Recently Paintswap, announced an upgrade of its Platform stating that, “PaintSwap just got quicker! Smoother scrolling & loading of all NFTs grids (Marketplace, Collection, Profile), 10x to 100x faster depending on the media, connection and source, Indexed over 1 million NFTs with IPFS fallback continuously synced with the blockchain.”
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PaintSwap Finance has the premier open NFT Marketplace on Fantom. It has a unique and sustainable yield farming AMM platform where 50% of farming rewards are locked for 3 months in the Art Gallery. The first project to create a video game built on the Fantom network, as well as many other exciting features in the works.
Paintswap native token is called BRUSH.
What is PaintSwap and why Fantom?
PaintSwap is the ultimate open FTM NFT Marketplace and decentralized exchange (DEX) on Fantom Opera (FTM).
PaintSwap is a decentralized exchange, representing itself as one of the latest Automated Market Maker (AMM) on Fantom. Offering Fantom-inclusive farming pairs, competitive APY, low trading fees, and a user-oriented experience, PaintSwap looks to enhance the definition of a decentralized exchange while pushing forward the utility and promise that Fantom brings. Now, with the latest addition of an NFT market, we will take it to a whole new level!
If you are not yet familiar with Fantom Opera, it’s easiest compared with Ethereum. Fantom is fully EVM compatible meaning anything that runs on Ethereum can run on Fantom too but with some key differences:
- Higher Speed: A transaction is considered finalized and settled in 1–2 seconds, compared to a 6 min average on Ethereum at 25 confirmations.
- Higher throughput: Ethereum currently handles around 30 TPS. Fantom has set a goal to reach 300,000 TPS (while not quite there just yet).
- Lower Fees: Thanks to the high throughput, the network is not easily congested meaning the fees stay almost negligible at all times. A typical transaction fee is currently around 0.003 FTM, or $0.002. On Ethereum it’s not unusual to pay $30 per transaction and much more to use a contract, such as minting an NFT.
So being approx. 200x faster and 20,000x cheaper brings some interesting possibilities for the future!
What Are Paintswap Vaults?
A vault is a contract each user generates for their wallet address. This contract can hold NFTs and fNFTs in a custodial state for both sales and auctions. This individual vault allows users to sell their NFTs from if they wish and withdraw any NFTs/tokens received from airdrops at any time as well as making things simpler to grab information like the number of unique holders & true owners of NFTs.
Using the NFT Vaults with PaintSwap 3.0
Pros
- Any airdrops sent to the NFTVault can be withdrawn by the user.
- Don’t need to worry about future listing issues.
- Unique Owners becomes more accurate, instead of all being on a single contract.
- Auctions are always escrowed in vaults to make sure that they can be finished.
- fNFT guarantees, PaintSwap will show warnings for financial nfts if they are listed and not custodial. This is due to the fact the underlying assets can be changed by the user if they are not in custody.
- Offers can be tied to a listing instead of to the NFT itself, so that they expire when the sale is finished. Similar to above, the offer or can be certain that the underlying assets will not change when the seller accepts the offer.
- In cases where a sale may fail to complete, such as a contract being paused, the owner can retrieve their NFTs at a later date.
Cons
- You will need to complete any sales in vaults during high gas to get access to your NFT again (similar to 2.0)
- Whitelists for NFT owners will go to the vault. This can’t be used directly, but it’s much easier for projects to find the true owner by calling INFTVault(address).owner().
- Each user must create their vault contract, this requires gas but is done through the EIP712 minimal proxy to be as cheap as possible.
As mentioned vault usage is optional for any non-auction NFTs, but is recommended for fNFTs like Solidly veNFTs, Revest Finance & Liquid Driver NFTs. They can also be used for peace of mind knowing that you will not be susceptible when transferring a listed NFT without cancelling it and then receiving it again later down the road where it could be snapped up if the old listing has not expired.
BRUSH Price Live Data
The live PaintSwap price today is $0.037285 USD with a 24-hour trading volume of $131,625 USD. We update our BRUSH to USD price in real-time. PaintSwap is down 9.48% in the last 24 hours. The current CoinMarketCap ranking is #4197, with a live market cap of not available. The circulating supply is not available and a max. supply of 450,000,000 BRUSH coins.
If you would like to know where to buy PaintSwap BRUSH, the top cryptocurrency exchange for trading in PaintSwap stock is currently Solidly, Paintswap, Beethoven, sushiswap(Fantom) and Spiritswap.
