Introduction

Fasttoken (FTN) is the official cryptocurrency powering the Fastex ecosystem, a suite of Web3 solutions revolutionizing decentralized finance. As the cornerstone of this ecosystem, FTN offers a multitude of functionalities, from powering transactions on the Bahamut blockchain to serving as a governance token within the Fastex platform. With its unique PoSA consensus mechanism and integration with various Fastex products like the Fastex Exchange and Fastex Pay, Fasttoken embodies the future of decentralized finance. This article delves into Fasttoken, exploring its role within the Fastex ecosystem, and its potential as an investment avenue, empowering users and investors alike to navigate the evolving landscape of Web3 with confidence.

What is Fasttoken?

Fasttoken (FTN) is the official cryptocurrency of the Fastex ecosystem, developed by SoftConstruct, a leading tech giant with a vast network exceeding one million active users and over 700 partners, Fasttoken comprises a variety of real-world applications.

Launched in 2022, Fasttoken’s utility extends across various Fastex offerings, including the Fastex Chain, a public blockchain, and the Fastex Exchange, a cryptocurrency exchange platform.

Fasttoken also functions as the native currency of the Bahamut blockchain, a Layer 1 solution built on the Ethereum Virtual Machine (EVM). This compatibility grants its interoperability with existing Ethereum-based tools and applications. However, what sets Fasttoken apart is its unique consensus mechanism—Proof of Stake and Activity (PoSA).

As the ecosystem continues to evolve, users and investors need to stay informed about Fasttoken’s functionalities, its role within the Fastex ecosystem, and the associated risks and opportunities while also recognizing its promising trends and expanding use cases. With this understanding, stakeholders can confidently navigate the Fasttoken ecosystem, contributing to its continued innovation and adoption.

Brief History of Fasttoken

Fasttoken’s journey began in early 2022 with the conception of the Fastex ecosystem by SoftConstruct, a leading tech company. Recognizing the growing potential of Web3, SoftConstruct aimed to develop an ecosystem that caters to the varying needs of the decentralized finance industry.

Fasttoken’s initial coin offering (ICO) in January 2023 garnered significant interest, raising $23.2 million through private and public sales. This funding fueled the development of the Fastex ecosystem and the Bahamut blockchain, paving the way for Fasttoken’s official launch.

Since its release, Fasttoken has experienced steady growth, with a strong community presence exceeding 50,000 users across various social channels.

Advantages of Fasttoken

• Strong Ecosystem Backing: Fasttoken is backed by the Fastex ecosystem, comprising a variety of web3 solutions ranging from DeFi to NFT to Virtual Reality. This diversification positions FTN as a utility token with potential for growth as the Fastex ecosystem gains traction.
• Active Development and Community: The Fastex team is committed to continuous development and fosters a thriving community. This ongoing innovation and strong community support bid generously for the future of Fasttoken.
• Unique Consensus Mechanism: The Bahamut blockchain utilizes the PoSA consensus mechanism, which aims to combine the security of PoS with the user engagement benefits of PoA. This approach has the potential to enhance the blockchain’s scalability and efficiency.
• Integration with Existing Infrastructure: The Bahamut blockchain’s EVM compatibility allows it to integrate with existing Ethereum-based tools and smart contracts seamlessly. This lowers the barrier to entry for developers and fosters innovation within the Fastex ecosystem.

Disadvantages of Fasttoken

• Market Volatility: Fasttoken, like most cryptocurrencies, is subject to market fluctuations. Various factors, such as overall market trends, news events, and investor sentiment, can impact its value. This inherent volatility poses a risk for investors.
• New Project: Compared to established DeFi platforms, Fasttoken is a relatively new project with a shorter track record. The long-term viability of the ecosystem and the token itself remains to be seen.
• Competition: The DeFi space is fiercely competitive, with established players and numerous emerging projects vying for market share. Fasttoken’s success depends on its ability to differentiate itself and offer unique value propositions that attract and retain users and developers to the Fastex ecosystem.

How Does Fasttoken Work?

Fasttoken operates within the confines of the Fastex ecosystem, drawing its utility from its integration with various Fastex offerings. Let’s delve deeper into the key pillar of the Fastex ecosystem—the Bahamut blockchain and its unique consensus mechanism.

Fasttoken and the Bahamut Blockchain

The Bahamut blockchain distinguishes itself through its unique consensus mechanism—Proof of Stake and Activity (PoSA). Fastex engineers developed this novel consensus model. Currently, Bahamut has over 4200 validators, 200,000 FTN holders, and processes 600,000 transactions.

