The Ultimate Guide to the FTM Token
[Updated February 21, 2022]
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 Fantom, a decentralized network built on an aBFT consensus mechanism. On Fantom, transactions are confirmed in less than one second and cost just a few cents.
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. The ERC-20 FTM version of the token is usable on Ethereum.
- The Binance Chain (BEP-2) token
BEP-2 FTM are Binance Chain tokens. Not to be confused with the Binance Smart Chain smart-contract platform, the Binance Chain handles transactions on the Binance DEX.
3. How to add Fantom to MetaMask
Metamask lets you connect your wallet and engage with hundreds of dApps in the Fantom ecosystem.
This guide presumes that:
- You have the MetaMask extension installed.
- You have a basic understanding of how to use MetaMask or have consulted an online tutorial.
How to send FTM to MetaMask
Since Fantom is EVM compatible, it conveniently allows users to use ETH network wallet addresses as Fantom wallet addresses. This means that you can use a single address on Metamask for two separate wallets on the Ethereum and Fantom networks.
To add Fantom to Metamask, you first need to configure MetaMask to access the Fantom blockchain:
Step 1: Log in to MetaMask as usual.
Step 2: Click on Ethereum Mainnet to open the drop-down menu and then select Add Network.
Step 3: On the next screen, fill in the fields as follows:
- Network Name: Fantom Opera
- New RPC Url: https://rpc.ftm.tools/
- ChainID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
Note: if Metamask returns an error message such as “Invalid RPC URL,” verify that there are no extra spaces before or after the entered URL.
Step 4: Click Save and check to ensure that Fantom Opera is listed as an accessible network.
Now, you can send FTM to the Fantom wallet you access via Metamask. Your Ethereum and Fantom wallets will be separate, but they share the same address.
Step 5: Toggle between networks to see your Fantom and Ethereum balances, respectively.
4. How to use Ledger to store your FTM
Install Ledger Live on your computer or device and confirm that your device firmware is up to date.
Step 1: Launch Ledger Live and click on Settings.
Step 2: Under Settings, select the Experimental features tab.
Step 3: Scroll down and enable the Developer mode toggle switch.
Step 4: With Developer mode enabled, select Manager in the sidebar and search for Fantom. Confirm that the Fantom app is v1.0.7, and click Install.
Step 5: Select the Apps installed tab to confirm the installation was successful. You will see Fantom FTM Version 1.0.7 in the list of installed apps.
Step 6: To connect to the Fantom PWA wallet, launch the wallet app.
- From the main screen of the Fantom PWA wallet, click Connect Wallet.
- Sign in to your Ledger device itself, and then click Ledger on-screen.
- In the window that opens, click on the name of the device to connect and then click the connect button.
Step 7: Select an address from the list of wallet addresses that Ledger generates.
5. How to use Ledger with MetaMask on Fantom
You can use your Ledger with MetaMask to interact with dApps on Fantom.
In MetaMask, click on connect hardware wallet. Your Ledger account will appear on the MetaMask list of accounts.
Currently, for every EVM-compatible chain such as Fantom, you must 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.org
You can bridge assets between Ethereum and Fantom and other networks using multichain.org. Many DEXs on Fantom, like SpookySwap and SpiritSwap also offer token bridges based on Multichain technology.
To use Multichain.org, you need:
- MetaMask
- ETH to cover gas fees
- Assets you want to bridge. In this example, we’ll bridge FTM from Ethereum to Fantom
Multichain.org step-by-step
Step 1: Head to multichain.org.
Step 2: Log into Metamask, select the network you want to transfer from, and the account with the assets you would like to bridge cross-chain.
Step 3: On the Multichain app, click Connect to a Wallet. Click on Metamask.
Step 4: Select the account you would like to connect to, click Next, Confirm, then click Connect.
Step 5: Make the appropriate selections in the From and To sections of the Multichain.org page indicating the networks and tokens you are bridging.
Step 6: Next, specify the amount of tokens to bridge. For our example, we decided to bridge the entire balance of FTM (ERC 20).
Please observe that:
- Multichain does not charge a fee to bridge ERC20-Opera FTM.
- To bridge the maximum amount, click on the Balance amount listed above the drop-down menus in the “From” section of the page.
- For information about the minimum/maximum amounts required to bridge, see the text at the bottom of the screen.
Step 7: Click Swap, then Confirm the transaction in Multichain. A MetaMask window will open, asking you to approve the transaction. Click Confirm. Your tokens will be bridged within a couple of minutes.
And there we have it: a successful cross-chain transfer!
- Important Notes:
- If there is insufficient ERC-20 FTM and Mainnet FTM in the liquidity pool, clicking Confirm will not open MetaMask. In other words, nothing will happen.
- Sometimes midway through the bridging process, when liquidity fluctuates greatly, Multichain encounters a sudden drop in liquidity, and the conversion to mainnet FTM cannot complete.
In this case, the system will issue the user the anyFTM token. Users must manually convert the anyFTM token following the Multichain guidelines.
- If you note that there is insufficient liquidity, try converting a different ERC20 token ‒ like USDC ‒ to the Fantom chain, and then swapping the converted Fantom-based token to mainnet FTM.
- If it’s your first time bridging tokens, and you need a small amount of FTM for gas fees, SpiritSwap offers a faucet that will issue 0.4 FTM to get you started.
- Alternative routes to bring assets to Fantom, where there are no liquidity requirements, include:
WETH ( Ethereum) → WETH (Fantom)
MIM (Ethereum, all other chains) → MIM (Fantom)
DAI (Ethereum) → DAI (Fantom )
WBTC ( Ethereum) → WBTC (Fantom)
USDC (Ethereum) → USDC (Fantom)
USDT ( Ethereum) → fUSDT (Fantom)
BNB (Binance Smart Chain) → BNB (Fantom)
UST ( Terra ) → UST (Fantom)
7. How to create a wallet on fWallet
Step 1: Go to pwawallet.fantom.network.
