Harmony($ONE) Protocol Analysis

This is a condensed twitter thread of my full essay https://altcoinevolution.substack.com/p/harmony-one-protocol-analysis

Video version: https://youtu.be/pTjq91Qknz8

TL;DR below in 3️⃣ tweets, full🧵 in 45 tweets

a) The promise: A solution to the blockchain trilemma
https://twitter.com/harmonyprotocol/status/1512212877696016386?s=20

b) The reality: From a technical side the team are delivering, however they are a bit behind when it comes to attracting usage and the level of funding compared to other L1s.

c) The rub: For Harmony to outgrow the shadow of other chains it's bets on DAOs being the future will need to show fruit through strong growth across a range of measures e.g. TVL, Active Users, Daily Volume and Community.

So are we seeing this? Let's find out...

To keep things consistent I always use the following framework adapted from @a16z's economic flywheels for crypto

We look at each part individually to create a picture of the whole flywheel and how fast it is spinning...

01/45 Part 1: Origin and Protocol 

@harmonyprotocol came from a question that the @stse asked: 

Q: What is the biggest market opportunity now? Which product can capture the most value in the market right away?

A: platform infrastructure to power the decentralised economy

02/45 He saw that the internet had empowered millions of people, the mobile revolution hundreds of millions and that Web3 could impact 10 billion people in the future.

03/45 Vision: Harmony's vision is to provide scaling infrastructure to DAOs, DeFi and NFTs.

In 2022 it's focus is: https://twitter.com/harmonyprotocol/status/1509289594432409603?s=20


04/45 Protocol: Harmony runs a Practical Byzantine Fault Tolerance (PBFT) and combines this with a novel Effective Proof-of-Stake (EPoS) mechanism to provide fast time to finality (<2s), low costs and scalability.


05/45 There are a couple of key advantages of their approach you need to understand:

Random sharding both reduces latency and eases congestion but there are some security implications generally...

Read more here: https://medium.com/the-5th-p/what-is-sharding-223cc5d3ef6f

06/45 Cleverly Harmony’s EPoS is engineered so that block rewards are based on the median staked by all validators 

This discourages an over-concentration of tokens with any node, increasing decentralization & preventing single-shard attack

Read more: https://messari.io/article/at-one-with-harmony

07/45 Part 2: Investment, Tokenomics and Validators 

According to @MessariCrypto, Harmony had three funding rounds; seed $18m, node $5.5m and IEO $5m.

The investors are Lemniscap, Continue Capital and Hayek in amongst others at seed and binance and HashKey in later rounds.

08/45 The return on investment for the rounds ranges from 1461% to 5007%... Not bad..

09/45 Harmony is very open with the initial supply distribution, the token allocation.  

Insiders hold 65.7% of the tokens when the chain was launched.

Using the below data this seems in line with a lot of the Alt-L1s.

https://twitter.com/MessariCrypto/status/1394298624906047491?s=20

10/45 Tokenomics (Supply): Looking at the composition of the supply as of today vs in 4 years time we can see that we still have a large amount of staking rewards to be released (~2.2m $ONE), as well as around 1m for the ecosystem development and a smaller amount for the team.

11/45 What else could effect the supply? Well back in 2020 Harmony performed a burn of some 319M $ONE. 

We could see this happen again potentially, although afaik it was a one off to offset some early mining. https://twitter.com/harmonyprotocol/status/1265793826251108353?s=20

12/45 Tokenomics (Demand): The team points to issues with Bitcoin’s economic model where it is unclear how participants will get paid in the long run.

They modelled their issuance rate to settle at 3%/yr by adjusting for burn.

Other uses via dApps, storage fees and governance.

13/45 Validator Statistics: To participate in Harmony as a validator you will need 10,000 ONE tokens, for delegators that drops to 1,000.

This is low compared to some other chains and as such Harmony has a good amount of validators for a relatively small chain sitting at 161.

14/45 Harmony employs slashing, but doesn’t penalise stakers for downtime like other PoS blockchains.

