Tag: Fantom

EtherDrops Review and Tutorial
EtherDrops is a Telegram based bot designed to track major crypto markets and NFTs. Many crypto enthusiasts would use data tracking sites such as CoinMarketCap and CoinGecko, and these tools are excellent as ‘wikipedias’ for all the altcoins out there. However, for those with more advanced needs, there are much better resources available that can make your life easier.

If you’ve been in crypto for several years, you’ll probably have a Telegram account. Most of the crypto projects in existence have official Telegram channels to keep their communities informed and up to date on developments, so the chances are you also use the messaging platform.

This is just as well, because one thing that makes Telegram very useful is its ability to add bots that serve different purposes to the end-user. This is where EtherDrops comes in, so you can be part of the various crypto communities and track your tokens all on the Telegram app.

What is EtherDrops?

Originally created in 2018 as a tool to monitor Ethereum wallets, EtherDrops was mainly used to track the transactions of Ether ‘whales’ as well as one’s own wallets on the first smart-contract blockchain.

Four years later, EtherDrops has evolved into something much bigger than wallet monitoring. It is now integrated with Ethereum, Polygon, Fantom, Avalanche and BNB Smart Chain, providing a convenient place to track all your crypto activities within one Telegram bot.

Users are equipped with simple-to-use tools to follow coin prices, as well as track and receive real-time notifications on wallet transactions, DEX and CEX swaps, NFTs, liquidity pools, Binance funding, gas prices, and more.

By shaping settings according to your own personalized needs using a unique combination of advanced tools and instruments, EtherDrops becomes a simple yet essential bot that notifies you about anything you want, or alerts you to certain conditions. Thousands of investors, traders, and holders use it to navigate their crypto journeys.

The bot already has more than 400,000 users on board and keeps growing steadily. With the product sending over 5,000,000 notifications daily, it’s no surprise that each day they welcome hundreds of new users onboard.

EtherDrops Features

Major features of EtherDrops include:
- Price tracking;
- Wallet tracking;
- Liquidity pools;
- OpenSea integration;
- Gas price notifications;
- Integration with Telegram groups and channels; and
- Token distribution alerts.
Price Tracking

Tracking the prices of various cryptocurrencies is a basic need for long-term investors or traders. Add coins by name, ticker or contract address. Apply your personalized settings to receive instant notifications about price changes and swaps.
- Price Change Notifications – Set % Price Change to generate an alert.
- Swap Alerts – Set $ Value to track Swaps on Uniswap, Sushiswap, Balancer and other supported DEXs.
Wallet Tracking

Add a wallet by its address to monitor incoming and outgoing transactions, airdrops, NFT transactions, and created contracts.
- Transaction Notifications – Choose between different event types and set $ alerts to be notified about transactions.
- Wallet Balance – Check Balances of assets and NFTs.
Liquidity Pools

Add a liquidity pool by its contract address and receive % pool changes should it increase or decrease within the specified range.
- LP Changes – Set the % change value to stay on top of your added pool.
OpenSea Integration

Track the floor price and metrics of NFTs and arts on the Ethereum network. To follow your collection, add it by the name or address and set a % price change or generate a $ price target.

Gas Price Notifications

At times ETH gas prices can be really high and leave you with an eye-watering bill in fees to pay if you make a transaction. Set gas price notifications and save yourself a fortune!
- Set Gas Alerts – Set Gwei amount to generate an alert. As soon as it hits the target or lower, you’ll be immediately notified.
Check out our Advanced Tips and Tricks to Save on Ethereum Gas Fees:

Integration with Groups & Channels

If you are an admin or a community manager of a project using Telegram, or you run a trading group, your channel could benefit from integration with the EtherDrops bot.
- All Bot Features in your Groups and Channels – The same alerts and notifications you set in your individual account can be applied to groups and channels.
Token Distribution Alerts

Token distributions often create market price pressure and increase capitalization. Be the first to obtain such info and assess market conditions to make a play in your favor (if you use Margin or Futures trading).
- Token Distribution – Receive distribution alerts from seed, private and other events for tokens that you’ve added to monitoring.
Tutorial: How to use EtherDrops

1. How to install EtherDrops bot

To install EtherDrops, simply follow this link to open the bot in Telegram. It will automatically link the bot to your account. Here is an official list of the available EtherDrops install links. If you experience any delays with bot updates, you can switch to any other official link.

