- Fantom has surpassed the likes of Polygon and Avalanche in DEX transactions.
- The total value locked (TVL) on the Fantom blockchain exceeded $7.75 billion.
Ethereum-Layer 1 rival Fantom (FTM) has lately been in the headlines. The price of Fantom (FTM) surged to a new all-time high of $3.40 over the weekend. This is a welcome development after the FTM price rose by 15% on Sunday, January 16.
On platforms like Binance, the FTM funding rate has turned negative, according to on-chain data source Santiment, signalling significant shorts. On the other hand, Shorter-term investors have incurred heavy losses as a result of this substantial price increase.
As data provider Santiment reports:
“A $3.47 #AllTimeHigh was reached by Fantom in late October. The financing rate of $FTM on exchanges like Binance is a key indicator to keep an eye on. Values tend to soar higher when they go negative and indicate an abundance of short positions.”
Fantom Climbed Third in DEX On-chain Volumes
The volume of DEX transactions, which Fantom surpassed over the weekend, is another significant achievement for the project. Fantom placed third in DEX on-chain volumes on Saturday, January 15, behind Ethereum and Binance Smart Chain. In addition, Fantom has surpassed the likes of Polygon and Avalanche in DEX transactions.
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Read More: Fantom Price Prediction
The recent rise in the FTM price is also due to an increase in DeFi activity. Last week, the total value locked (TVL) on the Fantom blockchain exceeded $7.75 billion. This was a remarkable weekly increase of 26%.
The DAG-based smart contract framework Fantom uses for Dapps makes it highly scalable, making it a speedier rival to other Ethereum Layer 1s. Fantom is likewise presenting itself as a less expensive and more rapid Ethereum Layer 1 than its competitors. According to CoinMarketCap, the Fantom price today is $3.17 USD with a 24-hour trading volume of $1,938,104,986 USD.