All of this has led to a participation rate of 45.22% (up 16% in the last 90d) according to @stakingrewards and a total of 107,359 wallets staking.
https://www.stakingrewards.com/earn/harmony/

15/45 Harmony is engineered from the ground up to be decentralised. 

However it has a relatively low Nakamoto coefficient; 5 to reach 33% and 11 to reach 21% control... 

But thanks to EPOS, the protocol is protected due to the random allocation of block validators… Clever.

16/45 Checking in with our framework we can fill in the first half of the flywheel...

Now for the second half...

17/45 Part 3: Developers...

There is a lot of support from Harmony for developers working in the ecosystem. A recent example of which is their launch of Zero-Knowledge university with the aim upskilling 1,000 developers by 2024: https://twitter.com/harmonyprotocol/status/1509234394057256960?s=20

18/45 Electric Capital Developer Report (2021) https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d shows Harmony is growing fast in the number of developers, with 4x as many as in 2020. 

Also it is one of the fastest growing developer ecosystems for part time devs with over 50+ developers.

19/45 Harmony have a $300m incentive program which may be on the smaller end of the funds announced. 

The money is initially going to be spent on: DAOs $50m, Bounties & Partners $30m, Ports/Launches/Investments $20m and hackathons $10m.
https://open.harmony.one/300m-on-bounties-grants-daos

If you are liking the content so far please consider subscribing to my blog which goes into much greater details, thanks! https://altcoinevolution.substack.com/p/harmony-one-protocol-analysis

20/45 There has been progress with a number of proposals getting funded so far: @tweet4jack

https://twitter.com/tweet4jack/status/1446922361387638785

21/45 If you would like to dive into any of the projects you can have a look through this thread: https://twitter.com/harmonyprotocol/status/1507023158376755200?s=20

22/45 Do I think DAOs are the future. Yes. Do I think they are easy. No.

A potentially worthwhile alternative/parallel approach would be to accelerate top hackathon teams by partnering with an incubator in the space.

23/45 This will go down the path @a16z laid out in their piece of progressively decentralising, and enables teams to experiment quickly to find product market fit then exit to the community.

Monitoring this area will prove whether I am wrong or right on this.

24/45 Part 4: Usage

Harmony recently hit 1.1m wallets And an ATH of 5.4m transactions!

Comparing these numbers to other chains we can see that Harmony is a little behind but not by much with some of the largest chains like BNB, and Luna.

25/45 Harmony attracted a large amount of TVL in 2021 as shown by The Block’s 2022 Report https://www.theblockcrypto.com/post/127723/the-block-research-2021-digital-asset-outlook-report

Compared to other chains the have done relatively well in this regard as they are one of the leaders when we normalise for price.

26/45 One aspect of TVL will be bridged assets from Ethereum, with Messari showing Harmony's bridge usage: https://messari.io/article/at-one-with-harmony

However it still represents a small amount of the bridged assets in the market with $476,677,683 in TVL (~2.2%).

27/45 Off Chain Metrics - Socials

Harmony has a smaller community than some of the other chains (Social Volume as per LunarCrush: Eth 1.26M, Solana 158.49k, Fantom 48.72k) we have looked at but still growing.
https://lunarcrush.com/coins/one/harmony

28/45 Harmony has a rapidly growing ecosystem mapped out by @AkshayJ15572769 last year.
https://twitter.com/AkshayJ15572769/status/1478359524515844100 

29/45 Harmony also did a year in review which is worth reading https://twitter.com/harmonyprotocol/status/1512026398969323522?s=20

30/45 In terms of the number of dApps and how this compares to other ecosystems Harmony has 82 (according to harmonyuniverse.one). 

This is larger than the numbers for Solana (51) and Cardano (70) but less than similar chains Avalanche (201), Luna (160) and Fantom (144).

31/45 dApp Highlight: DeFi Kingdoms $JEWEL

I always like to do a brief stop off with a shining star project of the ecosystem at this point. This time it's @DefiKingdoms :) 

32/xx After initially launching and attracting huge amounts of interest and users DeFi Kingdoms is now at a much slower rate of growth (although +20% in a 30D time period is still big).

