Binance’s DEX project, Fantom, migrates to Binance

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Binance is the world’s largest cryptocurrency exchange and has consolidated its position after it announced its proprietary idea of “IEOs” [Initial Exchange Offering]. Fantom [FTM] became the first project to get an approval to move from Binance DEX to Binance exchange.

Changpeng Zhao, CEO and Co-founder of Binance, tweeted,

Fantom was first listed on Binance in May 2019. During the same month, it moved to Binance blockchain from ERC20. The main aim of the project is to build a platform consisting of fast, scalable, and secure DAG-based [Directed Acyclic Graphs] distributed ledger, using BFT principles to achieve consensus and a new verifiable compiler and register-based virtual machine for smart contract execution.

It does so by enabling smart contracts in a DAG-based system, using the Lachesis protocol and by using Lamport timestamps to achieve topographical ordering of event blocks. Additionally, the project also aims to develop a new verifiable compiler and register-based virtual machine, which automatically checks for correctness, generates proofs of smart contract behavior, and executes instructions more efficiently than existing models.

The project raised a total of ~$39 million in private and public sale of tokens back in June 2018. However, the seed sale was conducted between February and March 2018.

The token, at press time, was priced at $0.0289 and was ranked 112th on CoinMarketCap. It had a market cap of $52 million and a 24-hour trading volume of $14.5 million, most of which was contributed to by KuCoin exchange via FTM/BTC and FTM/ETH trading pairs.

A Twitter user, @JBTheCryptoKing, commented,

“One of my favorite projects from 2017, been in since the ICO. Showing holding after being down in USD and ETH for 1 year pays off handsomely.”

Another Twitter user, @Amel_FRJC, commented,

“@cz_binance binance dex should utilize fantom tech. cosmos (tendermint) already outdated. BFT consensus by far the best.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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