2. How to add a wallet

In the Main Menu, select “+Add wallet”. Tick ✅ which networks you wish to add to monitoring for your wallet and press ✔ Done (for example ETH and Polygon). Then type in your wallet address and name it. You’ll now be immediately notified whenever there are any transactions happening within the wallet, including NFT activity, in/out transactions, airdrops, etc.

3. How to edit wallets

In the Main Menu, select “Edit Wallets”. Choose the wallet you wish to edit. The menu with available options will open up. You can Delete, Rename, make it your Favourite (if ON, notifications with this wallet will be illuminated for better visibility), follow only IN, OUT or ALL transactions, check Balances, add/remove Networks for this wallet, set Alert Transactions filter (you’ll only be notified about transactions that are bigger than the specified threshold).

4. How to add a liquidity pool

In the Main Menu, select “+Add pool”. Choose the network. Next, enter the address of the liquidity pool. Enter the % liquidity change to create a notification. When the liquidity of a pool changes within your specified range, you’ll be instantly notified.

5. How to edit liquidity pools

In the Main Menu, proceed to “Edit pools”. Choose the liquidity pool to add additional settings. You can Delete, Rename, turn your Notifications ON or OFF for this specific pool, or change the % notification alert.

6. How to add a new coin

In the Main Menu, select “+Add coin”. Next, enter the contract address, symbol, or name of the coin. Choose the coin from the list and select network (ETH, BSC, ERC-20, Polygon, or CEX). Finally, enter the % price change and $ value for swaps (in case the coin is traded on a DEX) to create a notification. Now you are following this coin. Whenever there is a swap or price change within the range you specified, you’ll receive an instant notification.

7. How to edit coins

In the Main Menu, proceed to “Edit coins”. Choose the coin. You can Delete, turn your Notifications ON or OFF for this specific coin, change Price Denomination (in USD, BNB, ETH, BTC), change the price % notification alert, create a price alert (if a coin is x USD, you’ll receive a notification), or change swap alerts.

8. How to add an NFT

In the Main Menu, select “+Add NFT”. Enter the contract address or name of the NFT. Select the right one and type in the % price change alert to receive notifications.

9. How to edit NFTs

In the Main Menu, select “Edit NFT”. Choose the NFT. You can Delete, change % alert or price, set a new price alert, or turn notifications ON/OFF.

10. How to set gas price alerts

In the Main Menu, select “Set gas alert”. Type in the desired fast gas price to create an alert.

Conclusion

EtherDrops is a simple yet comprehensive one-stop tool for all your crypto tracking needs and continues to add new networks, coins, and exchanges as the market expands so you’ll never be short of what you need. It just takes one click and a few easy-to-follow steps within Telegram to get set up, and that short initial setup time proves to be well worth it.

For a comprehensive tutorial on the more advanced features of EtherDrops such as quick shortcuts, special commands, managing profiles, how to set up the bot for groups and channels, and subscription options, read to the end of this quide. If TL;DR you can also watch a video tutorial here.

Follow DropsTab / EtherDrops for more information:

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July 26, 2022
Fantom: A Fast and Flexible Next-Generation Blockchain
Fantom (FTM) is a smart contract-enabled blockchain that provides a robust environment for dApp (decentralized application) development.

Using advanced Directed Acyclic Graph (DAG) technology, this project aims to provide near-infinite scalability and instant transactions at nearly zero cost. They are also working on a high-performance virtual machine with safe, secure smart contract execution.

Check out our explainer video on Fantom (FTM) will it be the next hotbed for DeFi?

Fantom (FTM) explained: Will it be the next hotbed for DeFi?

The Blockchain Trilemma: What is it?

blockchain trilemma

The blockchain trilemma is a concept coined by Vitalik Buterin that proposes a set of three main issues that developers encounter when building blockchains. More often than not, creators are forced to sacrifice one aspect for the sake of the other two.
- Decentralization – creating a blockchain system that does not rely on a central point of control
- Scalability – the ability for a blockchain system to handle an increasingly growing amount of transactions
- Security – the ability of the blockchain system to operate as expected, defend itself from attacks, bugs, and other unforeseen issues
For some in the industry, achieving all three aspects is an impossible feat that will never be done, at least in the near future.