Step 2: Click Create Wallet.
Step 3: Enter a strong password. The password must be at least 8 characters, including one upper-case letter, a symbol, and a number.
Re-enter the password and click the checkbox acknowledging that you have securely recorded the password. Click Download keystore file and continue.
You can use the keystore file and password to access your wallet on other devices.
Store the password in a safe place! If you lose it, we cannot recover or reset it.
A keystore file contains your private key encrypted with your account password. Make sure to store it in a safe place
Step 4: Write down your 24-word mnemonic phrase, click View your private key, and note that down as well. Click I wrote down my recovery key.
Do not share your mnemonic phrase or private key with others. Both will allow access to your wallet and your funds.
Step 5: Now, verify your mnemonic phrase by clicking on the words in the correct order.
Step 7: Click Access your wallet
8. How to restore an existing wallet on fWallet
Step 1: To access your wallet after logging out, launch fWallet and click Restore Wallet.
Step 2: You can choose one of the three methods to access your wallet:
- Keystore
- Mnemonic phrase
- Private key
The only way to directly access your wallet is the keystore file. Restoring your wallet via Mnemonic Phrase or Private Key methods recovers your wallet and requires you to set a new password.
Accessing with keystore + password
Step 1: Click 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 must create a new password. To download a keystore file, 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 for signing transactions. To download the keystore file, click on the download button near the top of the page.
9. How to receive FTM on your fWallet
Step 1: Click on the wallet tab on the left sidebar, which should be highlighted in white when selected. Click the Receive button.
Step 2: Click on the copy icon to copy your Opera FTM address to the clipboard. Send funds to your wallet using the copied address.
Note that you can only send and receive mainnet FTM tokens.
Step 3: Deposited funds will show on the wallet screen.
For more details about the transaction, click the Timestamp to view the transaction on FTM Scan.
10. How to send FTM
Step 1: Select Wallet on the sidebar and click on Send.
Click Continue.
Step 2: Enter the amount to be sent and the address that you are sending to. A memo is optional. Note that by clicking Entire Balance, the wallet will send all of your FTM assets minus a small amount saved for transaction fees.
In this example, we send 10 FTM to our demo wallet.
Click Continue
Step 3: Enter the password used to access the account/encrypt the keystore file and click Send.
Step 4: A confirmation will appear when the network confirms the transaction, which is also recorded on the Wallet main page.
Step 5: Clicking on the timestamp links to FTM Scan, where we obtain more information about the transaction, including block number, time sent, and fees.
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 wish to stake. You can stake as little as 1 FTM and begin to earn rewards.
Click on the dropdown menu to Select a Validator.
Step 3: To learn more about any one of Fantom’s growing list of validators, click on their name.
We recommend that all users conduct due diligence on validators before staking. The Fantom Foundation does not advocate for any validator.
A validator cannot access your funds; however, your staked tokens could be reduced if a validator acts maliciously.
In exchange for their services, validators take a fixed commission ‒ currently set at 15% ‒ from delegators’ rewards.
Step 4: Review your staking amount and validator selection, and click Continue.
Step 5: Enter your password, and click Delegate. Upon confirmation, click Continue.
Delegation successful!
Step 6: You can stake-as-you-go to earn the base rate of around 3% APR at the moment of writing, or earn a higher yield by locking your tokens for a set amount of time. To lock your tokens, select Lock Delegation.
Step 7: Using the slider, select the number of days you would like to lock your tokens, and click Ok, lock.
12. How to claim FTM staking rewards
Step 1: Select Staking on the sidebar to view a list of active delegations. As illustrated in the example below, it is possible to stake with two different validators.
From here, you can:
a) Click Claim & Restake to compound rewards.
b) Click Claim Rewards to withdraw accrued rewards to your wallet.
c) Click Detail for additional options.
Select Detail for more information about a delegation.
Step 2: From the Wallet Delegation Detail screen, you can, in addition to claiming/claiming and restaking:
- Undelegate: You can withdraw your delegation at any time. Please note that withdrawing your tokens before lock expiration will incur a penalty, which will slash all the rewards you accrued, taking them from the locked capital, except half the base rate (currently 1.5% APR).
When you undelegate before token lock expiry, you will never end up with fewer tokens than you staked. - Mint sFTM: This function, which allows you to mint a synthetic asset from your staked FTM, is being deprecated. We advise users not to use it at this time.
Step 3: Click Claim & Restake.
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 awards the uncast votes to that delegator’s validator.
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
Network Fees
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.
On-Chain Governance
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.
Payments
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.
Centralized exchanges
Exchanges that support Fantom mainnet
Tokocrypto (Indonesia)
Exchanges with ERC-20 FTM Support
Decentralized exchanges (DEX)
Sushi (Opera mainnet FTM and ERC20 FTM)
Uniswap (ERC20 FTM)
1inch (Opera mainnet FTM and ERC20 FTM)
ParaSwap (Opera mainnet FTM and ERC20 FTM)
UniDexBot (Aggregator)
WraithSwap (ERC20 FTM)
Fiat on-ramp (DEX)
Transak (Opera mainnet FTM)
16. FTM mobile wallets
FTM Opera mainnet mobile wallets
Bitkeep Wallet multiple Android & iOS options
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.
Need more help?
We are always happy to help. Reach out via Telegram or Discord, or access the chat on http://fantom.foundation.
Keep up with the latest developments on Twitter and the Fantom Foundation Blog.
