The Ultimate Guide to the FTM Token
This article covers:
- What is FTM token?
- FTM token standards
- How to add Fantom to MetaMask
- How to use Ledger to store your FTM
- How to use Ledger to interact with dApps on Fantom
- How to bridge FTM and other assets using Multichain.xyz
- How to create a wallet on fWallet
- How to restore an existing wallet on fWallet
- How to receive FTM on your fWallet
- How to send FTM
- How to stake FTM to earn staking rewards
- How to claim FTM staking rewards
- How to vote on proposals using on-chain governance
- FTM use cases
- Where can I buy FTM?
- FTM mobile wallets
1. What is FTM token?
FTM is the native token of the Fantom network. Fantom is a decentralized network built on an aBFT consensus mechanism. Fantom transactions are confirmed in one second, and they cost a fraction of a cent.
2. FTM Token Standards
There are three versions of the FTM token:
- The Opera Mainnet token
The Opera FTM token is used for network fees, securing the network through staking, and on-chain governance.
- The Ethereum (ERC-20) token
FTM is also available as an ERC-20 token standard. You can use the ERC-20 FTM version of the token on Ethereum.
- The Binance Chain (BEP-2) token
BEP-2 FTM are Binance Chain tokens. Not to be confused with the Binance Smart Chain, which is a smart-contract platform, the Binance Chain facilitates transactions on the Binance DEX.
3. How to add Fantom to MetaMask
This section presumes that:
- You have the MetaMask extension installed
- You have a basic understanding of how to use MetaMask, or that you have consulted an online tutorial.
What is MetaMask?
MetaMask is a web browser extension that facilitates access to Ethereum compatible wallets and interacts with Ethereum and Ethereum-compatible blockchains. You can use MetaMask with Fantom.
How to send FTM to MetaMask
You can send FTM Opera tokens to any Ethereum address on MetaMask. This means that MetaMask allows a single address to function for both Ethereum tokens and Fantom Opera tokens. This opens innumerable possibilities for interacting with decentralized apps.
To use it as an Opera FTM address, you first need to configure MetaMask to access the Fantom blockchain. Here’s how to do it:
Step 1: Log in to MetaMask as usual
Step 2: Select Networks > Custom RPC, as in the following image:
Step 3: Fill in the fields as follows:
- Network Name: Fantom Opera
- New RPC Url: https://rpcapi.fantom.network
- ChainID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
Step 4: After you click save, check to ensure that Fantom Opera is listed as an accessible network.
Now, you can send FTM to any address on MetaMask, using the same account address for both Ethereum and Fantom.
You can toggle between networks to see your FTM and ETH balances, respectively.
4. How to use Ledger to store your FTM
If you haven’t done so already, install Ledger Live on your computer or device. Ledger Live is available for MacOS, Windows, Linux, iOS and Android.
Now launch Ledger Live and click on Settings.
Under Settings, select the Experimental features tab.
Scroll down and enable the Developer mode toggle switch.
With Developer mode enabled, select Manager in the sidebar and search for Fantom. Confirm that the Fantom app is v1.0.6, and click Install.
Select the Apps installed tab to confirm the installation was successful. You will see Fantom FTM Version 1.0.6.
5. How to use Ledger with MetaMask on Fantom
In MetaMask, go ahead and click on Connect hardware wallet. Your Ledger account will appear on the list on MetaMask.
Please note that even if you’re interacting with Fantom, you must use the Ethereum Ledger app to sign transactions with your Ledger through MetaMask. This is a known bug on the MetaMask and Ledger side and they’re working to fix it.
For now, for every EVM-compatible chain such as Fantom, you have to use the Ethereum Ledger app. You can think of it as an EVM Ledger app if that makes it easier.
6. How to bridge FTM and other assets from Ethereum to Fantom using Multichain.xyz
You can bridge assets between Ethereum and Fantom and other networks using multichain.xyz.
To use multichain.xyz, you need:
- ETH to cover gas fees
- Assets you want to bridge. In this example, we’ll bridge FTM from Ethereum to Fantom.
Step 1: Make sure that your MetaMask wallet has some ETH and the assets you want to bridge cross-chain.
Step 2: Go to https://multichain.xyz, and connect MetaMask. Make sure you are connected to the correct MetaMask account that holds the assets you want to transfer (FTM in this example), as in the following image:
Step 3: Click on the From icon to select the token you want to transfer:
Step 4: You’ll see the following:
Multichain displays the assets that you can bridge cross-chain. Toggling the wallet icon circled above will list all the tokens available for bridging on multichain.xyz
Step 5: Now click on the FTM icon, and you’ll see:
By default, multichain selects Fantom Opera as the destination chain. Enter the amount of tokens you want to transfer in the “From” box or click on the total balance displayed at the upper right to send all.
