458072000602202114?s=20
While we're speaking of stablecoins, let's look at Creditum ( $CREDIT) by @RevenantFinance
They've launched the first stablecoin native to $FTM, $cUSD, that can be minted/borrowed with the use of collateral.
How does it work?
Step 1: Go to: https://revenant.finance/creditum
Step 2: Provide collateral, eg. $FTM, $ETH, $BTC, $DAI, $USDC
Step 3: Borrow $cUSD
Step 4: Stake it here: https://revenant.finance/creditum/farm to 89% APY
Step 5: Rewards are paid out in $CREDIT
Step 6: Sell your $CREDIT for $cUSD, $FTM or another stablecoin
or
Step 7: Stake your $CREDIT for 224% APY and get $XCREDIT
Is this one of the craziest concepts this year?
I tried it with a small amount so far, and it works surprisingly well. Creditium is a new protocol, so ape carefully.
If you don't want to use a token as a collateral you can buy $cUSD here: https://ftm.curve.fi/factory/54 and go directly to step 4 above.
If you want to learn more about this, see the walkthrough from @FTMAlerts here on Youtube: https://www.youtube.com/watch?v=y5GEJWyuMyo
ve(3,3):
Okay, wtf is this?
All we know so far is that @andrecronjetech is making something sick.
Who is @andrecronjetech?
He's probably the most influential person in the crypto world right now, if you don't believe me check why he's topping this list:
https://cointelegraph.com/top-people-in-crypto-and-blockchain-2021#list
I may be wrong here, but the way I understand ve(3,3) is like this:
You can lock up your capital from 1 week to 4 years. The timing of your capital will be locked as an NFT. The great thing about this is that you can trade NFT's (buy/sell) and borrow against them. The longer the lock-up, the more value in the NFT (worth more).
The more ve that is locked up, the less inflation in the token (think 3,3 - the best for everyone is that we stake).
I think ve(3,3) will combine $OHM tokenomics with NFT's and Curve War principles (CVX/CRV).
This is basically all I know for now, but I'm not going to miss this token myself.
The mystery around the token + the best builder in crypto is behind it = up only
As far as I know, the protocol will launch in January.
You can read more about ve(3,3) in this thread: https://twitter.com/JackNiewold/status/1481007067142008838?s=20
It's time to wrap it up, this thread is about to become extremely long.
I didn't write about these protocols because I'm not using them at the moment (I use Hundred Finance at $ONE atm), but check out these threads if you want to learn more:
Hundred Finance: https://twitter.com/BillzSmall/status/1478863523312816135?s=20
Scarab: A fork of $TOMB on $FTM. Check out: @Scarab_Finance
I didn't write about the $OHM forks, but @HectorDAO_HEC, @FantohmDAO, and @Spartacus_Fi are the biggest ones.
So many new things launching on Fantom every week, so it's almost impossible to keep up.
Luckily I follow a lot of great Fantom people, and here are my favorites if you want to stay up to date on $FTM:
@milesdeutscher
@ftmalerts
@ftm_ecologist
@stinky_ftm
@rektfoodfarmer
@Prof_Crypto_B
@deficryptofarm
@jackNiewold
@jacktheoiler
@0xdrog
@dannycrypt
@alexandomega
@surycapital
That was it for this time.
If you liked this write-up I would love it if you followed meΒ @route2fiΒ for more threads about $FTM and other strong altcoins in the future.
Thank you!