A Closer Look at the Real-World Use Cases of Fasttoken (FTN)

Since launching less than three years ago, Fasttoken (FTN) has made good on its promise to facilitate fast, secure, low-cost transactions in a range of domains, from iGaming to lending. 

While many utility tokens lack practicality outside their native realms, Fasttoken’s adoption and integration across gaming, e-commerce, and payments highlight the value of digital assets beyond mere speculation. The native currency of the Bahamut blockchain, an EVM-compatible Layer-1 with a Proof of Stake and Activity (PoSA) mechanism, FTN has found favor with gamers, stakers, developers  \and merchants alike. 

For the uninitiated, we’ve taken a deep dive into the real-world uses of this crypto asset as its third anniversary draws closer.

Strong Foundations: The Bahamut Blockchain 

Fasttoken derives its name from its progenitor Fastex, a multifaceted network of blockchain services. These services extend far beyond the Bahamut network, encompassing an eponymous trading exchange, NFT marketplace (ftNFT) for digital collectibles, payment arm (Fastex Pay), and 3D metaverse platform (YoCerebrum) designed to host customizable spaces for virtual events, conferences and concerts.

Needless to say, the chain upon which a token is minted is vital to its success – and that’s certainly the case here. Bahamut is no ordinary network, employing a novel PoSA consensus mechanism that combines staking with active participation. In other words, validators are motivated to not just hold tokens but deploy and maintain smart contracts. The net result? Amplified security, efficiency and network effects.

While the consensus mechanism is unique, the use-cases of FTN within Bahamut itself are fairly typical, in that it is utilized to facilitate transactions and secure the network. At present, over 40 million FTN is locked in Bahamut’s staking smart contracts and liquid staking dApps, while another 10 million is ring-fenced for the Bahamut Grants Program.

With a market cap of $1.9 billion and holdings in over 7 million wallets, FTN’s momentum is undeniably impressive considering it’s less than three years old.

The Uses of FTN in iGaming and Web3

Clearly, FTN has plenty of utility within the Fastex world; but that’s to be expected since they designed it for that reason. What about beyond that world?

One of the most compelling use-cases for the token lies in the gaming sector, where speed, economy and interoperability are paramount. Since early 2023, Fasttoken has been the primary payment method for BetConstruct, a leading provider of iGaming and betting solutions. The latter’s ecosystem includes a decentralized casino platform built directly on Bahamut, as well as a comprehensive sportsbook, and with users able to deposit, wager, and withdraw FTN seamlessly, they can take advantage of cheap transactions and fast settlement.

It’s not just BetConstruct either: over 70 major iGaming suppliers have integrated Fasttoken in one form or another.

Away from iGaming, FTN has been woven into a raft of Web3 applications (dApps) including those concerned with gaming and staking. Apps like Ortak, Lolik, YoHealth and Mutuari leverage FTN in multiple ways, granting utility while incentivizing hodling. Of course, Fastex’s Web3 suite puts the token to good use too: the aforementioned ftNFT marketplace and YoCerebrum metaverse are priced in FTN.

Bridging Crypto and Commerce

In today’s world, the ability to actually spend your crypto assets counts for a lot. In this regard, Fasttoken is well-covered, serving as a versatile payment option thanks to its integration with not only Fastex Pay but also Simplex, Banxa, CoinPayments, CryptoPay, AEON and other infrastructure entities.

Thanks to these partnerships, it is extremely easy for merchants to accept FTN for goods and services, and thus for FTN users to spend their tokens whenever the notion takes them. The recently-announced partnership with AEON alone instantly enabled FTN holders to make transactions at over 20 million global retailers.

Naturally, the integration of Fasttoken with major payment platforms doesn’t just make the asset spendable. It makes it easier to cash out, to switch from crypto-to-fiat or fiat-to-crypto. For example, those utilizing FTN for the purposes of staking may prefer to cash out their profits to USD while retaining the deposit. 

Of course, you can’t contemplate spending FTN tokens without first acquiring them. Fortunately, the token is listed and actively traded on around a dozen top-tier exchanges, among them Gate.io, MEXC, BitGet, and Bybit, ensuring deep liquidity and optimal trading conditions.

An FTN Future

From powering high-stakes iGaming to enabling lending and e-commerce payments, Fasttoken reflects the power of Web3 tech to drive efficiency and deliver meaningful value. 

By securing numerous partnerships and integrations, Fastex has succeeded in fostering real-world interactions with crypto at the core.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.