Please note that when swapping Fantom from Ethereum to Fantom, multichain will charge a fee of 80FTM. Other assets, such as USDC, don’t have any additional fees at the moment.
Why the fee? Multichain is a decentralized bridge, and fees are used to pay multichain node runners.
Step 6: Click Transfer and wait; the Ethereum network may take a little while to process the transaction. Whenever prompted, click “confirm” to sign the transaction on MetaMask.
Step 7: Once the transaction has been confirmed, you can change the network to Fantom, and the bridged assets will show up:
As expected when you click on MetaMask, the ERC-20 FTM token balance is 0. When you switch to the Fantom network (to change networks click at the top of the panel, in the box labeled Ethereum Mainnet), you see the balance you transferred (minus the 80 FTM fee).
And there we have it: a successful cross-chain transfer!
7. How to create a wallet on fWallet
Step 1: Go to pwawallet.fantom.network.
Step 2: Click on “Create Wallet”.
Step 3: Enter a strong password. The password has to be at least 8 characters, including one upper-case letter, a symbol, and a number.
Store the password in a safe place! If you lose it, we cannot recover or reset it.
Step 4: Re-enter the password and click on the checkbox. Now you will be able to download the keystore file.
You can use the keystore file and password to access your wallet on other devices.
A keystore file contains your private key encrypted with the password you chose above. Make sure to store it in a safe place.
Step 5: Write down your 24-word mnemonic phrase and your private key, which you can find by clicking the text “View your private key”.
Do not share your mnemonic or private key with others. Both will allow access to your wallet and your funds.
Step 6: Now verify your 24-word mnemonic phrase by entering it in the correct order.
Step 7: Click “Access your wallet”. You will now see your wallet.
8. How to restore an existing wallet on fWallet
Step 1: Click “Restore Wallet”, or, if this is your first wallet, select “Access Now”
Step 2: You can choose one of the three methods to access your wallet:
- Mnemonic phrase
- Private key
The only direct access to your wallet is the keystore file. The mnemonic phrase and private key methods are used to recover your wallet, and both will generate a keystore file.
Accessing with keystore + password
Step 1: Click on “Upload keystore file” and select the JSON file from your computer.
Step 2: Type in the password associated with that keystore file and click “Unlock wallet”.
Accessing with a mnemonic phrase
Step 1: Enter your 12-word or 24-word mnemonic, separated by single spaces only (no commas or other separators).
Step 2: Click “Unlock wallet”.
Step 3: You can now create a password to be used for signing transactions. If you want to download the keystore file, you may use the download button on the top bar within the wallet.
Accessing with a private key
Step 1: Enter your private key. Fantom’s private keys start with 0x
Step 2: Click “Unlock wallet”.
Step 3: You can now create a password to be used for signing transactions. If you want to download the keystore file, please do so using the download button on the top bar within the wallet.
9. How to receive FTM on your fWallet
To receive FTM, click the “Receive” button on the menu bar. If you don’t see this, verify that you have clicked on the wallet tab on the left (which should be highlighted in white).
Note: For the time being, you can no longer send ERC-20 or BEP-2 FTM to the fWallet. You must bridge them to Fantom Opera mainnet using multichain.xyz (see above).
Click on the icon to copy your Opera FTM address to the clipboard. Send funds to your FTM wallet. Your balance at the top of the screen will update once your FTM is received.
Clicking on the “Wallet” symbol on the left-hand side of the screen will display transaction history.
You can click on the transaction’s timestamp to show more details in the explorer.
10. How to send FTM
Step 1: Select Wallet in the menu and click on Send.
Step 2: Choose the blockchain you’d like to send FTM to. Choose Fantom Opera for Opera FTM (within the Opera Network), Ethereum for ERC20 FTM, and Binance for BEP2 FTM.
Opera to Opera transfers do not incur any additional fee besides a minimal transaction cost.
Note: Opera to Ethereum and Opera to Binance transfers incur a 100 FTM fee.
Step 3: Enter the amount and the address you are sending to and click on Continue.
You can also add a memo if you wish. This is an optional text about the transaction that only appears in your app.
Step 4: Enter the password used to encrypt the keystore file and click Send.
