Fantom’s layer-1 EVM-compatible DeFi platform has seen exponential growth this summer. In July, the platform’s TVL reached $306 million – a three-month increase of over 800%. Simone Pomposi, who runs marketing at Fantom Foundation, said that figure hit $380 million midway through August. He expects Fantom’s recent integration of Chainlink Price Feeds will take the platform to the next level by unlocking new possibilities for developers.
“We spoke to many Ethereum-based protocols that were waiting for Chainlink Price Feeds to deploy their dApps on Fantom,” he told Chainlink Today. “At the infrastructure level, Chainlink comes as the last missing piece of the puzzle for developers to have total freedom and choice of tools when building on Fantom.”
Developers have flocked to Fantom for its EVM compatibility, low fees and aBFT consensus mechanism that enables one-second transaction finality regardless of network volume. Chainlink’s time-tested, industry-leading price feeds have proven resilient against outlier events like data provider downtime, market volatility and flash crashes. Now, developers building on Fantom have access to high-quality, decentralized data alongside the platform’s high performance and cost efficiency.
Pomposi said the combination is poised to power a new wave of innovative, high-throughput DeFi applications. “Chainlink Price Feeds will allow for even more projects to deploy on Fantom and to get accurate price feeds for their applications,” he said, noting that the Chainlink integration instills heightened “trust and confidence” among Fantom’s developers and users alike.
“I really hope to see how developers can leverage Fantom and Chainlink technologies to create what hasn’t been possible until today,” Pomposi said. He expects the integration will also cultivate DeFi’s emerging cross-chain, multichain ecosystem. “Chainlink can be the connecting thread and trusted source of data for all the different networks,” he said.
Pomposi underscored the fact that DeFi is still in its early stages. However, he’s confident the stage has already been set for tomorrow’s groundbreaking applications. “Fantom and Chainlink are creating the future,” he said.