- Fantom, like SOL, is an Ethereum-killer.
- The Fantom DeFi ecosystem is worth $1.3 billion.
The cryptocurrency market has recently risen, and several currencies have followed suit. Fantom (FTM) has recently gained traction in this rise, and its bullish rally seems to be gaining strength. After Solana (SOL) and Cardano (ADA), Fantom has been dubbed the ‘Ethereum killer’ (ADA).
Fantom is a robust blockchain project that allows users to create bespoke decentralized apps (Dapps) and non-fungible tokens (NFT). A more democratic and efficient future is sought by the Fantom Foundation, while older blockchain initiatives like Bitcoin confront difficulties. Fantom seeks to improve decentralized cryptocurrency performance, security, and scalability.
Fantom, like SOL, is an Ethereum-killer that utilizes the Direct Acyclic Graph (DAG) smart contract architecture. Its scalability has increased to 300k transactions per second. Lachesis, a blockchain-based system, powers FTM.
Leading blockchain projects including Chainlink, Raviton, and Band Protocol have partnered with it, triggering a price spike. FTM has been rising for a month.
Its market value was $47 million, and each token cost $0.0182. FTM was the 92nd biggest crypto asset six months later, with a market value of $869 million and Fantom (FTM) price of $0.3418. FTM token, priced at $1.26 as per CoinMarketCap.
The price of FTM has grown by 7098% this year, while the market cap has risen by 6,942%. That’s a lot of money for a project that’s just been around a year and keeps growing.
Growing Faster Than TVL
According to DeFi Llama, the Fantom DeFi ecosystem is worth $1.3 billion. Moreover, this figure has increased by 108,000% in 5 months. Also, Curve Finance and Sushiswap, both based on different protocols, are accessible on the Fantom network.
Daily Fantom network transactions have also increased significantly. Transactions and active addresses are growing faster than TVL. This is potentially positive since it shows new Fantom users are engaged rather than passive. This should increase costs and token velocity. The keywords search worldwide of ‘Fantom crypto’ and ‘FTM coin’ have risen to new all-time highs in recent weeks.
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