Step 5: As soon as the network confirms the transaction, you will see the following screen with the txid.
11. How to stake FTM and earn staking rewards
Step 1: Select Staking on the left-hand side of the screen, and then click Add delegation
Step 2: Enter the amount of FTM you want to stake. A minimum of 1 FTM is required to stake.
Step 3: Select a validator from the list and then click Continue.
You can click on a validator to show more information and select them:
Make sure to do your due diligence regarding the validators. A validator cannot access your funds; however, your staked tokens could be reduced if a validator acts maliciously.
In exchange for their services, validators will take a commission from delegators’ rewards, currently set at 15%.
Step 4: You can now review the amount to stake and choice of validator, and change both the amount and the validator if you wish.
When ready to delegate, enter your password and click Continue.
Step 5: You can either stake-as-you-go and earn the base rate, around 3% APR at the moment of writing, or you can lock your tokens for a longer time to earn rewards at a higher APR.
To lock your token, select Lock Delegation.
Step 6: Using the slider, select the number of days you would like to lock your tokens.
Click OK, Lock, enter your password and confirm.
12. How to claim FTM staking rewards
Step 1: Select Staking on the menu bar to access your active delegations. Note that the holder has decided to stake with two different validators in the example below.
Step 2: From here, you can:
- Click Claim & Restake to compound your rewards
- Click Claim Rewards to withdraw the rewards to your wallet
- Click on Detail to access more options:
From this screen, you can Claim/Claim & Restake and:
- Undelegate: You can withdraw your delegation at any time. Please note that withdrawing your tokens before lock expiration will incur a penalty. The penalty will slash all the rewards you accrued (taking them from the locked capital), except half the base rate, at the moment of writing around 1.5% APR. It’s important to note that you will never end up with fewer tokens than you staked.
- Mint sFTM: you can mint sFTM, a synthetic asset, in a 1:1 ratio to your delegated FTM. You can use sFTM within the Fantom Finance ecosystem, the DeFi suite built on Fantom. Your staked FTM becomes, in fact, liquid.
Step 3: Clicking Claim and Restake will show the following screen:
Enter your password and click Claim Rewards to confirm.
Claiming Rewards Successful!
13. How to vote on proposals using on-chain governance
If you stake your FTM, you can participate in Fantom on-chain governance. To vote for a proposal, select Governance in the menu and click on any outstanding proposal.
1 staked FTM equals one vote. On Fantom, you can express your level of agreement with each option in the proposal. 0 equals to disagreement and 4 equals to maximum agreement.
How are the votes calculated?
The percentage of turnout is based on the staked amount. If a delegator does not vote, the system takes the vote of the validator he delegated to.
Where can FTM holders discuss proposals?
Once a proposal is live, FTM holders can discuss it in the #governance channel at chat.fantom.network.
Learn more about how on-chain governance works.
14. FTM use cases
On the Fantom network, there are fees for transactions, smart contract deployment, and network creation. Paid in FTM, these fees are very low, but sufficient to make it extremely expensive for a malicious actor to carry out an attack or fill the ledger with useless information.
Securing the Network
The most important utility of the FTM token is securing the network via our environmentally friendly Proof-of-Stake system. Stakers can participate by selecting a validator and then locking their tokens for a specified amount of time. Stakers earn rewards proportionally, according to the number of tokens delegated and the duration of the lock-up.
Users with the minimum number of FTM tokens (currently 1,000,000) can participate as validators earning a share of transaction fees on the network.
Fantom is a fully permissionless and leaderless decentralized ecosystem in which stakers make all decisions regarding the network via on-chain governance. Stakers are free to propose and vote for policy changes or improvements. When voting, each staked Fantom represents one vote.
Transactions on Fantom usually take less than a second and cost less than a cent, making Fantom a popular choice for payments.
15. Where can I buy FTM?
FTM is available on the most popular cryptocurrency exchanges.
Binance (Opera mainnet FTM and ERC20 FTM)
Delta Exchange (ERC20)
Bitcoin Meester (ERC20)
Decentralized exchanges (DEX)
Sushi (Opera mainnet FTM and ERC20 FTM)
Fiat on-ramp (DEX)
Transak (Opera mainnet FTM)
16. FTM mobile wallets
FTM Opera mainnet mobile wallets
You can store ERC20 FTM in any mobile wallet that supports Ethereum and ERC20 tokens. Make sure not to send mainnet FTM to those wallets that don’t support mainnet FTM.