Fantom is designed to overcome these limitations of old-generation blockchain platforms by providing a steady balance of scalability, security, and decentralization.

Fantom Overview

Fantom operates atop a bespoke “leaderless” PoS consensus mechanism dubbed Lachesis that secures the Fantom network and ensures both transactional speed and security. Lachesis is an aBFT consensus mechanism, which means that network data can be processed at different times, and the network can tolerate up to one third of participants engaging in faulty or malicious behavior without causing undue harm to network processes.

Lachesis also boasts near-instant finality. This means that transactions are confirmed and finalized in an average of one second, without the need to wait for laborious block confirmation as experienced in Proof-of-Work (PoW) networks. By avoiding the relatively lengthy block confirmation process, this aBFT system is much faster and more scalable than many of its Byzantine Fault Tolerant (BFT) counterparts.

The Fantom Foundation has turned its focus towards decentralized finance (DeFi) use cases with the help of Yearn Finance founder Andre Cronje, who serves as a technical advisor to Fantom. Andre has advised and helped promote Fantom’s multi-chain efforts, such as the launch of Fantom’s bridge to Ethereum.

As an ultra-high speed and high-performance platform, Fantom believes it can become the IT infrastructure backbone for the emerging smart cities. With a goal of executing 300,000 transactions per second, and the ability to communicate across multiple service providers, Fantom believes it is the solution to storing vast amounts of data securely.

It hopes to achieve this by being accessible to stakeholders for smart city data-driven smart contracts and dApp adoption. The Fantom team envisions the platform being used across a wide variety of sectors, including public utilities, smart home systems, healthcare, education, traffic management, resource management, and environmental sustainability projects.

Fantom Technology

Fantom features two core technologies:
1. Lachesis protocol – the core consensus layer
2. Opera – an application development layer
Lachesis uses a Directed Acyclic Graph (DAG) based algorithm to achieve asynchronous Byzantine fault tolerance (aBFT). Lachesis has four key qualities:
- Asynchronous: Participants have the freedom to process commands at different times
- Leaderless: No participant plays a “special” role in block production
- Byzantine Fault-Tolerant: Supports one-third of faulty nodes
- Near-Instant Finality: Transactions are confirmed in 1-2 seconds.
Fantom has implemented Lachesis as a consensus layer that can extend to additional layers within the system.

Byzantine Fault Tolerance

Opera is a permissionless and open-source environment for development. It boasts the full range of smart contract capability that Ethereum has due to its support of the Solidity programming language and integration with the Ethereum Virtual Machine (EVM). Applications built on Fantom can be designed to be interoperable with platforms built on Ethereum, while still maintaining the transactional efficiency of the Fantom network.

A proprietary software development kit (SDK) known as the Fantom Virtual Machine will eventually be released for native Fantom-based development alongside continued support for the EVM — a strategy meant to entice Ethereum-based dApp developers to make an easy transition over to building applications on Fantom.

Fantom DeFi and FTM Token

Fantom promises to be the all-in-one DeFi (decentralized finance) suite for users. Fantom’s EVM-compatible blockchain gives users the ability to mint, trade, lend and borrow digital assets directly from their wallets. And all of this comes with near zero fees and instant transactions, making DeFi ideal on Fantom.

Fantom currently supports the following:
- Liquid staking – using staked FTM tokens as collateral for DeFi applications. All FTM delegations are liquid within the Fantom ecosystem.
- fMint – users can mint dozens of synthetic assets on Fantom, including cryptocurrencies, national currencies, and commodities.
- fLend – lending and borrowing digital assets to trade and to earn interests without losing exposure to held FTM.
- fTrade – trading Fantom-based digital assets without leaving the wallet. This makes for a fully non-custodial and decentralized AMM exchange.
What is the FTM token?