PoSA is a variation of the Proof of Stake (PoS) consensus model that includes an additional parameter called activity. This activity is reflected in the total amount of gas used by a validator-launched smart contract, and it is used to determine the likelihood of becoming a validator in the next epoch. Here’s a deeper explanation:

• Proof-of-Stake (PoS): Similar to other PoS blockchains, Bahamut incentivizes users to stake their FTN tokens to validate transactions and secure the network. Validators who stake FTN earn rewards for contributing to the network’s security and efficiency.
• Proof-of-Activity (PoA): The PoA consensus model introduces a layer of gamification, rewarding users not only for staking but also for actively participating in the ecosystem. This can encompass using the Fastex Exchange, developing dApps on the Bahamut blockchain, or contributing to the Fastex community.

The combination of PoS and PoA in the PoSA consensus mechanism aims to achieve a balance between security, scalability, and user engagement. FTN plays a crucial role within this framework, as it’s the primary token for staking and earning rewards.

Fasttoken Ecosystem

The Fastex ecosystem is a collection of interconnected Web3 products and services designed to cater to various needs within the DeFi space. Here are some of the core components of the Fastex ecosystem:

Bahamut Blockchain

This public Layer-1 blockchain serves as the technological foundation of the Fastex ecosystem. Built on the Ethereum Virtual Machine, it ensures compatibility with existing Ethereum-based tools and smart contracts. FTN acts as the native currency of the Bahamut blockchain. It underpins transactions, gas fees, staking mechanisms, and block validation on the Bahamut network.

Fastex Exchange

Source: Fasttoken

Fastex Exchange is a user-friendly cryptocurrency exchange that caters to novice and experienced traders. It supports spot trading, allowing users to buy and sell various cryptocurrencies, margin trading (with FTN staking), and offers additional features like over-the-counter (OTC) trading for high-volume transactions.

Fastex Wallet

Fastex wallet allows users to securely store their FTN and other cryptocurrencies, interact with DeFi applications built on the Bahamut blockchain, and connect seamlessly with the Fastex Exchange for convenient trading. The Fastex Wallet prioritizes user control with private key management and emphasizes security to ensure a safe and empowering experience within the Web3 space.

Fastex Pay

Fastex Pay is a crypto payment gateway designed to bridge the gap between traditional finance and DeFi. It allows merchants worldwide to make payments using FTN and other cryptocurrencies, thus expanding FTN’s utility beyond the Fastex ecosystem.

FastexVerse

Source: Fasttoken

Currently under development, FastexVerse is a metaverse i.e a virtual reality project that leverages blockchain technology to create an immersive virtual world where users can interact and participate in a gamified economy. It plans leverage FTN as the in-game currency. Users could use FTN to purchase virtual assets, participate in the FastexVerse economy, and interact within the metaverse environment. FastexVerse envisions a virtual world where users can socialize and potentially utilize FTN for in-game purchases and activities.

ftNFT Marketplace

Source: Fasttoken

Founded in 2022, ftNFT Marketplace is an NFT platform comprising a marketplace and two phygital stores for buying, selling, and trading non-fungible tokens (NFTs). Notably, they are the first established phygital NFT stores in the crypto space. ftNFT Marketplace stands out with the unique concept of the ftNFT Drop which are blockchain-based, RNG-regulated giveaways granting all ftNFT users an equal chance to win prizes from NFTs to exclusive merch. FTN integration and cryptocurrencies such as USDT, BTC, ETH, and XRP allow users to easily pay for NFTs and associated fees within the marketplace.

Main Features of Fasttoken

FTN integrates seamlessly with various Fastex products and services. It facilitates transactions on the Fastex Exchange, empowering users to participate in Fastex’s DeFi applications, and grants access to exclusive features within the Fastex ecosystem. This range of features enhances its utility and value proposition within the Fastex ecosystem. They include:

Staking

Users can stake their FTN tokens to contribute to the security of the Bahamut blockchain and earn rewards in the form of additional FTN. This incentivizes user participation and fosters a decentralized network. Staking FTN can unlock exclusive features on the Fastex Exchange, such as access to advanced trading tools, margin trading options or participation in initial exchange offerings (IEOs) of new crypto projects launching on the platform.

Governance

FTN holders can actively participate in the development of the Fastex ecosystem. As a governance token, it empowers holders to vote on crucial decisions that shape the future of the Fastex ecosystem. This fosters a sense of community ownership and aligns the platform’s development with user needs.

