Fantom is the hot new cryptocurrency on the block. It is a high-performance, scalable, and secure smart-contract platform and I believe it is the next Ethereum.
Step 1: CAD to Crypto via Interac eTransfer
Newton is my go-to CAD-to-crypto exchange. They offer a sleek web and mobile application experience with zero fees for crypto trading. You can buy FTM directly with Canadian dollars. *However at the time of writing this article, they do not yet support FTM withdrawals*
In the meantime to avoid waiting for FTM withdrawals, you can purchase a fast, low-fee token like XRP or ADA.
Shakepay is another great CAD exchange. However, you are only able to purchase Bitcoin and ETH here. I would recommend buying Bitcoin because the ethereum fees and slow transaction speed are undesirable.
Step 2: x to FTM
You’ve purchased crypto, now it is time to acquire FTM. The Fantom token is available on almost every major cryptocurrency exchange. The Fantom Foundation has an official list of exchanges where you can buy FTM.
Something to note about this is that you will want to make sure that the fantom you buy or withdraw are on the “Fantom Opera Network”. If not, and you happen to be on the BSC (Binance Smart Chain) or Ethereum network there a way out, you can bridge the token over. Spookyswap provides an excellent guide to bridging.
I use Binance for my trading. So I will withdraw XRP from Newton to my Binance wallet, convert to FTM, then withdraw it to my Metamask wallet on the Fantom Opera Network.
Step 3: Withdraw to a Wallet
By default, your wallet may not be setup for the Fantom Opera Network. But don’t worry, its very easy to add it with a RPC. Here is how you do it with MetaMask.
Step 4: Use your FTM!
The fantom ecosystem is still growing. But here are a few ways you can use your newly acquired FTM.
Stake it on the network
You can stake your FTM on a validator to help secure Fantom network and earn FTM tokens as a reward. You can earn FTM at 4–14% APR.
Earn with Decentralized Finance (DeFi)
But first, learn the risks. You can earn 20–60% APR or more by providing liquidity to token pairs, or staking other tokens on the fantom network. My DeFi of choice is SpookySwap.finance.
Play GameFi games like Rarity Adventure
The GameFi space is new and growing. Fantom is fast, with transactions resolving under 2 seconds, so expect to see new games pop up that leverage the speed and throughput of the Fantom Network.