33/45 TVL tells a similar story having run up impressively in the initial period it has since stalled a bit hovering around the 3b ONE mark in TVL https://defillama.com/protocol/defi-kingdoms/all/ONE

34/45 The recent spike in activity is largely down to launching a bridge to an Avalanche subnet. 

Their DFK chain continues to add demand. https://twitter.com/Gojo_Crypto/status/1511399335535153153?s=20

35/45 To bridge across the team used Synapse protocol to launch. 

It instantly took off showing the huge amount of demand that sits behind this game.

https://twitter.com/SynapseProtocol/status/1509621041504522240?s=20

36/45 This interest is sure to capture the attention of other chains… which seems to be playing out nicely...

Here’s to seeing a Terra ($LUNA) integration soon 💯

https://twitter.com/stablekwon/status/1510883844341174275?s=20

37/45 Part 5: Team and Governance 

Chain debrief https://chaindebrief.com/what-is-harmony-one-crypto/ wrote a good piece in their article on the team. 

In summary:
> Experienced team with a depth of technical knowledge
> Highly transparent with regular status updates 

38/45 Governance on Harmony is available to all Harmony holders, although you must be an elected validator to propose an amendment.

Harmony has seen a 113% increase in the number of proposals in the Forums, which is a sign of the engagement.
https://twitter.com/harmonyprotocol/status/1509578123305959425?s=20

39/45 Filling everything in then we are left with out Business Model Analysis framework for L1s complete: 

40/45  🐂 Bull Case

• The protocol has been engineered cleverly

• Harmony can continue their current trajectory, outperforming bigger chains on a relative basis they will catch up.

• DAOs do become the future

41/45 ... cont.

• The announcement that @stablekwon acquired Avax via the LFG raises interesting prospects for other chains. 

With the interest already in DeFi Kingdoms, the optimist part of me says a similar announcement could be on the cards for $ONE.

42/45 🐻 case / headwinds:

•Issues cropped up with Shard 0 early this year https://twitter.com/WuBlockchain/status/1482038153636552706?s=20

• Competition for TVL: Fantom rack up a lot of TVL and then had a sell off as a key team member left. Something which isn’t reflected in the blocks research. 

43/45... cont.

• Competition for developers: Raise a bigger ecosystem fund (~$1b) in conjunction with a leading equity provider.

The team has close ties with Binance so this could be a strategic partnership. And there’s a precedent for it
https://twitter.com/OasisProtocol/status/1480913232261005319?s=20

44/45 ... cont.
• DAOs are hard right now (imo), an alternative approach would be to accelerate top hackathon teams and progressively decentralising, and enables teams to experiment quickly to find product market fit then exit to the community.

45/45 Overall, Harmony has 
- promising tech, 
- robust onboarding processes for new developers, 
- interesting initiatives to drive usage 
- a great team who quantifiably keep themselves in check 

If they continue to execute I think they will earn their place as a top L1 soon.

As always DYOR this is not investment advice, also I might have missed stuff that is a key technology thing that you may understand better than I do 😊

Read the full article here: https://altcoinevolution.substack.com/p/harmony-one-protocol-analysis

Or watch the video version: https://youtu.be/pTjq91Qknz8

Read all my deep dives and threads here: https://twitter.com/0xGregH/status/1508750426765627396?s=20

Team & community & projects accounts you may want to follow:
@stse, @harmonyprotocol, @amythesoon, @ONECreativeDao, @lijiang2087, @givp, @samuelpharrison, @shmula, @OniiiONE, @kratos_harmony, @OneCommunityDAO, @ShroommaNL, @MonstersRocket, @Bricktop_ONE, @TimPos4,

..cont. @DefiKingdomsITA, @cptomonk, @TaikiMaeda2, @logicalgraphs @Gojo_Crypto, @yellowpantherx, @digitalslowmad , @DreamerDFK, @DefiKingdoms, @planetleague, @CoalMiner_Game, @EthereumRio, @ThreeFoldComics, @GetMyProof, @GetMyProof, @VibeStreamNet, @curio_invest, @harmony_podcast

..cont. @DeFiatoOfficial, @kalamint_io, @DuelistKingNFT, @TavernDAO, @AmbassadorDao, @RachelBHarmony, @harmony_dev_dao

You can read the unrolled version of this thread here: https://typefully.com/0xGregH/Qcifp13

Harmony ($ONE): Full protocol analysis

A 🧵 of thread's/posts/videos aka my greatest hits.

