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A DAG-based smart contract platform

KEY METRICS [as at 10 Jun 2019]
Price$0.0214 (280 sats)
24H Mkt. Cap ($MM)$38.85 MM
30 Day Avg. Mkt. Cap ($MM)$29.62 MM
24H Volume ($MM)$4.95 MM
30 Day Avg. Volume ($MM)$4.65 MM
Circ. Supply2,064,345,963 (65.02%)
Max Supply3,175,000,000 FTM
All-time High USD$0.0243 (04 Nov 18)
All-time High BTC380 sats (04 Nov 18)
Project Website


  • Raised ~$39.7 MM via private & public token sales from March to June 2018
  • Aims to enable smart contracts on DAG based systems
  • Utilizes algorithms such as Coffman–Graham algorithm to achieve Asynchronous Byzantine Fault Tolerance ("aBFT")


  • May 2019: FTM listed on Binance DEX
  • May 2019: Migrated ERC-20 FTM tokens to Binance Chain
  • May 2019: Released technical paper on Online Layering for scalable asynchronous BFT system ("ONLAY")
  • Apr 2019: Announced partnership with Yonsei University Programming Languages Team to develop new middleware technology for Fantom
  • Apr 2019: Announced Fantom Proof of Stake Model
  • Jan 2019: Announced R&D partnership with Sikoba Research on topics such as Consensus Mechanism and Token Economy
  • Dec 2018: Released Fantom Testnet


Fantom (or the "Project") is building a platform consisting of a fast, scaleable, and secure DAG-based distributed ledger using aBFT principles to achieve consensus, and a new verifiable compiler and register-based virtual machine for smart contract execution.

Key Features of the Fantom Network

  • Enabling smart contracts in a DAG based system, using the Lachesis protocol
  • Nodes do not need to be aware of the existence of all other nodes in the network when joining the network
  • Uses Lamport timestamps to achieve topographical ordering of event blocks

The vision of FANTOM is to grant compatibility between all transaction bodies around the world using DAG technology, and to create new infrastructure with high reliability that allows for real-time transactions and data sharing. 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 execute instructions more efficiently than existing models.


Token Name FTM
Token Type ERC-20 and BEP2
Seed Sale Allocation 3.15% of Total Supply
Seed Sale Date Feb - Mar 2018
Seed Sale Price $0.016
Private Sale 1 Allocation 25.35% of Total Supply
Private Sale 1 Date Mar - May 2018
Private Sale 1 Price $0.031
Amount Raised in Private Sale 1 $24.8 MM
Private Sale 2 Allocation 11.69% of Total Supply
Private Sale 2 Price $0.035
Private Sale 2 Date May - Jun 2018
Amount Raised in Private Sale 2 $12.9 MM
Public Sale Allocation 1.57% of of Total Supply
Public Sale Date 15 Jun 2018
Public Sale Price $0.04
Amount Raised in Public Sale $2.0 MM (4,317 ETH)
Circulating Supply 2,064,345,963 (65.02%)

Token Supply Distribution:

  • Seed Sale tokens make up 3.15% of total token supply.
  • Private Token Sale tokens make up 37.04% of total token supply.
  • Public Sale tokens make up 1.57% of total token supply.
  • Team is allocated 7.49% of total token supply.
  • Advisors received 12% of total token supply.
  • Token Reserve constitutes 6% of total token supply.
  • Block Rewards is allocated 32.75% of total token supply.

Seed Sale

  • Conducted between February 2018 to March 2018 for $0.016 / FTM (10,000,000 FTM) at an average rate of $642.17 = 1 ETH and raised a total of $1.6 MM, consisting of 1,386 ETH, USD 613,514, and AUD 130,000, selling 3.15% of total token supply.

Private Sale 1:

  • Conducted between March 2018 to May 2018 for $0.031 / FTM (805,021,058.4 FTM) at an average rate of $667.03 = 1 ETH and raised a total of $24.8 MM, consisting of USD 3,248,082 and 32,265 ETH, selling 25.35% of total token supply.

