Currently I’m recorded he providing a small amount on Polygon Matic/Fantom, but I’m wondering if doing it on Fantom would be safe as since it’s a layer one, and Polygon is a layer 2?
Also if I do switch to Fantom, what protocols do people suggest? I’m not after 100+% APY, more something I can be confident in not being rugged or hacked on
Theres scam projects on fantom and matic. It does not really matter. You should look for good projects that do something unique and fresh and have an active development team not just empty promises
Polygon in my opinion is secured, safe and fast. I’ve not tried fantom before but another platform I know you can LP on is Nifii, it is also very secured and it’s built on Nahmii, another L2 scaling solution also on Ethereum
Beyond ETH and BTC, the difference in security is negligible between chains. Polygon has an 8 signature multisig that only requires 5 signatures, so hypothetically the whole network could be compromised by just 5 people. Very unlikely but still a factor. Polygon I’m guessing has way more nodes than Fantom, but the amount staked is heavily centralized to the biggest validators.
What you should really be concerned about is the security of the smart contracts, rather than the chain itself.