Having looked at a number of L1 chains over time I wanted a place to show how my methods have evolved over time. The thread is most recent analysis first. 

Let me know below which chains you want me to cover next!

First up #Fantom $FTM - it has been battered in the recent weeks but the fundamentals are still strong and it would take a lot for me to go bearish on this massively undervalued L1 

https://twitter.com/0xGregH/status/1499802268547256322?s=20

#Terra ($LUNA) - This ecosystem is just on an absolute tear, continuing to gain steam with massive funding announcements to derisk the UST ecosystem and more 
https://twitter.com/0xGregH/status/1488449677238300673?s=20

#FlareNetwork $FLR/$SGB - still prelaunch of main-net but showing real promise and traction. 

If you haven't heard of it, you will soon as it cleverly brings smart contracts to non-turing complete chains 

https://twitter.com/0xGregH/status/1481260218583449601?s=20

Flare I also visited much earlier in my journey - https://youtu.be/aO8B66F-MzQ

#Near protocol $NEAR - One of the strongest projects I've seen with great backers, a good setup to further develop the ecosystem.

I don't seem to have done a thread for this one so will just share the investment memo I wrote on it instead:
https://altcoinevolution.substack.com/p/investment-memo-near-protocol-near?r=fyd3b&s=w&utm_campaign=post&utm_medium=web

As a bonus here is my earlier version of Near protocol analysis https://youtu.be/fG1wztPsxt8 

#Bitcoin  - the grand daddy of crypto I looked at this from a  user adoption standpoint to see if it is still compelling as a technology with network effects (rather than the economic primitives for instance)  

https://www.youtube.com/watch?v=P2iVNV2VcxY

#VeChain $VET Token - VeChain stood out to me as a "proper" real world example of where blockchain can be applied behind the scenes to massively improve logistics and streamline an old school industry. 

https://youtu.be/zsDS4vLBV5w

#Chiliz $CHZ - This chain seems to be going from strength to strength and one I would like to slot in before they launch their v2.0 Chiliz chain

https://youtu.be/LRK_IJq14Sc

#Zilliqa $ZIL - A couple of issues I had with ZIL was the amount of activity. If they have solved some of these issues and accelerated acquisition it could be a real winner.

https://youtu.be/UHtF2owulCE

#Cardano $ADA - This is a chain I really liked the first time I looked at it but some of the stats I have seen recently made me pause, so I will definitely revisit this one to work out how ADA has progressed since this video.

https://youtu.be/Z9fp7KSryak

#Polkadot - still a strong contender for Layer 0 technologies although it is facing increasing challenges from a heap of new chains. 

I will be updating this one again soon :) 
https://youtu.be/FgakxbUBoKc

My first proper breakdown was on a lesser known chain #ThunderCore ($TT) - It's interesting to see the project continuing to push forward and is now at the 400k MAU mark which is a considerable amount of users. 

https://youtu.be/ZGgMxdnqDIU

Thanks for reading! Let me know in the comments any more improvements I can make to help you understand this crazy crypto world better.

For those just starting, I hope from this thread you can see that if you keep learning you can make a little bit more sense of it every time!