Private Sale 2:

  • Conducted between May 2018 to June 2018 for $0.035 / FTM (369,574,672 FTM) at an average rate of $614.50 = 1 ETH and $6,469 = 1 BTC, and raised a total of $12.9 MM, consisting of USD 700,000, 8 BTC, and 19,780 ETH, selling 11.69% of total token supply.

Public Sale:

  • Conducted on June 15, 2018 for $0.04 / FTM (50,000,000 FTM) at a rate of $463.28 = 1 ETH and raised a total of 4,317 ETH (~$2 MM at $0.04 / FTM), selling 1.57% of total token supply.

Token Governance & Use of Funds

As of May 2019, Fantom has used approximately 28.2% of TGE funds according to the allocations below:

  • 24% Marketing
  • 16% Team
  • 19% Research and Development
  • 1% Software Auditing
  • 3% Legal
  • 37% Business Development

Fantom holds its cryptocurrency funds in a number of single-signature wallets held by different persons within the organization, whose identity the team chose not to disclose for security reasons. Fantom’s fiat currencies are held in a bank account that requires the approval of two of three individuals within Fantom for payments to go out. The payment of cryptocurrency funds also requires the approval of two of three individuals, and transaction records are shared with all three individuals to provide a complete audit trail of all funds spent.

Fantom Token Release Schedule

The following chart represents the number and breakdown of all FTM tokens that are to be released into circulation on a monthly basis.

FTM Token Overview & Use Cases

The native token is envisioned to have the following functionalities:

  • For staking with a validator node: To secure the network in return for block and transaction rewards. Nodes will be ranked based on the speed at which they confirm transactions. Therefore, better performing nodes with better hardware will earn more rewards on average per FTM staked
  • To pay transaction fees: Users can pay transaction fees using FTM
  • To vote on on-chain governance proposals: Each token holder running a validator node, or who has delegated their FTM to a validator node, will be able to vote on proposals to change the structure of the mainnet, modify system parameters such as block rewards, and the election of moderators and the technical committee

The most recent balances of ERC-20 and BEP2 FTM tokens can be found here:


Original Roadmap & Achievements
2018: Q2 Validate Lachesis protocol and the Fantom architecture 2019: Q2 Late Paper on OPERA
Paper on Fantom
Paper on ONLAY
2018: Q2 Private and public token Sale 2018: Q2 On time Medium
2018: Q2 FANTOM Wallet development and distribution 2018: Q4 Late Web Wallet
Desktop Wallet
Mobile Wallet
2018: Q3 Open main Middleware and release API 2018: Q3 On time API
2019: Q1 Achieve virtual Machine EVM Compatibility 2019: Q1 On time EVM
EVM in Rust
2019: Q3 Begin Lachesis mainnet development, complete consensus model and fee model In progress On time Lachesis
Fantom PoS

Late Milestones

  • Validate Lachesis protocol: The team states while that the Lachesis protocol was theoretically verified, the engineering implementation was only verified after the first implementation of the Lachesis protocol in late Q3 2018.
  • Fantom wallet development: The team notes that the wallet was only made publicly available after the engineering implementation of the Lachesis protocol was verified.

Updated Roadmap

Q3 2019:
  • Mainnet release
  • Secure consulting and implementation partnerships in Dubai
  • Publish Virtual Machine Paper
  • Complete Fantom mainnet governance paper

Q4 2019:
  • Complete first consulting and technology contracts in Dubai
  • Establish partnerships in South-East Asia and the Middle East
  • Complete verifiable compiler spec for Virtual Machine
  • Complete javascript API spec
  • Enable the running of listening nodes on mobile devices
Q2 2020:
  • Compose FANTOM technology development council
  • Support development of FANTOM becomes open source
  • Establish FANTOM research support agency
  • Enhance system model
  • Launch open logistics application service

