Spherium

People are getting more interested in learning about Decentralized Finance (DeFi) even in the midst of a bear market. But, the Ethereum network, which is home to most of the liquidity in DeFi, is currently facing several issues.The Ethereum foundation, however, is looking to address some of these issues with the ongoing <a href="https://ethereum.org/en/upgrades/merge/" rel="noopener noreferrer nofollow">Ethereum merge</a>. Still, there are a lot of concerns.Even when the anticipated upgrades eventually roll out, users will still have trouble setting transaction fees and gas limits for transactions. Additionally, UX issues exist on other blockchains using EVM protocols, including Binance Smart Chain and Polygon, in addition to Ethereum.<a href="https://fantom.foundation/" rel="noopener noreferrer nofollow">Fantom</a> is a <a href="https://academy.binance.com/en/articles/what-is-layer-1-in-blockchain" rel="noopener noreferrer nofollow">layer-1 blockchain</a> that aims to provide users with an alternative to Ethereum&#39;s high costs and slow speeds with EVM compatibility and secure smart contracts. The Fantom mainnet was launched in December 2019. However, with its fast and cheap blockchain, it was able to support its own decentralized finance (DeFi) industry by 2021.For several years, the scalability and transaction fees of Ethereum have been a source of concern. However, there is still no clear indication of what will result from the Merge.As part of Spherium Finance, we are always seeking collaborations capable of addressing the scalability and high transaction cost challenges prevalent in the current DeFi market.Due to this, we are excited to announce today that Fantom, a highly scalable blockchain network, will be incorporated into our <a href="https://coinmarketcap.com/community/articles/27908" rel="noopener noreferrer nofollow">HyperBridge</a>, following the <a href="https://coinmarketcap.com/community/articles/35848" rel="noopener noreferrer nofollow">integration of OKX</a> a few days ago.In addition, Fantom takes the problem head-on, delivering dramatic improvements to the current system using its high-speed consensus mechanism, <a href="https://fantom.foundation/intro-to-fantom/" rel="noopener noreferrer nofollow">Lachesis</a>. Lachesis allows digital assets to operate at unprecedented speed and provides dramatic improvements over the existing systems.<h2 id="header-0">Enhancing HyperBridge With Innovative DeFi Solutions</h2>With Hypergbridge, we have a vision of bringing together all the protocols that make the current DeFi network more robust with their innovative solutions. Through HyperBridge, we&#39;re bridging the gap between blockchains and DeFi protocols.We wish to extend our cross-chain narrative with Fantom&#39;s recent inclusion in our HyperBridge, to bring you the next evolution in DeFi. Fantom uses a directed acyclic graph (DAG), where blockchain transaction histories are displayed as a hashgraph - a graph of blockchain “hashes.” This is similar to how Hedera Hashgraph works.As for Fantom&#39;s &#34;leaderless&#34; consensus mechanism, Lachesis is yet another innovation. It is similar to the proof of stake but is asynchronous byzantine fault tolerant. As a result, it can operate without a hitch, even when a third of transaction data is fraudulent.In addition, Fantom is compatible with the Ethereum virtual machine (EVM), unlike Solana. It makes it easy to port decentralized applications built on Ethereum straight to Fantom.On the number front, Fantom (FTM) can handle up to <a href="https://www.newsbtc.com/news/company/fantom-ftm-becomes-the-fastest-blockchain-with-less-than-one-second-transactions/" rel="noopener noreferrer nofollow">10000 transactions per second</a> with relative ease. In addition, Fantom wallet transfers cost <a href="https://fantom.foundation/blog/understanding-fantom-transaction-fees/#:~:text&#61;For%20a%20simple%20transaction%20sending,Ethereum%20network%20would%20cost%20%241.04." rel="noopener noreferrer nofollow">0.000061 FTM</a>, which at the time of writing is $0.00001614.For this reason, we are delighted to welcome Fantom to our HyperBridge.By utilizing our cross-chain bridge, also known as HyperBridge, you can transfer tokens, assets, smart contract instructions, or data between chains compatible with EVM or not. Although two blockchains have different protocols, rules, and governance models, HyperBridge connects them securely.Our  HyperBridge will enable users to do the following:<ul><li>Quickly and easily deploy digital asset transactions;</li><li>Take advantage of low operational difficulty;</li><li>Benefit from lower transfer fees on non-scalable blockchains.</li><li>Implement dApps on a variety of platforms.</li></ul>It has always been essential to have an interoperable financial system long before cryptocurrency existed. However, as blockchain technology becomes more popular, solutions like cross-chain bridges are a significant step forward.Using HyperBridge, we aim to facilitate comprehensive interoperability and integration of blockchain applications for communities, investors, and project owners.<h2 id="header-1">About Fantom:</h2>Fantom is a layer-1 blockchain aiming to provide an alternative to the high costs and low speeds about which users of Ethereum often complain. Fantom runs on a directed acyclic graph blockchain, similar to Hedera Hashgraph.With Fantom&#39;s blockchain nodes, transactions can be validated independently (the &#34;asynchronous&#34; in aBFT) without being queued. While transactions on Ethereum and Bitcoin can take several minutes to clear, Fantom transactions should take only two seconds.Fantom, unlike Solana, is compatible with the Ethereum virtual machine (EVM). This makes it simple to migrate Ethereum-based decentralized applications to Fantom. (Avalanche, Binance Smart Chain (BSC), and Polygon are EVM compatible as well.)Learn more about Fantom:<a href="https://fantom.foundation/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/FantomFDN" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://discord.com/invite/zS4Ek4WByA/" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://t.me/Fantom_English" rel="noopener noreferrer nofollow">Telegram</a><h2 id="header-2">About Spherium Finance:</h2>Spherium Finance is empowering the cross-chain community by developing a suite of DeFi applications that will be fully cross-chain compatible, including a Bridge, Universal Wallet, Token Swap platform, Money Markets, Staking services, Lending/Borrowing protocol, and inter-blockchain liquidity transfer.Spherium has a diverse product portfolio to provide comprehensive DeFi services, including:HyperBridge: An interoperable multi-chain bridge that allows tokens to be quickly bridged between EVM and Non-EVM compatible blockchains.HyperSwap: A cross-chain asset swap that is decentralized and based on an automated market-making mechanism.HyperLend: A decentralized money market where investors can lend or borrow digital assets at interest rates determined by supply and demand.Hyperwallet: A secure and decentralized wallet for Spherium products and services. Spherium offers a unified platform for multi-asset, cross-chain swaps, crypto financing, and cross-chain operability.To learn more about Spherium Finance, please visit our <a href="https://spherium.finance/#/" rel="noopener noreferrer nofollow">website</a>, follow us on <a href="https://twitter.com/spheriumfinance" rel="noopener noreferrer nofollow">Twitter</a>, and join our <a href="https://t.me/spheriumcommunity" rel="noopener noreferrer nofollow">Telegram group</a>.

Spherium Expands HyperBridge Capabilities With Integration of Fantom

Table of Contents

Spherium Finance

Other articles published on Oct 4, 2022

UNISWAP PRICE ANALYSIS CMP-$6.70: Will Bulls breach the inverted head and shoulder neckline?

Moonbirds is launching DAO with $2.6 million funding in Ethereum and NFTs

What Is Polygon (MATIC)? The Ethereum Side-Chain Polygon 23.6B Matic Cap

10 Best Memecoin Gainers of 2022

Recap: CryptoMiners AMA with Shilika Jain, Partnerships & BD of CoinMarketCap.

Borrowing USDC with SAND: A Guide

Join our free newsletter for daily crypto updates!