EXPLAINER GUIDE: How to Create a Fantom Wallet and Participate in Fantom DeFi

Fantom ($FTM) is one of the most talked about protocols today.

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Fantom ($FTM) is one of the most talked about protocols today.

It is a decentralized, permissionless, open-source smart contract platform for decentralized applications (dApps) and digital assets – one of the many blockchain networks built to provide an alternative to Ethereum.

As such, Fantom offers two benefits over Ethereum:

  • It’s fast and cheap – Transaction happens in just one second
  • Speed also results in transaction costs of only a fraction of a cent
  • Fantom is user-friendly to developers and users – It’s Ethereum compatible, so you can run Ethereum-decentralized applications (dApps) on it

Here is how to set up a Fantom Wallet which you can use to stake $FTM among others:

1. Get Started

Go to the home screen. If this is your first time creating a wallet, click on ‘Get started;

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SEE ALSO: EXPLAINER: How to Get Started in Decentralized Finance (DeFi) in 2022

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2. Enter a Password

Enter a password to encrypt your keystore file. The password must be at least 8 characters long, must contain atleast one upper-case letter, one symbol, and one number.

Click the checkbox to the left of the text “I made a backup…” after reading the text.

Click “Download keystore file”. This will download a .json keystore file to your local machine, which you can use on other devices and apps to access your wallet.

3. Write Down Your Seed Phrase

Write down your 12-word mnemonic phrase and your private key which you can find by clicking the text ‘View Your Private Key’ on the bottom right.

Write down your 12-word mnemonic phrase and your private key, which you can find by clicking the text “View Your Private Key” on the bottom right.

Click on ‘I wrote down my recovery key.’

Enter in your 12-word mnemonic phrase in the correct order.

Click ‘Verify.’

Next, click ‘Access your wallet.’

You should now see your wallet with the public key displayed on the home screen.

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RECOMMENDED READING: EXPLAINER GUIDE: How to Add the Celo Blockchain Network to Your MetaMask Wallet

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