Commercial Partnerships and Business Development Progress

  • COTI: COTI is a project working on building a new DAG-based distributed ledger focusing on payment infrastructure. Fantom is collaborating with COTI on aBFT research and development.
  • Fusion: Fusion has been working on Digital Control Rights Management (“DCRM”) technology to enable secure cross-chain asset transfers. Fantom and Fusion are collaborating on integrating DCRM on top of the Fantom distributed ledger.
  • University of Sydney: Fantom is collaborating with the University of Sydney’s Programming Languages team to research and develop a new programming toolchain to achieve security and efficiency in the execution of smart contracts.
  • Austrade: Austrade was responsible for facilitating the Australian Blockchain Mission to Dubai and has a dedicated presence in Dubai. Their charter is to foster and facilitate Australian & UAE commercial relationships. Fantom Innovational Lab, represented as an Australian entity, was accepted as a delegate for this trade mission.
  • Sikoba Research: Sikoba Research is a company based in Luxemburg that specializes in distributed computing, cryptoeconomics, and applying cryptography, such as zero-knowledge proofs, into blockchain systems. Fantom is working with Sikoba on developing mechanisms to encourage good behaviour on the Fantom network, governance, and Isekai, an engine to prove correctness in smart contracts.


  • Dr. Ahn Byung Ik

    Ph.D in computer science from Yonsei University, President of the Korea Foodtech Association, Co-founder of food-tech platform SikSin.

  • David Richardson

    Former Managing CEO at Mid-Ocean Consulting Ltd., President of Oceanic Bank and Trust.

  • Andre Cronje
    Technical Advisor

    Former Chief Crypto Code Reviewer at CryptoBriefing, Technology Analyst at Leminiscap, and Blockchain Infrastructure Engineer at CryptoCurve

  • Fred Pucci
    Legal Counsel

    Partner at TCM Capital, General Counsel at Grasshopper Capital, former Global Head of Compliance at ANZ

  • Michael Kong
    Director and CIO

    Former CTO at Digital Currency Holdings, Advisor for Enosi Foundation, and Developer at Block8

  • Michael Chen

    Former Consultant at Fusion Foundation, Business Development at Origin X Capital, and Marketing Stategist at The BlockCloud Company

  • Ashton Hettiarachi
    Head of Innovation

    CEO of Blockchain Partners Holdings, Co-founder of Innovate Society

  • David Freuden

    Founder of MonsterPlay, a niche Business consultancy firm, former advisor at Xinfin Hybrid Blockchain

  • Aleksander Kampa
    Technical Advisor

    Director at Sikoba, a blockchain IOU platform, Researcher at New Money Hub

  • Samuel Marks
    Development Consultant

    Ph.D. in Biomedical engineering at University of Sydney, Director of, a software consultancy firm

  • Bariq Sikandari
    Senior Consultant

    Director at SKCHAIN Advisors, Director of Partnerships at Fusion Foundation

  • Maxim Prishchepo
    Developer Lead

    Founder and CEO of Sfxdx, a company whose developers work on the Fantom project

  • Quan Nguyen

  • Maxim Zakharov

  • Agustin Chiappe Berrini

  • Guillaume Drevon
    Cryptography Engineer

  • Yury Chernyshov

  • Anatoliy Sokolnikov

  • Egor Lysenko

  • Gleb Selyukov

  • Oleg Kislisin

  • Alexander Guzev

Some developers' Github profiles are not available, as most of their work is done via Sfxdx's Github account.



The FTM token is currently listed on 10 exchanges, according to CoinMarketCap. Core crypto trading pairs include FTM/BTC, FTM/USDT, and FTM/ETH.


Github Overview

Fantom has 53 public and 71 private repositories. The team has mostly been using its public Github repositories.

Top Public Github Repositories


Golang build of the Fantom’s distributed ledger.

27 Contributors   1,535 Commits  

Rust build of the Fantom’s distributed ledger.

6 Contributors   136 Commits  

Java build of the Fantom’s distributed ledger (used mainly for research purposes).

3 Contributors   82 Commits  

EVM implementation in Golang

6 Contributors   220 Commits  

Register-based virtual machine in LLVM with translators from higher level object-oriented programming languages.

3 Contributors   29 Commits  

Top Private GitHub Repositories


Fantom pay mobile application

4 Contributors   184 Commits

Backend api for the Fantom network

2 Contributors   42 Commits

Api for merchants to ineract with the Fantom pay application

2 Contributors   12 Commits  

WebAssembly (WASM) Virtual Machine for execution of smart contracts

1 Contributors   20 Commits  

Implementation of pairing-based cryptography in golang

1 Contributors   36 Commits  


A detailed description on how the native token will be used on the network is available here.