FTM is the primary token on the Fantom network. FTM tokens and sFTM tokens can be used as collateral to mint fUSD, which can then be used to trade and swap for synthetic tokens and fiat, and much more. All of this is accomplished through the progressive web app Fantom fWallet, where users can store, send, receive, and stake FTM tokens.

Fantom partnerships

Fantom is working together with Chainlink to build secure and scalable DeFi products like decentralized stablecoins, lending protocols, and synthetic assets. All developers building on Fantom can access Chainlink’s oracle infrastructure. The integration enables the whole Fantom ecosystem to combine tamper-proof real-time data for on-chain and off-chain assets from trusted sources.

Travala, a blockchain-based travel booking platform, is leveraging Fantom to help users book over 3,000,000 travel products worldwide, including hotels, homes, flights, tours, and activities. This will be a huge boost to Fantom’s adoption.

SuperFarm, a growing NFT ecosystem, simplifies the process for builders on projects like Fantom to set up NFT farms and expand use cases for their tokens. In addition to launching exclusive NFT drops for Fantom users, SuperFarm offers Fantom builders new ways to engage their communities. By setting up NFT farms via the SuperFarm platform’s intuitive and simple interface, builders can incentivize community members to stake their tokens, earn rewards, and interact with each other.

DABS is Afghanistan’s national and fastest-growing electricity company. It manages electricity production, import, transmission, and distribution across the country. Fantom has signed an MoU with DABS where they have agreed to cooperate on the digitalization and implementation of advanced audit software within DABS’s operations. This a huge partnership to support smart energy in Afghanistan, which can help more adoption & validation of the Fantom platform.

Fantom has secured many partnerships and integrations in its quest to become the “nervous system for smart cities.”

More details about these partnerships can be found on their official website: https://fantom.foundation/partners/

Conclusion

Fantom’s approach to the DeFi and dApp landscape is innovative — as is its staking reward program structure. Further proposed use cases for Fantom’s highly scalable smart contract platform are dApps related to supply chain management, payments, and smart city programs, some of which are already being piloted around the world.

As the first of its kind with its complex and unique infrastructure, Fantom’s approach to fast, scalable dApp development is still establishing its place in the wider blockchain ecosystem. Although there is already much competition in the burgeoning dApp sector, the speed and benefits that Fantom offers dApp developers are notable, and the platform is poised to gain further traction.

FAQ

What is Fantom?
Fantom is a smart contract-enabled blockchain that provides a robust environment for dApp development.

What does Fantom do?
The Fantom network architecture intends to provide a viable solution to the blockchain trilemma by providing a steady balance of scalability, security, and decentralization.

How does Fantom work?
Fantom’s fast, scalable platform for decentralized applications (dApps) draws its speed from a unique consensus mechanism called Lachesis. Fantom also offers tools that make it easy to integrate existing dApps, a nuanced system of staking rewards, and a suite of built-in decentralized finance (DeFi) tools.

What is Lachesis?
Fantom is a Layer-1 blockchain that uses a single consensus layer to support the creation of multiple execution chains. The network’s independent consensus layer called Lachesis, featuring a novel consensus mechanism developed by the Fantom Foundation dubbed the “Lachesis Protocol.” Lachesis can provide security to multiple other layers, the first of which is Fantom’s EVM-compatible smart contract chain called Opera.

Has Fantom been adopted?
Yes. Fantom is an ambitious project that has already partnered with numerous blockchain projects, as well as governments and enterprises.

Sources:

https://medium.com/certik/the-blockchain-trilemma-decentralized-scalable-and-secure-e9d8c41a87b3 https://fantom.foundation/lachesis-consensus-algorithm/ https://fantom.foundation/what-is-fantom-opera/ https://www.gemini.com/cryptopedia/fantom-wallet-fantom-crypto-ftm-token https://messari.io/asset/fantom/profile/technology https://medium.com/geekculture/what-is-fantom-ftm-token-why-it-is-the-potential-hidden-gem-67be22a51254
https://www.coinbureau.com/review/fantom-ftm/ https://fantom.foundation/partners/?__cf_chl_jschl_tk__=pmd_qs_MOAP6cGW1uLpLEUYyT98dB0iKkE4DXjCrhQSs3Ps-1632701162-0-gqNtZGzNAdCjcnBszQo9
October 9, 2021