Fantom is a distributed technology stack that is building a directed acyclic graph (DAG) based platform. It is highly scalable with speed, security, and scalability, and could in the near futures be used to power smart cities.

In addition, as Fantom is an Ethereum Virtual machine, (EVM) many ETH dApps can be redeployed onto Fantom’s ecosystem with little to no change.

(Also Read: What Is Fantom? Here’s All You Need To Know About $FTM Before Investing In It)

Let’s take a look at some basic yield farming opportunities in this ecosystem. 

Setting up your wallet

If you haven’t already, you need to set up a hot wallet.

A recommended FTM compatible wallet would be MetaMask. In addition, you also need to set up the RPC network if you haven’t already. There are the following settings that you can use:

Network Name: Fantom Opera 

New RPC URL: https://rpc.ftm.tools/

ChainID : 250 

The rest is optional but can be inputted should you wish to. 

Bridging tokens to MetaMask (if applicable) 

Once MetaMask is set up, you need to either send native Fantom tokens over, or bridge them over via other chains such as Arbitrum. Popular platforms include xPollinate, Anyswap, MultiChain, Synapse, cBridge. A full guide can be found here.

Yield farms on Fantom

There are many yield farms in the diverse Fantom ecosystem, including farming, staking, lending and borrowing protocols, and many more.

This list is not limited to the mentioned and before entering any protocol, it is a must to Do Your Own Research (DYOR).

Geist Finance ($GEIST)

Geist Finance is a decentralised non-governed liquidity market where buyers and borrowers and lend and borrow their synthetic assets. Geist Finance is backed by many key players and even the co-founder of the Fantom Foundation.

It currently offers borrowing/lending for the following assets: FTM, USDT, DAI, USDC, ETH, LINK, WBTC, CRV, MIM. Geist Finance also has a similar function as Ellipsis Finance where all rewards are vested for 3 months and can be withdrawn with a 50% penalty.

• TVL: (10/1/2022) $1.326 billion 
• Risk: Low 
• Audit Status: Audited twice, more info on findings can be found here

Official fWallet (no native coin) 

fWallet is the official place to stake Fantom and is designed by the Fantom Foundation. This is great from beginners but is limited in functionality and farming.

Most users single stake here or borrow synthetic assets by using wFTM as collateral. Not that interestingly it is not possible to get liquidated, but you will be unable to withdraw your assets if your C-Ratio is too low. 

• TVL: None as it is technically not a protocol
• Risk: Close to none
• Audit Status: Audited 

SpookySwap ($BOO) 

SpookySwap is known as the first native farm and exchange on Fantom. It is also known as an all in one decentralized exchange for leveraging diversified funds across ecosystems. SpookySwap has the functions of swapping, providing liquidity, farming, staking $BOO, bridging and many more. 

The current most popular farms are USDC/FTM 62.55%, FTM/DAI 53.68%, and fUSDT/FTM 63.56%. They have many other farms which are noteworthy. In addition, they have many other farms available. The most popular are the stable coin pools, with attractive high yields and little to no impermanent loss.  

A unique feature is that they have a BugBounty Program. The BugBounty Program is initiated to reward white-hat hackers for finding possible exploits. Users can win up to $500,000 USD. 

• TVL: (10/1/2022) $1.209 Billion
• Risk: Low
• Audit Status: Audited by CERTIK

Beethoven X ($BEETS) 

Beethoven X is a fork of Balancer V2 and it aims to allow users to swap as well as farm and stake. Its popular pools are The Fidelio Duetto and Fantom of the Opera.

They are pairing of BEETS/FTM and FTM/USDC with farming rates of 144% APR and 74.18% APR respectively. They also have a multichain bridge for ETH/AVAC/BSC/MATIC. 

• TVL: (10/1/2022) $150 Million
• Risk: High
• Audit Status: No audit, but uses Balancer V2 contracts verbatim, which have completed several full audits and have a comprehensive BugBounty program. 

Curve ($CRV) 

Curve is a decentralised exchange liquidity pool designed for efficient and effective stablecoin trading. It is well known across the cryptocurrency industry. It was initially designed on Ethereum but has ranged to support a variety of platforms. Its downside is that it does not exactly have the highest offered APY%.

• TVL: (10/1/2022) $22.969 Billion Across all supported networks
• Risk: Close to None
• Audit Status: Audited

Beefy Finance ($BIFI)

Beefy Finance is a multi-chain yield optimizer on the networks of BSC/MATIC/AVAX/ONE/FTM and many more. It is hard to find an annual %equal or higher than this platform.

In addition, by applying auto compounding and farming optimization strategies, it effectively offers more annual % as well as ROI. 

In a nutshell, it takes in your LP tokens and periodically sells the rewards for you. 

• TVL: (10/1/2022) $440.78 Million 
• Risk: Medium
• Audit Status: Audited

Tarot ($TAROT) 

Tarot is a decentralized leveraged lending protocol for liquidity providers to leverage their LP tokens to earn enhanced yield farming rewards. Tarot is not recommended for beginners due to the possibility of getting liquidated. 

The yields on Tarot are very attractive, with a stablecoin LP pairing being able to reach 168% with leverage. For users with a higher risk appetite, they can participate in the FTM/TSHARE leveraged pool with an APR of 549%. Users can also participate as lenders or borrowers in their isolated lending pools. 

• TVL: (10/1/2022) $160.94 Million 
• Risk: Medium
• Audit Status: Audited

Grim Finance ($REAPER)

Grim Finance is another lending protocol that was quite popular initially. Despite being audited however, hackers exploited $30 million from Grim Finance, making it a red flag for many humble farmers. 

• TVL: (10/1/2022) $18.41 Million 
• Risk: Very High
• Audit Status: Audited but hacked

SpiritSwap ($SPIRIT)

SpiritSwap is a protocol that adds incentive for Fantom network participants by introducing revenue sharing through the AMM model. They offer trading, farming, staking, and more functions to come.  Their current most popular pool is the stablecoin pool with a yield of 70% APR.

• TVL: (10/1/2022) $262 Million 
• Risk: Medium
• Audit Status: Audited 

Tomb Finance ($TOMB) 

Tomb Finance is quite well known and heavily supported by the infamous Harry Yeh. They have 3 unique currencies of TOMB, TSHARE, and TBOND. The interesting thing part is that TOMB is pegged to FTM in a 1:1 ratio. This means that it may occasionally have trouble catching up with FTM pegging. 

In addition, TOMB, can be exchanged for TBOND. TBOND however is a locked asset and only can be redeemed above the peg. TSHARE is meant to be equal to one YFI, as claimed by Harry Yeh. Currently, its ATH price is $22,000. It is strongly advised to view the documentation of Tomb Finance before investing to understand this concept.

• TVL: (10/1/2022) $262 Million 
• Risk: Low/Medium
• Audit Status: Audited 

Closing thoughts 

There are a variety of strategies and farms available in the FTM ecosystem not just limited to this list. Sometimes, it is effective to borrow funds from one protocol and stake them in another. It is always great to check a few things in a protocol before investing into it, and this includes: 

• Whether it is audited
• Whether it has been hacked before
• Its backers 
• TVL

Another great tip is that generally protocols with a higher TVL are safer.

This is because whales are inside the protocol which indicates that their in-house auditor has fact checked the code. Always do your own research before participating in any DeFi ecosystem. 

Featured Image Credit: Chain Debrief

Also Read: What Is Fantom? Here’s All You Need To Know About $FTM Before Investing In It