Planed use cases include the following:

  • Peer-to-peer payments without financial intermediaries.
  • “Sharing Economy” applications, such as ride-sharing, without intermediaries taking a cut.
  • Supply-chain management that can be tracked at every step, with data saved on an immutable ledger.
  • Governments and organizations that need to communicate with each other through a shared ledger or database.

Currently, Fantom has a wallet available on iOS and Android connected to an earlier version of Fantom's distributed ledger. It allows a user to transfer testnet tokens between accounts, with sub-second confirmations.



Fantom has developed a general framework named Lachesis for DAG-based consensus to build scalable distributed systems. The Fantom team has also developed a new consensus protocol ONLAY based on the Lachesis framework. ONLAY guarantees practical Byzantine fault tolerance in the presence of up to one-third of the participants that are compromised. The key challenge Fantom aims to address is a fast consensus and reliable ordering for events.

For the ONLAY Protocol, the Fantom team states that its initial experiments have shown that leveraging the assigned layers of event blocks can help achieve more deterministic ordering of blocks and that the new layer-based protocol is a promising alternative to achieve deterministic, resilient distributed ledgers.

How Transactions Achieve Finality

The following are some steps for a transaction to reach finality in the Fantom network:

  1. When a user submits a transaction into a node, a successful submission receipt will be issued to the client as a confirmation of the submitted transaction.
  2. The node will batch the user submitted transactions into a new event block amended into a DAG structure of event blocks and then will broadcast the event block to all other nodes of the system. The node will send a receipt confirming that the containing event block identifier is being processed.
  3. When the event block is known by majority of the nodes (e.g. it becomes a Root event block), or being known by such a Root block, the node will send a confirmation that the event block is acknowledged by a majority of the nodes.
  4. The system will determine the condition at which a Root event block becomes a Clotho for being further acknowledged by a majority of the nodes. A confirmation is then sent to the client to indicate that the event block has come to the semi-final stage as a Clotho or being confirmed by a Clotho.
  5. After the Clotho stage, the network will determine the consensus timestamp for the Clotho and its dependent event blocks. Once an event block gets the final consensus timestamp, it is finalized and a final confirmation will be issued to the client that the transaction has been successfully finalized.

Mainchain and Atropos of Lachesis DAG

Thus, there will be a total of five confirmations to be sent and the fifth receipt is the final confirmation of a successful transaction.

The team notes there are some cases that a submitted transaction can fail to reach finality. Examples include a transaction does not pass the validation, e.g. insufficient account balance, or violation of account rules. The other kind of failure is when the integrity of a DAG structure and event blocks is not complied due to the existence of compromised or faulty nodes. In such unsuccessful cases, the event blocks are marked for removal and detected issues are notified to all nodes. Receipts of the failure will be sent to the client.

Network Overview

The Fantom network consists of nodes that are distinguished into users and validators. The ONLAY framework introduces graph layering on the DAG to achieve reliable ordering of event blocks.

ONLAY framework leverages the assigned layers of event blocks in order to achieve consensus of final ordering of event blocks and transactions across distributed systems. Each node maintains its own DAG and computes the main chain of finality event blocks. The consensus protocol achieves optimized pBFT with deterministic DAG-based finality on valid transactions and honest nodes. Once a block is finalized in ONLAY, it is final without further need of several block confirmations like in the probabilistic finality in Nakamoto consensus (in BTC, ETH).

Blockchains in Fantom

There are three blockchains in the Fantom architecture: the Node Service ("NS") blockchain, the OPERA chain, and the Mainchain ("MC") blockchain. The NS blockchain stores the node identifiers of the network. The OPERA is the directed acyclic graph consisting of event blocks. The MC blockchain is the main chain, which stores the event blocks that are validated and finalized by the network.