You can like, retweet and read the unrolled version of this thread here: https://typefully.com/0xGregH/oKw4FIN

Altcoin Evolution Greatest Hits

Fantom ($FTM): Full Protocol Analysis

This is a condensed twitter thread of my full essay https://altcoinevolution.substack.com/p/fantom-analysis

Video Version: https://youtu.be/JG2nOHT0q2c

TL;DR below in 3️⃣ tweets, full🧵 in 47 tweets

a) The promise: Fast transactions, unparalleled developer and user experience, an interoperable dApp ecosystem that connects multiple chains and absorbs TVL from across the cryptoverse.

b) The reality: The chain is currently much slower than expected with transactions getting congested, major key man risks around Andre and being one of the more obscure Alt L1s could prove difficult to overcome.

c) The rub: To eclipse Ethereum Fantom will have to attract the best of the defi space; talent, protocols, projects, TVL and users. 

imo it has the strength to do this, but it will take time and the situation is dynamic especially with the rise of the L2s.

Let's find out...

As always not financial advice, informational purposes only.  

Also I have linked to the incredible threads done by others at the bottom - let me know if I have missed any good ones!

Part 1: Protocol
1/47 Background: Fantom was founded in 2018 with the goal to solve some of Ethereum’s scaling issues, which were very apparent at the time due to the explosive growth in crypto kitties.

2/47 Fast forward it doesn’t look like a partnership came to fruition with Dubai, instead finding partners in Afghanistan… This was pre-takeover by the Taliban of course, so I think it’s safe to assume this is on the backburner for now. https://twitter.com/FantomFDN/status/1396830019830403079?s=20

3/47 The direction Fantom is now taking is to provide:

A fast, high-throughput open-source smart contract platform for digital assets and dApps.

~ @FantomF

4/47 The platform is for designed developers to build their dApps on fully customisable blockchains (similar to Cosmos’ zones/hubs, XRP’s sidechains etc). This makes Fantom a network of blockchains rather than just a monolithic chain.

5/47 Fantom makes it’s own trade offs on the blockchain dilemma, it does have a couple of key features that sets it apart: https://twitter.com/JackNiewold/status/1473758254522155008?s=20

6/47 Fantom is Based on a DAG system. "There are several advantages [to DAGs], chiefly being greater speed, no requirement for mining, little to no transaction fees, and no scalability issues." ~ The Defiant

7/47 Lachesis Consensus - As for consensus, a full explanation can be read on Fantom’s Blog.https://fantom.foundation/blog/a-brief-intro-to-lachesis-consensus-engine/

Again The Defiant sums up the pros well: "[Lachesis] allows consistently high-throughput, fast finality, and bank-grade security...

8/47 Developers can also use Lachesis to build apps without creating their own networking layer and leverage its core advantages, chiefly being an asynchronous design, leaderless environment, Byzantine Fault-Tolerant, and [TTF] in 1-2 seconds. 

~ @DefiantNews

9/47 While the FDN claims it can scale Lachesis into a decentralised network, others disagree: https://twitter.com/j0hnwang/status/1478798981312483331?s=20

10/47 Fantom’s core belief is things need to be fast. However we are currently only achieving 15 TPS (as per https://ftmscan.com/).

11/47 This does seem to counteract one of Fantom’s main draws of being a platform built for speed. The difference in claimed speed vs reality isn’t unusual as @j0hnwang points out: https://twitter.com/j0hnwang/status/1481701356943650820

12/47 More important than TPS is TTF, which in this case score’s Fantom some points. Fantom's time to finality is about a second, versus 13 seconds on Solana and more than a minute on Ethereum. ~ @TheMotleyFool

13/47 Ethereum by comparison can take up to 3 minutes to achieve finality. Therefore while Fantom is slow in TPS for now, it reaches finality very quickly which, taking the whole end to end process of writing to a blockchain is still a strong tick in Fantom’s box.

14/47 The key part of the puzzle is interoperability. Fantom built it’s own chain from the ground up, but took key decisions to ensure it was compatible with the Cosmos SDK, as well as EVM which opens up Ethereum, L2’s e.g. Polygon / Arbitrum / Optimism, Avalanche, BSC and more.