Discounted Fees

Holding FTN can unlock lower trading fees on the Fastex Exchange, which incentivizes users to hold the FTN token and participate actively within the Fastex ecosystem.

Liquidity Provision

Users can deposit their FTN tokens into liquidity pools on the Fastex Exchange and earn rewards based on their trading activity. This incentive system encourages users to contribute to a healthy and liquid trading environment for all participants.

Interoperability

As an ERC-20 token, FTN can be integrated with various DeFi applications and wallets built on the Ethereum blockchain and other compatible ecosystems.

What is FTN Token?

FTN serves as the native currency of the Bahamut blockchain and the cornerstone of the Fastex ecosystem. Its utility as a native currency, governance token, and facilitator of various DeFi activities makes it an integral element of the Fastex platform. The image below shows the FTN token distribution.

Tokenomics

Source: Fasttoken

Additionally, FTN is an ERC-20 token with vast applications within the Fastex ecosystem. As the gas unit for Bahamut blockchain, FTN initiates block creation, staking, and validation mechanisms, and supports cross-chain transactions. It has a total supply of 880,000,000 and a maximum supply of 1,000,000,000 with 304,850,250 currently in circulation.

Use Cases of FTN

FTN’s utility extends across various aspects of the Fastex ecosystem, empowering users and facilitating different functionalities. Here are some prominent use cases of FTN token:

• SoftConstruct partners can make transaction with FTN rather than regular fiat currency. All users on the Fastex network also have access to FTN for gaming, payments, and other services. The SoftConstruct Crypto Reward Program provides benefits to all network participants who use or hold FTN in their daily and weekly activities.
• As the native currency of the Bahamut blockchain, FTN is used to pay for transaction fees associated with sending and receiving cryptocurrency, interacting with smart contracts, and deploying decentralized applications on the Bahamut network. This incentivizes the use of FTN token within the platform and contributes to its overall demand.
• Users can stake their FTN tokens and in return earn rewards in the form of additional FTN. This incentivizes user participation and promotes an active decentralized network.
• FTN holders have voting rights within the Fastex ecosystem. They can participate in crucial decisions such as upgrading the Bahamut blockchain, adding new features, and allocating resources.
• As the Fastex DeFi suite matures, FTN is expected to be a core element facilitating various decentralized financial activities. This may include borrowing and lending functionalities, yield farming opportunities, and participation in decentralized asset management protocols built on the Bahamut blockchain.

Is Fasttoken (FTN) a Good Investment?

Based on the information provided, Fasttoken (FTN) presents intriguing investment potential due to its deep integration within the Fastex ecosystem and the team’s robust track record. Backed by SoftConstruct, Fasttoken offers a diverse range of real-world applications, leveraging its utility across various Fastex offerings like the Bahamut blockchain and Fastex Exchange.

Additionally, its unique consensus mechanism, Proof of Stake and Activity (PoSA), aims to enhance scalability and user engagement within the ecosystem. While the ecosystem’s growth and community support are positive indicators, it’s important to acknowledge the inherent risks associated with cryptocurrency investments, including market volatility and regulatory uncertainties. Therefore, potential investors should conduct thorough research and exercise caution before considering FTN as an investment option.

How to Own FTN?

You can buy FTN from a centralized cryptocurrency exchange. For example, Gate.io offers traders the following trading pair; FTN/USDT. To own the token, simply create a Gate.io account and complete the signup process. You’ll also need to fund your spot trading account and then go through the steps to buy FTN.

Highlights

Fastex Announces Expansion in Armenia in Collaboration with Yerevan State University

Fastex and Yerevan State University have partnered to launch educational programs and support Armenia’s Web3 sector. This collaboration will focus on developing a Master’s program and crash courses on blockchain and virtual assets, with Yerevan State University providing the necessary facilities and infrastructure.

This partnership is a significant step forward in integrating blockchain education and research into Armenia’s academic curriculum.

Fastex Forges Partnership with Olympionic Foundation to Boost Sports Development in Armenia

Fastex has partnered with the Olympionic Sports Charity Foundation to support Armenian athletes. With the government’s backing, Fastex will provide up to 5 million Fasttokens (FTN) to athletes and coaches who win top positions in official Olympic, Paralympic, and non-Olympic sports championships, as well as other global and European sports events not featured in the Olympic program, along with their coaches.

This collaboration aims to improve Armenian athletes’ competitiveness and well-being while promoting Fastex’s commitment to digital finance and Armenian sportsmanship. The partnership is expected to last until 2030.

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