Like SOL, the original FTM is a not-so-famous token, but it got everyone’s attention during the recent rally. In addition, the coin has also made a name for itself in the DeFi sector.
However, as you watch this week’s progress, is it worth thinking about whether FTM is losing momentum or going in a different direction?
Fantom is the fastest growing large blockchain in DeFi since September
Fantom is the 35th largest Layer 1 blockchain platform that has gained tremendous popularity in the crypto community over the past few months. It is even considered a direct competitor to Ethereum. Here, developers can use smart contracts like on the second largest blockchain. Plus, they can use the same tools and programming languages as Fantom is EVM (Ethereum Virtual Machine) compatible.
This along with the fee structure also helps make the platform stronger. At the time of writing, Ethereum requires around $ 120 in gas fees just for a token swap on Uniswap. Meanwhile, Fantom only costs $ 0.001 to perform the same surgery.
Total locked in DeFi from September 1, 2021 | The source: Coin stacks
It is clear from the graph above that Fantom is the fastest growing large blockchain (553%) in DeFi as of September 1, 2021. The Total Value Locked (TVL) in DeFi has increased 6 times and market capitalization has increased 4.5 times. Fantom’s unique address map paints a similar picture. According to FTMscan, the above index has passed the 1 million mark.
Graphic of the number of addresses on Fantom | The source: FTMscan
Here are summary On the recent growth:
“Fantom is constantly growing exponentially. Some statistics:
- 1.1 million unique addresses
- +75,000 addresses active every day
- +750,000 daily transactions
- +44,000 smart contracts implemented
- 3 billion TVL “.
This shows optimism due to the increased demand. Other catalysts also play an important role. In fact, the network has launched several incentive programs to reward developers and drive TVL growth and market cap.
Well-known analysts also point to their bullish scenarios. As mentioned earlier, Coin Bureau analyst suspect FTM will generate 2 to 3x profits due to “significantly strong fundamentals”.
Although FTM recently acquired MATIC to become the seventh largest DeFi chain, its performance has not yet reached that point in the spot market.
Throughout October, the market recorded continuous sales activity with increasing supply volumes on the stock exchanges. This activity is mainly led by whales, which made $ 20 to 30 million on average trades and peaked at $ 53 million at some point. Usually these numbers don’t exceed $ 1 million.
MoveI am whale FTM | Source: Santiment
Second, the network speed decreases due to the lack of FTM transfers in the chain, since the average duration of FTM is around 8 months.
However, due to the sudden increase in the number of traders (short term owners), the trade statistics suddenly shot up.
Amount of gtransaction FTM | Source: Intotheblock
This also led to a decrease in the dominance of medium-term owners (20% decrease in 3 months).
P.Address distribution hold FTM | Source: Intotheblock
Is there hope?
Viewed from a different perspective, all of the above factors show a positive outlook. First, the high whale movement and transaction statistics suggest the network is becoming more active. Second, participation increases as the number of dealers increases. The speed of network development is increasing accordingly.
Network growth | Source: Santiment
FTM price has fallen 8.2% in the last 14 days but has increased 1.874% in the last 2 months.
FTM is up 1.874% in the past 2 months | Source: TradingView
News like integrated Last Q3Swap, notification JustLiquidity’s upcoming Visa Card will only consist of BTC, ETH, USD, FTM and Project 0x, which will exceed $ 100 billion with an all-time high volume, is the impetus to attract more people to join the network.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AZCoin News