- Fantom is a fast, secure, and scalable blockchain with transaction fees as low as a fraction of a cent
- The FTM incentive program has now been expanded to include developers working on GameFi projects
- The Fantom network has grown by more than 1,500% in the last 8 weeks and now has over $4.91 billion TVL and 880,000 unique addresses
- Fantom has sent a proposal to decentralized lending protocol Aave, to deploy Aave v2 on its network
As the adoption of cryptos increases, scalable blockchains have become one of the most talked-about topics. While Ethereum remains the market leader among blockchains that support dApps, projects like Fantom give the world’s second-largest crypto a good run for its money.
Fantom is a fast, secure, and scalable blockchain with transaction fees as low as a fraction of a cent. The project has become very popular among developers for its utility being EVM compatible.
Among the crypto community, Fantom is popular for being capable of performing thousands of transactions per second. So, how has this impressive project performed in recent times?
Recent Developments
In August, the Fantom Foundation launched a 370 million FTM incentive program to support development teams to build the next best dApp on the Fantom Network. On October 12, Fantom announced that the incentive program would include projects working on diverse GameFi models.
GameFi is the all-encompassing hub for game finance. This new concept combines decentralized finance (DeFi) and non-fungible tokens (NFTs) with blockchain-based online games. The Fantom Foundation revealed that although GameFi is still in its early stages, it believes it will be the future of entertainment and gaming.
Continuing to bridge projects, X.xyz launched on the Fantom network on October 13. X.xyz is a decentralized, community-owned NFT marketplace that allows users to easily collect and sell extraordinary NFTs.
On October 12, 88mph launched on Fantom, allowing users to earn a yield reward. 88mph differs from other yield farming protocols, as it offers a fixed yield rate on supported assets on Fantom.
On October 7, Nansen, a popular blockchain analytics firm, launched coverage to the Fantom blockchain. According to Nansen’s CEO, Alex Svanevik, although Fantom is still in its early days, its promising growth has made it the data site’s third network.
The total value locked (TVL) in DeFi projects has jumped nearly 10 times in 2021, with Fantom actively benefiting. As of the time of this writing, over $4.91 billion is currently locked in Fantom.
The total value locked in Fantom. Source: Defillama
Although the TVL in Fantom has dropped by 10.92% over the last 24 hours, the project has experienced explosive growth. On August 1, the TVL locked in Fantom was $313 million. In the last eight weeks, the network has grown by more than 1,500%.
According to the Fantom Foundation, the network now holds 880,000 unique addresses. In addition, Fantom has been completing 750,000 transactions per day, with more than 30,000 smart contracts deployed.
Future Events
Fantom Foundation has sent a proposal to Aave to deploy Aave v2 on the Fantom Opera (NASDAQ:OPRA) blockchain. Through the deployment, Fantom looks to expand the lending features of AAVE to the Fantom community and bootstrap the launch of Aave on a new ecosystem with the provision of incentives.
Price Updates
Fantom (FTM), along with the crypto market, has come under bullish pressure after a bullish first week in October. Over the last 24 hours, FTM has dropped by more than 4% and now trades at $2.007.
The 30-day price chart of Fantom (FTM). Source: Tradingview
Over the last 30 days, FTM has gained more than 45%, making it one of the top-performing cryptos in the period.
On CoinMarketCap, Fantom is ranked as the 36th largest crypto project with a market capitalization of $5.11 billion. Over the last 24 hours, $569 million worth of FTM has been traded, a drop of 37% from October 12.
On The Flipside
- After hitting its all-time high of $2.45 on October 8, Fantom has retraced sharply
- FTM’s price of $2.007 represents a 19% drop from its ATH five days ago
Community
The Fantom ecosystem is growing every day. On Twitter (NYSE:TWTR), Fantom has over 177.9K followers, over 27.3k members on Discord, 22.7K on Telegram, and 15.4K members on Reddit.
Members of the Fantom community are fondly referred to as Fantomians. The DailyCoin team discovered that Fantomians are great believers in the project. @theotherpomp wrote about Fantom:
Numbers don't lie. Fantom is now the 4th most used decentralized network in the world.https://t.co/twv8hmBFke pic.twitter.com/4E5Zx3BSzb— Simone Pomposi (@theotherpomp) October 11, 2021
Another user, @CaddersCrypto, wrote:
Imma say this again for those who still aren’t seeing this unfolding NFTs on Fantom are about to take off a major way Positioning myself accordingly https://t.co/cnUq0HiDK4— Cadders Crypto (@CaddersCrypto) October 13, 2021
In addition, Fantomians are also bullish about the future of Fantom (FTM). Another Fantomian, @Tweak896, wrote:
Ethereum at Fantom's marketcap right now would be only $44.62. Buying $FTM is like buying $ETH at 44$. It's also like buying $BTC at $279.16. We are still way early. pic.twitter.com/3pZQBc8LkD— Tweak896 (@Tweak896) October 10, 2021
Another Fantomian, @rootdubs, shared his opinion:
$FTM#Fantom has managed to made a crucial support at $2. This is the level where we are building the cosmodrome.I expect this rocket to launch very soon and accelerate crazy fast. Believe me we don't need Coinbase (NASDAQ:COIN) at all to continue gaining users and deliver the best tech. pic.twitter.com/8b6JLN3jSR— rootdubs (@rootdubs) October 13, 2021
Why You Should Care?
Fantom is a fast-growing crypto project owing to its immense utility and multiple integrations. Given its fast transaction speeds, network growth, advanced smart contracts, and EVM compatibility, Fantom could be a solid cryptocurrency investment.
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