Part 2: Investors and Tokenomics
15/47 Investment Rounds In terms of funding, Fantom is no slouch having raised a combined $40m worth over a series of rounds: https://messari.io/asset/fantom/profile/launch-and-initial-token-distribution

16/47 The investors are quite varied, but they seem to lack some of the bigger players backing them. Massive caveat in that I have not had time to look at each one, the only name I recognised was Arrington from this article: https://medium.com/@cryptoresource1/fantom-the-real-solution-of-scalability-425cc371fecc

17/47 Investor Token Allocation: The allocation is heavier than a lot of others in favour of “insiders” i.e. founders + investors with 70% of tokens in their pockets. https://messari.io/asset/fantom/profile/launch-and-initial-token-distribution

18/47 Tokenomics (Supply) The total distribution is 3.175 billion. As of today, the circulating supply 2.55b. This means that their is still 0.625b tokens to be released (nearly 20% of the supply).

Full emission schedule @saleswallet via https://medium.com/general_knowledge/fantom-ftm-deep-dive-serious-potential-5b91123a7c43

19/47 Demand comes from the apps, which typically rely on FTM lockups etc., and staking. Currently about half the available supply is staked, and, the amount staked is up over 10.54% in the last 30 days as per Stakingrewards.com

20/47 Anyone can set up a validating node by staking a minimum of 3,175,000 native FTM tokens… which may be a reason why there are currently only 59 active validators: https://ftmscan.com/validators

21/47 One of the bigger issues with Fantom is it’s level of centralisation. In March 2021 this issue was laid bare and the whole network went down: https://chainbulletin.com/2-validators-responsible-for-fantoms-outage/

22/47 This situation doesn’t seem to have changed much when we calculate the share of power of the network today we are still seeing the top 4 controlling >50% of the network https://ftmscan.com/validators

Part 3: Developers
23/47 There is a wealth of information for developers that has been created via the Fantom Foundation, which has lead to explosive growth in the number of developers working on Fantom related project.

24/47 Electric Capital Developer Report (2021, https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d) shows Fantom is growing fast in the number of developers, with 4x as many as in 2020. Only Harmony, Terra and ICP are also in this bracket.

25/47 The jump in developer activity may be in part attributed to the whopping grant program of $792m which ranks it in the higher end of the spectrum as we can see from the block’s research report: https://www.theblockcrypto.com/post/127723/the-block-research-2021-digital-asset-outlook-report

Part 4: dApps and Usage
26/47 Fantom is now at the 2.28M unique addresses - Ethereum’s 189.26m, BNB 6.79M, Cardano 3.45M, Polygon 138.18M, and Luna 3.62M. Avalanche at 2.11M.

@RobotDefi Just covered this too: https://twitter.com/RobotDefi/status/1498784587794821130?s=20&t=zZguWL3weIQ2V6_t1hw8aQ

27/47 Fantom (1.18M) surpassed ETH (1.16m) in terms of daily transactions BNB (5.35M), Polygon (3.13M), Avalanche (1.03M), FTM has already eclipsed both Solana (133.82K), Cardano (66.34K) 

https://twitter.com/Tweak896/status/1499403624492929024?s=20

28/47 TVL - Undervaluing Fantom: 
@JackNiewold pointed out that Fantom is not some random chain with no activity but has a meaningful amount of TVL:

https://twitter.com/JackNiewold/status/1473758271420829696?s=20

29/47 Compared to now when Fantom is looking even more undervalued on @DeFiLlama… https://defillama.com/chains

30/47 This has meant Fantoms MCap to TVL (02 Mar) ratio is now a meagre 0.344... And @j0hnwang thought a ratio of 1.2 was crazy…https://twitter.com/j0hnwang/status/1478798976249905158?s=20

31/47 N.B. MCap/TVL only looks at two dimensions of an ecosystem - so we would want to consider a much wider range of issues to truly compare the various ecosystems (which is what we are doing in the rest of this essay).

32/47 @TheBlock__ compared a selection of L1s. By normalising growth to a 0 point we can see how the chains have grown relative to their starting size. Avalanche leads the way with their tremendously successful Avalanche rush program, followed closely by Harmony.

33/47 Algorand, Solana and Fantom have all had similar uptakes in TVL when the report was written.

