What is Fantom?
Founded in 2018, The Fantom Foundation has built a highly scalable blockchain ecosystem that facilitates decentralized, scalable, and secure technologies.
Fantom is a fast, scalable, and secure layer-1 platform built on an aBFT consensus protocol which is permissionless and leaderless. The speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world uses.
Many Ethereum protocols are porting over to Fantom to create a seamless cross-chain ecosystem. These include Keep3rV1, Cover, Cream, Frax, Sushiswap, Yearn, and others.
The technology is also used in several government digitization programs in the Middle East.
Andre Cronje is one of the main contributors, advisors and commentators for Fantoms DeFi platform.
Who is eligible to receive the $MOD token airdrop?
The top 1000 SWAP Score stakers during the sale snapshot taken on Feb 10th @ 9am PST will be eligible to receive an equal portion of the airdrop. This will amount to 110 $MOD per wallet. We will also be airdropping 0.05 $FTM to each wallet that receives $MOD. This will allow each user to make 574 trades on Anyswap.
How Do I Check If I Was A Part of The Airdrop?
Enter your address here, the same as you would in etherscan.
Why is the Modefi Airdrop on the Fantom Network?
- $MOD and Anyswap MOD/FTM LP staking will be available on the Fantom network next week.
- To to add as much liquidity as possible to the Fantom network to facilitate low fee trading and transactions for our community moving forward.
- To promote usage of Fantom’s high throughput, low latency and low cost EVM compatible network.
- The significantly reduced cost and lightning fast finality make a 1000+ address airdrop far more viable. (We feel other’s will follow in our footsteps)
- By airdropping small quantities of $FTM along with $MOD, we can make the transition for our community relatively painless, while also giving them everything required to migrate their $MOD tokens back to the Ethereum chain if desired.
- Modefi will have trading live on the Fantom network prior to the airdrop. This allows our users to immediately ‘test drive’ the Fantom network with minimal friction.
- For reference, Fantom transactions are currently a fraction of a cent, while Ethereum fees are routinely reaching $50 USD or more depending on network congestion.
- The funds saved by using Fantom vs. Ethereum for the airdrop is being used to purchase $MOD on the market. This $MOD will be used for extra staking rewards on the Fantom network.
What Would Have Been The Cost to do the Airdrop on Ethereum vs Fantom?
If we use our initial distribution as a cost model for the coming airdrop the cost would be as follows:
Sending $MOD tokens to 300 addresses @ 185 gwei = 1.35 eth (~$2457 USD)*
Sending $MOD tokens to 1000 addresses @ 185 gwei = 4.5 eth (~$8213 USD)*
*based on average prices on March 15, 2021
The same distribution breakdown on Fantom is as follows.
Sending $MOD tokens to 1000 addresses = 6.9436 $FTM (~$2.54 USD)*
*based on $FTM price on March 15, 2021
Airdrop transaction fees — Ethereum -$8213 Vs. Fantom -$2.54
What Are We Doing With The Funds We Saved From Doing The Airdrop on Fantom, Instead of Ethereum?
We initiated a buyback from the market.
The $MOD purchased above will be used as extra rewards for $MOD LP Staking on the Fantom Network.
Can I trade, stake on Fantom?
Yes, you can trade $MOD via Anyswap here.
Staking on Fantom will be released next week.
How Do I Prepare To Stake MOD on Fantom?
To stake first you should add the Opera chain (Fantoms network) to your MetaMask. To do this easily visit Chainlist and search Fantom, then click “Add to MetaMask”.
How Do I Provide Liquidity on Fantom for MOD?
Select the Fantom Mainnet
Connect your wallet to Anyswap
Change your MetaMask network to Opera(Which you added above)
Select the liquidity pairs $FTM and $MOD
Deposit the liquidity you want to add to the pool to receive your LP tokens for future staking rewards.
Costs of trading $MOD on the Fantom Network
So what are the transaction fees for performing a token swap on the Fantom Network using Anyswap?
As you can see in the below screenshot, these fees are amazingly low. There is absolutely no comparison to the fees of Uniswap on the Ethereum Network.
Let’s do some quick calculations to compare the fees, Fantom vs. Ethereum.
Uniswap on Ethereum(ETH/MOD)
Gas Price = 180 Gwei
Transaction Cost = 0.03043404 Ether ($54.16 USD)
Transaction Time = Confirmed within 30–360 secs
Anyswap on Fantom(FTM/MOD)
Gas Price = 1 Gwei
Transaction Cost =0.000086968 FTM ($0.00003304784 USD)
Transaction Time = Confirmed within 2 secs
How much does 10 Trades Cost, Ethereum vs Fantom?
Low end Ethereum gas cost set to 100 gwei
10 Uniswap Trades = $265.90 USD
10 Anyswap Trades = $0.0003304784 USD
Approx. 30–70k trades per $1 USD
Links to other articles relating to $MOD and Fantom
- Bridging $MOD from Fantom to Ethereum
- Bridging $MOD from Ethereum to Fantom
- Accessing your Trustwallet account on Fantom
- $MOD Listed On Anyswap
Fantom Network $MOD contract address
Ethereum Network $MOD contract address
Modefi: An Oracle Solutions Platform
Modefi’s mission is to bring decentralized trustless Oracle solutions to developers and businesses. Using multi-chain solutions Modefi is building interoperability that will drive adoption and true power to the blockchain ecosystem.
Fantom: Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps.
Anyswap: Anyswap is a fully decentralized cross chain swap protocol, based on Fusion DCRM technology.