HOW TO CREATE A FANTOM WALLET TO ACCESS FANTOM’S DEFI
Here is my brief breakdown of how to create an address on Fantom PWA Wallet to access decentralized applications on this blockchain.
Introduction to Fantom’s DeFi
Fantom is a smart contract platform that is based on Direct Acyclic Graph (DAG) model which aims to be a platform with outstanding speed, scalability, and security. According to CryptoDiffer, Fantom is among the 15 promising competitors of Ethereum whose market caps are still less than $100 million. If you want to know more about Fantom, please check my article ‘FANTOM: HAS THE LORD OF THE BLOCK AWOKEN?’ here.
DeFi is an abbreviation of the term ‘Decentralized Finance’. It refers to all the finance services (applications) that can be processed automatically without the dependence on intermediaries like banks. In DeFi, users can interact with digital assets the same way they do with fiat in traditional finance (lend, borrow, save, etc.). One of the biggest advantages of DeFi is that users pay less for the services but they get very high returns.
DeFi on Fantom would be one of the best syndicates. While users enjoy low transaction fees and time, high security, and robust applications, developers can employ their products more efficiently and receive satisfaction from their customers.
HOW TO ACCESS DEFI ON FANTOM
It is super simple to join DeFi on Fantom blockchain. The first step is to create a PWA wallet on either PC or mobile devices. Ledger cold wallet will be available in the future.
Please go to this website: https://pwawallet.fantom.network/#/ and you will see three buttons. They are respectively Create Wallet, Restore Wallet, and Ledger (Coming). If you are a new user, click Create Wallet. There would be four steps to complete.
Step 1. Create a keystore file and password
In this step, set yourself an effective password that can help you protect your assets. It should be a long non-sense phrase containing numbers, symbols, uppercase, lowercase but not your personal information. Enter it in both ‘Set a password’ and ‘Re-enter password’ boxes. Being different from the normal accounts we usually use, a PWA Wallet requires both a password and a keystore file to identify the address of a user on Fantom blockchain. After you tick on the box next to the line ‘I understand that I will need both the keystore file and the password to access my wallet. Once I have downloaded the file below, I will safely store it as well as the password’, and click the ‘Download keystore file and continue’ button, this file will be automatically downloaded to your device, which should be stored very carefully.
Step 2. Save your mnemonic phrase
The wallet will generate 24 random word phrases and one private key for you so you can recover your address when losing your password and keystore file. While the phrase is shown up right on the screen, the private key appears once users click the ‘View private key’ button. It is ultimately essential to write down all of these and keep them in a safe place in order to recover access to your digital assets. Next, click ‘I wrote down my recover key’ to proceed to the next step!
Step 3. Seed phrase verification
To test whether you wrote down your recovery codes or not, the wallet will ask you to write them down in the exact order. Fill the blanks one by one and click ‘Verify’ once you are done.
Step 4. Access your wallet
Lastly, click ‘Access your wallet!’
Congratulations! You now have a powerful tool to access the DeFi applications on Fantom blockchain!
Let’s access Fantom’s DeFi Apps
Being compared to Ethereum, Fantom blockchain is still in its early stage of development. Its community is still expanding in number but it will take some time for the developers to explore the potentials offered to its products. That is the reason why the DeFi apps I am introducing in this article are the applications of Fantom Foundation itself (which can be found here: https://fantom.foundation/defi/).
CONCLUSION
I hope that my article could help you access your Fantom address more easily so that you can explore all the wonderful DeFi applications of a potential blockchain. In the near future, it is expected that many more interesting things will happen on Fantom and let’s wait for them to be deployed!
