The Reasons Behind WigoSwap’s Utilization of Fantom Network
WigoSwap is primarily a decentralized exchange, the purpose of which is to boost the adoption of DeFi services within the industry by offering convenient ways of handling financial matters. In order to understand the way WigoSwap is determined to bring about changes to the DeFi sector, one should be provided with a simple explanation of what DeFi is about. Decentralized Finance or DeFi could be defined as a financial technology the aim of which is to eliminate the role of banks, financial companies, and similar third parties, and consequently hand over the control on financial services and products to users. DeFi platforms offer users plenty of financial services such as exchanging assets, swapping tokens, lending/borrowing funds, etc. As a proof of how successful DeFi protocols have been in attracting funds, it is worth mentioning that the Total Value Locked (TVL) in DeFi protocols amounts to more than $210 billion at the time of writing.
With this in mind, and being aware of the flaws and inefficiencies in the existing protocols, the team behind WigoSwap decided to set up a decentralized exchange so as to improve the circumstances of the DeFi industry. These improvements are to be achieved by introducing unprecedented features into WigoSwap platform. WigoSwap’s unique features and improvements partly stem from making use of the Fantom Network with its efficient and versatile infrastructure that provides us with adequate solutions for some of the most significant problems facing DeFi.
First and foremost, the Fantom Blockchain is a true example of an incredibly fast, and secure network. Therefore, it is appealing to developers. Furthermore, its reliability and interoperability provide users with a network to participate in without worrying about the possible barriers. While most of the similar networks have mostly profited early adopters, Fantom aims to guarantee financial gains by rearranging the elements within the industry. Last but not least, the Fantom Blockchain is designed in a user-friendly way to facilitate the embracing of the blockchain technology. It is also worth mentioning that the evolution of the Fantom Blockchain is proceeding in a way that it will satisfy the needs of users in the future.
Since the current decentralized networks, especially those created to provide financial operations, have shortages of their own, there is an ever-growing need to reconsider the existing ones in search for a more rectified platform that is not only able to perform totally private transactions, but also effective in offering interoperability as a tool for connecting different blockchains. The approach provided by the Fantom Blockchain is believed to bring about the innovation needed in the DeFi sector. In what follows, a series of unique features offered by Fantom, that consequently led WigoSwap to decide on using the network are explained in detail.
The Modular Structure of Fantom
Fantom’s Opera Mainnet is fully compatible with the Ethereum Virtual Machine, and this compatibility makes Fantom an incredibly versatile network. The modular structure of Fantom is able to not only leverage, but also facilitate the deployment of DApps on its network. Moreover, moving DApps from the Ethereum Network onto the Fantom Network is made possible for developers, so that they could benefit from the high speed and low costs offered by the Fantom Network.
The Independency Offered by Fantom
One of the most unique features that distinguishes Fantom from the competing networks is that Fantom is a totally independent network that provides independency for DApps operating on the network. Compared with other networks in which an increase in the number of users, or a rise in the complexity of DApps on the network lead to a deterioration of their performance, the independency offered by the Fantom Network leads to a superior type of scalability. This scalability is achieved through providing applications on the network with their own independent blockchains, and therefore they are able to have their own custom tokens, tokenomics, or governance rules. Nevertheless, all of these independent blockchains are able to interact with each other as they are connected through the Fantom Network.
The High Security of Fantom
The Proof-of-Stake consensus mechanism is used to secure Fantom. The advantages of PoS over the other major consensus mechanism, namely Proof-of -Work (used by Bitcoin and Ethereum), include being energy-efficient and highly decentralized. Fantom’s consensus mechanism allows hundreds of nodes to operate on the network, and thus high decentralization and security goals are achieved. Alongside decentralization and security issues, the aim of Fantom is to deal with the significant problem of speed within the industry. Decentralization and security in the Fantom Network are partly achieved by removing leaders so as to eliminate reliance on a small group of actors. Furthermore, Fantom’s high-speed consensus mechanism, called Lachesis, provide users and developers with unequaled speed and finality of transactions.
The infrastructural changes and innovations brought about through Fantom in particular, and the blockchain technology in general, are believed to have crucial importance for the world. In WigoSwap, we look forward to playing a significant role in the adoption of the blockchain technology, so that people can benefit from novel technological features and lead a more convenient life.