Exchanges

Fantom Foundation unveils plans for native Binance-powered exchange

Fantom Binance exchange

The Fantom Foundation has today unveiled plans for a native cryptocurrency exchange for Fantom tokens fully powered by Binance Cloud.

According to marketing materials provided at the conference, the exchange will enable “better limit orders” for a number of Fantom-native assets, “deeper liquidity” and the use of ‘high-frequency trading’ (HFT) and bots for a better trading experience.

Launching in Q4 2021, the exchange is set to be powered by Binance Cloud, a Binance product that can “build your crypto business in minutes” and leverage the market-leading technology provided by the exchange.

In a follow-up tweet, the supported assets on the exchange were revealed. They include leading Fantom DEXes SpookySwap and SpiritSwap, Tomb and Abracadabra Money’s native assets MIM and Spell.

It’s assumed that the exchange will function like any standalone exchange platform but will only offer Fantom-based tokens. It’s also rumoured that the upcoming exchange may offer FIAT support for purchases.

The announcement was made by crypto investor Harry Yeh at the Fantom Developer Conference, which is currently taking place in Dubai and is also sponsored by Binance.

“We are leveraging Binance cloud and creating a cryptocurrency exchange only for $ftm based projects. This enables massive liquidity for all fantom tokens,” Yeh said at the event.

The Fantom Foundation has previously shown great support to its developers via a $314m incentive program designed to “aid protocol teams in their developments on Fantom”.

All-time highs across the board

Coinciding with the conference, Fantom has recently reached a new all-time high of $3.48 and has seen incredible market strength due to peaked interest in fast, scalable Layer-1 blockchains.

Fantom reached a new all-time high of $3.48 in the early hours of Oct 28th Source: Tradingview

The move to a new all-time high (ATH) was seemingly spurred on by the number of bullish announcements made at the conference and a new high also being reached in total value locked (TVL).

According to data from DefiLlama, Fantom now secures $5.75b in TVL across its ecosystem following a 26% increase in the past 7 days.

The Fantom Foundation also revealed that Fantom has now registered 1m unique addresses across its entire ecosystem.

Sean Dickens

An avid advocate of DeFi, Sean has been in the industry since 2017, studying the latest trends writing about cryptocurrencies. He studied Journalism and Media at Birkbeck University and now writes for Coin Rivet while being an active member of various communities in the crypto space - particularly NFTs.