As simple as it seems, this year has probably witnessed both upward and downward momentum in the crypto industry. The investors and traders have gone through both sides of the line which has concluded with unpredictable trading charts. Many altcoins have outperformed the performance of mainstream cryptocurrencies, thus piquing the interest of investors in altcoins.
Significantly, it has been the period of gains for several cryptocurrencies which hyped the traders and ended in gaining steam. Similarly, Fantom is one among the potential altcoin which has produced a notable change in the last quarter of 2021. Fantom is a decentralized, permissionless, open-source smart contract platform for decentralized apps (dApps) and digital assets, and it’s one of a number of blockchain networks designed to compete with Ethereum.
As a matter of fact, it seems like it’s time for Ethereum to witness a new competitor apart from Terra (LUNA). A scalable EVM-compatible blockchain, Fantom has increased in TVL with a 21.73% surge in price within the last 7 days.
Fantom DApps Surge
Four top-tier smart contracts platforms have seen double-digit increases in total value locked (TVL) which are LUNA, FTM, SOL, and MATIC. Consequently, Fantom surpassed the smart contract platform Tron (TRX) with nearly $5.6 billion in TVL. Fantom has the potential to defeat Polygon, but it is achievable if it attracts more than $100 million from its dapps. The top performers in TVL rankings are Terra (LUNA). Fantom (FTM), Solana (SOL), and Polygon (MATIC)
If Fantom increases in TVL by 100%, then it can surpass SOL and AVX. Moreover, FTM has soared nearly 70% within a week. Its change and surge in TVL might be the reason for FTM’s price change. AT the time of writing, FTM was trading at $2.29 which was 10.66% up for the past 24-hours.