LSTs On Fantom: Beethoven X The Hub For Liquid Staked $FTM 🩻

Liquid staking has become a cornerstone of the DeFi ecosystem, with over $40 billion in liquidity across all chains. Liquid Staking Tokens (LSTs) provide liquidity to staked assets, allowing users to earn staking rewards while maintaining liquidity. 

They offer flexibility, additional yield opportunities, enhanced security, and decentralization within the blockchain ecosystem. As one of the most popular Layer 1s, the Fantom landscape hasn't been left behind in the liquid staking race. Beethoven X is a leading LSTs provider on the Fantom network. Let's explore this innovative protocol in detail.

Beethoven X: Technology, Liquid Staking Origin, and Team 💀

Beethoven X is a decentralized investment platform on the Fantom network that leverages Balancer V2 technology to offer advanced Automated Market Maker (AMM) functionalities and innovative DeFi strategies. Beethoven X aims to be a one-stop decentralized investment platform, providing users with diverse and robust DeFi services.

Initially, Beethoven X was launched to support the well-known weighted and stable pools, aiming to offer best-in-class DeFi protocols and novel decentralized investment strategies. Over time, the platform has evolved, incorporating Liquid Staking Tokens LSTs like sFTMx, which provide liquidity to staked assets while allowing users to earn staking rewards.

Beethoven X’s entry into liquid staking is one interesting story of awesome collaboration. On November 5, 2023, Stader governance passed a proposal to officially sunset their liquid staking products on Fantom. As the primary LST provider on Fantom, Stader’s departure marked a significant setback for the network and its dedicated community. 

However, shortly after Stader’s announcement, Beethoven X contributors initiated discussions with the Stader team to transition the management of Stader’s sFTMx deployment to the Beethoven X DAO. This proposal, BIP-61, passed successfully, marking a new chapter for LSTs on Fantom. Since then, Beethoven X has cemented its position as a liquid-staking powerhouse on Fantom. 

The Beethoven X team is composed of seasoned professionals with over 40 years of combined experience in technology and finance. Their diverse backgrounds include expertise in finance, customer experience, and blockchain technology. Committed to innovation and security, the team aims to build adaptable and robust DeFi solutions on the Fantom network.

Want To Access The Data We Use For FREE?👀

We teamed up with Footprint Analytics to provide our readers 14-days FREE access to their full suite of analytics tools📊

🚨Don’t miss out on your opportunity to upgrade your data game - Claim Your 14-Days Free🚨

How to Liquid Stake on Beethoven X💧

Here are the steps to liquid stake on Fantom using Beethoven X:

1. Navigate to Beethoven X’s sFTMx Page: Start by heading to the sFTMx page on the Beethoven X platform.

2. Select the Amount of FTM to Stake: Choose how much FTM you want to stake.

3. Stake and Confirm: Click on the Stake button and confirm the transaction in your wallet.

Once you have completed these steps, your FTM is staked through Beethoven X, and you will receive an equivalent value in sFTMx tokens. These tokens are reward-bearing, meaning their quantity remains stable, but their value appreciates daily, reflecting the Fantom network’s staking rewards.

To unstake your FTM:

1. Go to the Unstake Tab: Navigate to the Unstake tab on the Beethoven X platform.

2. Initiate Unstaking: Select the amount of sFTMx you wish to convert back to FTM and initiate the unstaking process.

Note that any FTM tokens you unstake will only be available for withdrawal after a 7-day waiting period, which aligns with the unbonding period for staking native FTM. 

As an alternative to unstaking, you can swap sFTMx for FTM using Beethoven X’s DEX on the Swap page. This allows for immediate liquidity without the need to wait for the unstaking period to complete.

Where to Use sFTMx🗺️

You can use sFTMx to add liquidity to various pairs on Beethoven X and earn rewards. Here are some pairs you can explore:

• wFTM - sFTMx

• lzUSDC - sFTMx

• USDC.e - sFTMx

• BAY - sFTMx

• mFTM - sFTMx

Note that all investments carry significant risks, which you must understand before staking.

Fantom Network By The Numbers🟦

Fantom has experienced an upward price momentum in the past few weeks. The recently launched Sonic Upgrade is poised to enhance the blockchain's scalability, speed, and storage efficiency.

The upgrade includes three main components: the Fantom Virtual Machine (FVM), Carmen database storage, and an optimized Lachesis consensus mechanism.

The FVM will dramatically increase transaction throughput, handling over 2,000 transactions per second (TPS) with near-instant finality. Carmen will reduce storage requirements by up to 90%, improving cost efficiency for validators. The optimized Lachesis mechanism will enhance transaction processing and overall network performance​.

This upgrade is expected to re-ignite development, user, and investor interest in the network. Let’s look at some of Fantom’s data.

Market Cap🔢

Fantom’s market cap has consistently remained within the $2 billion mark. Whilst the Footprint Analytics team puts in perspective how the $FTM token is performing Vs. Nasdaq 100 with context to the past 90 days.

Price and Trading Volume 🔺

Fantom’s price rallied during the release of the Sonic upgrade, and has since then retraced to a floor of around $0.6. The network continues to register huge trading volumes in the tens of millions.

Transaction Data🤑

Fantom is one of the most active blockchains, with over 150000 transactions in the past 24 hours as of the time of writing. Active users on the network average 26000.

If you enjoyed the article from our research campaign subscribe below & check out more content like this👇