Fantom (FTM) has gained nearly 7,000% for the reason that begin of this yr — that’s much more than the favored crypto Dogecoin (DOGE). Although it’s at present buying and selling within the crimson zone ($2.54, 4% correction), Fantom’s YTD value remains to be up as buyers pile into varied Ethereum (ETH) alternate options.
Is Fantom a supercharged Ethereum?
The #35 layer-one blockchain platform, Fantom has witnessed immense traction inside the crypto neighborhood in latest months. It’s even thought of as a direct rival in comparison with Ethereum, the biggest alt token. Right here, builders might deploy sensible contracts, similar to on Ethereum. Additionally, they might use the identical instruments and programming languages since Fantom is EVM appropriate.
This coupled with its price construction provides it the wings to rise larger as nicely. At press time, it price round $120 in Ethereum gasoline charges only for a token swap on Uniswap. Whereas, it prices merely a fraction of a cent ($0.001) to hold the identical operation.
Aftermath:
Supply: Coinstack
As apparent from the aforementioned plot, the token in query has surged on an enormous scale. As per the blog, FTM is the fastest-growing main blockchain (553%) in DeFi since 1 September 2021. It grew 6x in Total Value Locked (TVL) in DeFi and 4.5x in market cap. Fantom’s distinctive deal with chart showcased an identical image as nicely. As per FTMscan, the said metrics crossed the million mark.
Right here’s a correct abstract of its latest progress:
Fantom retains rising exponentially.
Some stats:
🔹 1.1 million distinctive addresses
🔹 75,000+ each day energetic addresses
🔹 750,000+ each day transactions
🔹 44,000+ sensible contracts deployed
🔹 5.3b TVL
Sources:@FtmScanHQ@nansen_ai@DefiLlama
— Fantom Basis (@FantomFDN) November 11, 2021
Nonetheless, this portrays the bullish narrative in regards to the hike within the demand. Different catalysts have performed a serious function as nicely. In reality, the community launched a number of incentive packages for rewarding builders, ergo, the rise in its TVL and Market Cap.
Outstanding crypto analysts have expressed their bullish scenarios as nicely. As lined earlier than, pseudonymous analyst Coin Bureau projected that FTM would witness 2x to 3x rise resulting from its “considerably robust fundamentals.”
Though the present value didn’t actually match as much as the hype. It stays to be seen if FTM might be one of the crucial undervalued tokens and ecosystem inside the crypto neighborhood.
