• Fantom, a new blockchain platform, is on the rise

  • The cryptocurrency market has recently increased in value, and several currencies have followed suit. Fantom (FTM) has recently gained traction in this uptrend, and its bullish rally appears to be gaining traction. Following in the footsteps of Solana (SOL) and Cardano (ADA), Fantom has been dubbed the ‘Ethereum killer’ (ADA).

    Fantom is a robust blockchain project that enables users to build custom decentralized apps (Dapps) and non-fungible tokens (NFT). The Fantom Foundation seeks a more democratic and efficient future, while older blockchain initiatives such as Bitcoin face challenges. Fantom aims to improve the performance, security, and scalability of decentralized cryptocurrency.

    Fantom, like SOL, is an Ethereum competitor that makes use of the Direct Acyclic Graph (DAG) smart contract architecture. Its scalability has risen to 300,000 transactions per second. FTM is powered by Lachesis, a blockchain-based system.

    Leading blockchain projects such as Chainlink, Raviton, and Band Protocol have joined forces with it, causing a price increase. For the past month, FTM has been rising.

    It had a market value of $47 million, with each token costing $0.0182. Six months later, FTM was the 92nd largest crypto asset, with a market value of $869 million and a token price of $0.3418. According to CoinMarketCap, the FTM token is worth $1.26.

    This year, the price of FTM has increased by 7098%, while the market cap has increased by 6,942%. That’s a lot of money for a project that’s only been around for a year and is still expanding.

    Growing at a faster rate than TVL

    The Fantom DeFi ecosystem is worth $1.3 billion, according to DeFi Llama. Furthermore, in 5 months, this figure has increased by 108,000%. Curve Finance and Sushiswap, which use different protocols, are also available on the Fantom network.

    Daily Fantom network transactions have also significantly increased. Transactions and active addresses are increasing at a faster rate than TVL. This could be a good thing because it shows that new Fantom users are active rather than passive. This should raise costs and increase token velocity. In recent weeks, global searches for ‘Fantom crypto’ and ‘FTM coin’ have reached new all-time highs.

    What's your reaction?