A Complete Beginner’s Guide to the Fantom (FTM) Network
Everything you need to know to get started with FTM and the Fantom Network
The Fantom network is a blockchain protocol that enables users to build and deploy decentralized applications (dApps). The network’s FTM token, which has witnessed increased adoption over the years, powers the Fantom ecosystem.
Learn more about Fantom and the Fantom token (FTM) in this guide. We will also highlight how you can buy, deposit, send, and stake FTM using the Trust Wallet app.
What is Fantom (FTM)
**Fantom (FTM) is the native token of the Fantom network, a decentralized, proof-of-stake blockchain network. This network was launched in 2019 to solve the problem of security, decentralization, and scalability in the crypto world. **
Fantom has been seen as one of the blockchains giving Ethereum and other PoS networks a run for their money since it operates as an infrastructure for decentralized applications. To make the network more unique, Fantom’s users can deploy their own blockchain networks instead of relying on the ‘parent’ networks’ main consensus layer.
While the network gives room for developers to create their own dApps and networks, it also requires them to use the network’s native currency, also known as Fantom (FTM), during their transactions. This token is also used to ensure the network is secure and as a governance token. The token’s supply is capped at 3.175 billion FTM with 2.1 billion in circulation, while the rest is reserved for staking rewards.
To securely store and manage Fantom tokens, you need a Fantom wallet, which Trust Wallet provides.
What is Trust Wallet?
Used by over 60 million people worldwide, Trust Wallet mobile is an easy-to-use, multi-chain self-custody wallet, which allows you to store and manage over 8 million crypto assets - including NFTs - across 70 blockchains.
No more storing your assets across multiple custody wallets or exchanges! With Trust Wallet, you have peace of mind knowing all your assets are in one safe place.
Your private keys are stored on your device and your assets on-chain, meaning you are in full control at all times. Moreover, Trust Wallet gives you the ability to natively buy, swap and stake your favorite crypto without having to leave the app and also connect to dApps with the in-built dApp 3 browser.
Getting Started with Fantom in Trust Wallet
The first step to owning and using Fantom on Trust Wallet is to download the Trust Wallet app!
You can download Trust Wallet from the major app stores, including the Apple Store, Google Playstore, and the Chrome Webstore. In this example, we will download it from the Google Play store.
To start, search for ‘Trust Wallet’ on the trusted Play Store. This will help you to find the original app and avoid malicious apps that could jeopardize your Fantom and other coins.
Next, you will need to create a new wallet if you are a new user or log in to your wallet if you are a returning user. We will be creating a new wallet in this example.
In the next step, you will be shown a twelve-word secret phrase that will allow you to recover your wallet. Here, you will also be told the basics of the phrase, which includes that if you lose them, you lose your funds forever. If you expose or share your secret phrase with anyone, you risk getting your funds stolen.
Lastly, the app warns you that no Trust Wallet support team member will ever reach out to ask for your secret phrase. This helps you to be aware of possible scammers and keep your coins safe. You will need to click on each statement before proceeding to your secret phase screen.
Once you see your secret phrase, make sure that you have it written down or backed up somewhere that only you can access. The app will ask you to repeat the phrase in the same sequence it appeared before letting you complete the wallet-creation process.
Now that your wallet is set up, you will need to enable the Fantom tokens on your wallet. You can do this by clicking on the ‘Add Tokens’ prompt and searching for ‘Fantom’. Here, you will see a list of Fantom tokens on different chains that you can then enable by clicking on the slider next to them.
All these tokens will appear on your list of tokens on your wallet home screen. Each different version of FTM is unique and helps you to maximize on the interoperable nature of the Fantom network to other blockchains.
For instance, the FTM token is available as the native coin of the Fantom network. However, it is also available as an ERC-20 token on Ethereum, represented as FTM (ERC20). FTM also has it’s wrapped version, Wrapped Fantom (WFTM).
You can then use any of the FTM tokens on your network of choice by picking the version of FTM from Trust Wallet. And, you do not need to click on all of the versions, you can choose the ones you want or need.
After your Fantom token of choice is ready to go, you can easily buy, deposit, send, and stake Fantom using Trust Wallet. We show you how below.
How to Buy Fantom directly in Trust Wallet
You can buy your Fantom token of choice of the app in a few steps.
First, click on the version of FTM showing the chain you would use it on. In this example, we use the mainnet FTM, represented by the ticker FTM. Once you choose your token, click on the ‘Buy FTM’ prompt that appears on the screen or the ‘Buy’ button on the top right side of your screen.
Next, you will need to input the amount of FTM you want to buy. The minimum amount you can get is worth $100.
Once you are done choosing your amount, you will be redirected to a third-party on-ramp with the best rate at which you can get FTM. In this case, we use the Ramp network.
Here, you will be asked to input a few personal details like your email address and your bank card details until you finalize your purchase and receive the FTM in your wallet. Once you get your FTM, you can use it in whatever way you’d like!
In case you have some FTM you would like to deposit from an exchange, we show you how you can do that below.
How to deposit Fantom into your Trust Wallet
Depositing Fantom into your Trust Wallet from an exchange is simple.
First, click on ‘Receive’ after choosing your FTM variant. The app will then lead you to a page with a QR code, and at the bottom, a prompt will appear that says, ‘Deposit from exchange by direct transfer from your account.’ Click on the prompt.
The prompt will then ask you if you would like to deposit from an exchange, with Binance being the exchange of choice in this example. Choose ‘Deposit from Binance,’ and set up the app if you did not have it on your phone.
Once you have it up and running, click on the amount of FTM you would like to deposit into your Trust Wallet account and click on ‘Confirm’. Binance will automatically detect your wallet address during this process.
Now all you have to do is to wait for your FTM to arrive in your wallet!
With the FTM you have bought and deposited to your account, you can choose to send some of it to a friend or two.
How to send Fantom from Trust Wallet
When sending Fantom from Trust Wallet, you will need your recipient’s wallet address.
You could ask them to send it to you by copying and pasting their wallet address. Once you receive this address, you can copy it onto your phone’s clipboard or write it down, double-checking to confirm that it’s the right address.
Next, go on the Trust Wallet app and click on ‘Send.’
Input your recipient’s address and the amount of FTM that you would like to send, then click on ‘Continue.’
The wallet will then show you the total amount you will be using during your transaction, from the amount being sent to the network gas fees you need to pay. You will then need to click on ‘Confirm’ to complete the transaction.
Your recipient will receive their FTM within a few minutes.
How to stake Fantom using Trust Wallet
Fantom is a Proof-of-Stake network, which means you are able to stake your FTM tokens to help the network to maintain its security and to validate transactions. Staking involves locking your tokens in a smart contract and automatically receiving staking rewards in return.
There are a few things to keep in mind when staking FTM. First, the minimum amount of FTM you can stake is 1 FTM. The minimum number of days you can stake your FTM is zero, where you earn the base reward rate, while the maximum days you can stake is 365, where you earn the maximum reward rate.
You will be able to access your funds seven days after you unstake your FTM, something referred to as Unbonding, and finally, the network has a fixed 15% fee on staking rewards. This fee is paid by stakers to validators for running the nodes.
Here’s how you can stake your Fantom using Trust Wallet.
First, head to https://fantom.foundation/ftm-staking/ and click on ‘Stake your FTM.’
Next, connect to the dApp using WalletConnect. To find WalletConnect, click on Settings in your Trust Wallet and then ‘WalletConnect’.
Click ‘New Connection,’ scan the WalletConnect QR code and confirm the connection.
Once connected, you can delegate an amount of FTM for staking to start earning staking rewards, paid out in FTM tokens.