However given what we learned above about the massive influx into Fantom in both Jan & Feb 2022, I think we can assume there will be a nice spike upwards in next years report.

34/47 Fantom has an avid and loyal user base which has been growing as the chain has gained popularity. We can see this in increasing volumes of social activity as tracked by @LunarCrush https://lunarcrush.com/coins/ftm/fantom?section=summary

35/47 The number of dApps is growing with @dAppRadar reporting 144 different dApps. Cardano and Solana lag behind this number but the other chains have more. @Coin98Analytics 

https://twitter.com/Coin98Analytics/status/1494014279477264385?s=20

36/47 SpookySwap vs SpiritSwap is an interest case of two AMMs tussling for domination on one chain. So far it seems SpookySwap is winning the TVL and Volume battle… However Solidly DEX is rapidly claiming TVL: https://defillama.com/protocol/solidly

37/47 The launch of Solidly has caused some network issues with the recent congestion on the chain: https://twitter.com/delphi_digital/status/1499204850776686594?s=21

38/47 Time will tell who will reign supreme on Fantom, but for now SpookySwap seem to be pulling away from all DEXs with increasing numbers of users and volume. https://twitter.com/Cryptonite_club/status/1497519489457410049?s=20

39/47 Overall Fantom ranks pretty favourably in all areas… the MarketCap does seem at the much lower end of the spectrum given both the on and off chain stats.

Part 5 Team and Governance
40/47 The original founder Dr. Ahn Byung Ik, left the project with the CIO Michael Kong, filling the role of CEO along with a strong team of individuals including DeFi superstar Andre Cronje, previously founder of Yearn Finance. https://fantom.foundation/about/?__cf_chl_rt_tk=kdnKBu6iuSQR0oLW0IOxu.sjSuc77IfHjOH3xNoUuAE-1646400351-0-gaNycGzNCqU

41/xx Governance: The initial Fantom team transitioned into a foundation to steward the development of the chain early on in the project. 

It wasn’t until Jan 2021 that we saw the proposal for an onchain governance system which would direct the protocols development

42/47 This brings us to the end of our analysis part now we put it all together for the Bear and the Bull Cases for Fantom.

43/47 🐂 Bull Case
It’s ability to absorb TVL from other chains continues to win over new users and developers

It eventually becomes the chain of choice for DeFi development

44/47 ... cont. Plus there’s no denying that Fantom is still a relatively small chain with strong onchain metrics which  does give it potential to produce outsized returns: https://twitter.com/JackNiewold/status/1473758264806551559

45/47 🐻 case / headwinds: That’s not to say Fantom doesn’t face some headwinds in the form of stiff competition… The onchian summary table from earlier demonstrate the uphill battle they have against the likes of Polygon, Binance, Avalanche, Luna and of course Eth.

46/47... cont. In addition we have the issues as mentioned earlier: 

- Issues with scaling Lachesis could require tweaking the algorithm
- Still 20% of the supply to be released

47/47 Overall, Fantom ($FTM) has a strong start in the world and if it can continue to compound its success I have no doubt it will hit the top 10 in short order.

Fantom Protocol legends to follow: @FTMAlerts, @fantom_daily, @crypto_klay, @DoubleyouW3, @j0hnwang,  @AndreCronjeTech, @Route2FI,@JackNiewold, @shivsakhuja, @Coin98Analytics, @AvgJoesCrypto and many more

Best of the Mega-Threads in chronological order: 
Nov 23rd 21 @milesdeutscher https://twitter.com/milesdeutscher/status/1463019229762842629

Nov 25th 21 @route2Fi https://twitter.com/Route2FI/status/1463814714304212992

Dec 7th 21  @shivsakhuja https://twitter.com/shivsakhuja/status/1468292656597897218

Dec 22nd 21 @jackniewold
https://twitter.com/jackniewold/status/1473758246712270850

Jan 5th 22 @j0hnwang
https://twitter.com/j0hnwang/status/1478798957400711170

You can read the unrolled version of this thread here: https://typefully.com/0xGregH/VeTRGRq