For the three blockchains listed above:

  • OPERA chain epoch has dynamic epoch time (1-10 secs)
  • MC block epoch has dynamic epoch time (1-30 secs)
  • NS block epoch has dynamic epoch time which depends on MC and OPERA epochs

Smart Contract Programming Toolchain in Fantom

Key features of the new programming language toolchain include:

  • Solidity Compatibility for Programmers: Smart contracts developed in Solidity / Ethereum should be easily portable to the new programming language toolchain.
  • The focus of the new programming language toolchain should be safety, security, and low energy consumption.
  • To achieve safety, verifiable executions are needed for smart contracts.
  • Define subsets/extensions for Solidity to ease the automated verification of smart contracts using a specification language interwoven with Solidity code.
  • Delivered software artefacts are to be open-sourced and licensed with GPL V3.0.

Proof of Stake

Fantom is planning to implement Proof of Stake to secure the network. It will be permissionless, allowing anyone to participate in it by running or delegating to a validating node.

Nodes that participate to achieve consensus are called “validator nodes”. A user can run a validating node by staking a minimum of 3,175,000 native FTM tokens. A user can also delegate to a validating node any amount of FTM, and the account running the validator account will receive a fixed 15% fee from all rewards generated by the delegator’s tokens.

Yearly returns for validator nodes (block rewards only)

Validator rewards have two components:

  1. Block rewards: For the first four years after the main net launches, validators will be able to earn block rewards that are computed daily based on the number of event blocks they confirm.
  2. Transaction fees: For every event block that is confirmed by the network, the transaction fees included in the event block will be distributed to validator nodes that confirmed that event block.

Validator rewards are also influenced by a Proof of Importance score. This score is a multi-factor model that influences the rewards earned by validators. A validator earns rewards not simply based on the number of native FTM that is staked, but also by a number of other factors including:

1. Validation performance: Given that block finality is reached when an event block has reached the validating threshold of two-thirds of the network’s validating power, a validator effectively participated in a block validation if such validation occurred before the validation threshold was reached. An efficient validator should, on average, effectively participate in validating two-thirds of all event blocks. Those who consistently do not participate, or participate after the validation threshold is reached, will be penalized, earn fewer block rewards, and will ultimately be pruned from the network.

2. Originating transactions: Validators will be expected to accept new transactions being submitted to the network and act as originators of such transactions. Those who consistently do not originate transactions will be penalized, receive fewer block rewards, and will ultimately be pruned from the network.

3. Processing power: The processing power of validators will be measured on a regular basis.

Nodes that do not participate in consensus are called "non-validating", or "listening" nodes. These nodes are able to synchronize with the network, submit, and receive transactions. However, they do not contribute to any voting rounds to confirm transactions. Because they do not participate in consensus, running a non-validating node does not earn any rewards.


Social Community Overview & Strategy

The Fantom team lists the following as its current and future community strategies:

  • Keep community up-to-date with the latest developments and let team members engage with the community on a regular basis
  • Attend, support, and host Hackathons and Devcons
  • Discussing project development with the community via live calls in Discord Channels
  • Ambassador program in Russia and Turkey
  • Grants and competitions to incentivize talented developer teams to build on top of Fantom
  • Gamifying elements in network participation to incentivize community members to run validator nodes
  • Community infographic contest

Community and Social Channels


Fantom sees Hashgraph, IOTA, NANO, and Ethereum as its main competitors.

Consensus AlgorithmPoSDPoSPoWPoWPoW
Average Confirmation TimeSub-secondSub-second1-60 seconds1-10 seconds16 seconds
Degree of DecentralizationPermissionless, Proof of Stake, Anyone can join or leavePermissioned. Nodes must be known in advance of consensusPartial - Checkpointing Coordinators are closed sourcePermissioness, PoW, Anyone can join or leavePermissionless, PoW, Anyone can join or leave
Spam ProtectionFeesFeesPoW when attaching a transactionPoW when attaching or receiving a blockFees
Open / Closed SourceOpen sourceClosed sourceOpen sourceOpen sourceOpen source
State of the NetworkTestnet availableTestnet deployed privatelyMainnet availableMainnet availableMainnet available
Smart Contract SupportYesYesYesNoYes

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