Many cryptocurrencies, particularly altcoins, have seen a resurgence in bullish price action in the crypto market. Solana (SOL), Terra (LUNA), and Cardano (ADA) are three altcoins that have already reached new highs (ADA). Now, the league of new ATHs may grow larger as another altcoin has seen a significant price increase in the last few weeks and may be the next to reach ATH.
Fantom ($FTM), a blockchain Defi token, has surged 24.7 percent in the last 24 hours to a new three-month high of $0.8977. On Monday, the altcoin increased by more than 38%, and token circulation reached a new 2-month high. The token’s price has risen nearly 3.5X in August, mirroring that of $SOL and $ADA. The altcoin is only 12% away from its all-time high of $0.9249.
The phenomenal bullish run for the altcoin is also no fluke, as many believe, given the recent announcement of a $320 million liquidity incentive program for Fantom developers. According to the official announcement,
“From today on, protocol teams will be able to apply for rewards from the Fantom Foundation based on their total value locked (TVL), scaling from 1,000,000 FTM up to 5,000,000 FTM in its first iteration, and to be changed accordingly depending on the needs of builders.We are committing 370,000,000 FTM to this program.”
Announcing a 370 million FTM incentive program for builders!If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom. Start building today! #buildonfantom https://t.co/AFvAayhsEe— Fantom Foundation (@FantomFDN) August 30, 2021
In the midst of a growing ecosystem, Fantom sees record social media activity.
According to one analytics, the Defi token has seen a significant increase in social media mentions, with 34% more mentions on social networks than last month. In addition, the platform has recorded 415,000 unique addresses and currently processes over 300,000 transactions per day. The price increase was bound to increase social media activity, but the Defi token has also managed to expand its Defi ecosystem.
The total value locked in the FTM defi vault has increased by nearly 20% in the last 24 hours, reaching $657 million.