The key drivers behind Fantom’s recent price rally

Fantom Coin has been on a tear since the end of January, rising from $0.000001 to over $0.005 in less than two months after an initial coin offering (ICO) and subsequent trading sale with no real news or events driving it. The market cap is now at over $6 million USD, which gives Fantom one of the strongest communities around among all cryptocurrencies outside Bitcoin.

The “fantom correction” is a recent price rally that has been seen in the cryptocurrency, Fantom. The key drivers behind this price rally are speculation and media attention.

As of the time of writing, Bitcoin, Ether, and the majority of Layer-1 altcoins have fallen 20–30% from their all-time highs, signaling the beginning of a bear market for cryptocurrencies. The blockchain with a ghost motif, Fantom, defies these patterns. Its native token FTM has surged in value by 121 percent to $3.02 during the previous month.

Fantom’s performance statistics are nothing short of astounding. From $1 billion plus in September to $7 billion now, Fantom’s total-value-locked has increased.

The increase in Fantom’s overall worth was frozen (Defi Llama)

The Fantom Foundation presented a list of significant achievements towards the end of 2021, including the achievement of 700,000 daily transactions and 1.4 million unique addresses.

Fantom is still expanding!

🔹 $5.3b TVL

> 1.4 million unique addresses

700,000 transactions each day

78.9k daily unique users

354k unique users each month

$8.5 billion in volume on @MultichainOrg

93,013 smart contracts

Twitter.com/VL5HJsx7Gr @FtmScanHQ @nansen ai

29 December 2021 — Fantom Foundation (@FantomFDN)

Program for Liquidity Incentives of The Fantom Foundation

The Fantom Foundation began a major 370 million FTM liquidity mining effort on August 30, 2021. This FTM liquidity was addressed to Fantom developers as reward claims for attaining certain amounts of TVL on their protocols, in contrast to typical liquidity mining incentives that were directed to consumers.

As part of its strategy to lay a solid foundation for a thriving dApp ecosystem, Fantom has chosen to directly reward developers rather than liquidity providers. This encourages Fantom’s developers to create solutions that provide sustainable rewards over time rather than motivating mercenary liquidity providers to switch between dApps in search of high payouts.

The incentive scheme was valued at around $370 million at the time of the announcement since FTM was trading at $1. At the current token price of $3.03 for FTM, the value of these incentives has quadrupled to $1.1 billion.

Review of Fantom’s 2021

With the help of partnerships with Chainlink, API3, and Band Protocol, Fantom engineers concentrated their efforts on creating a welcoming dApp environment in the first half of 2021. By successfully implementing its big Go-Opera upgrade in April, the Fantom network was able to reach an average time-to-finality of 1 second.

In the second half of 2021, infrastructure development initiatives will intensify. Fantom announced support for Blockstack, a supplier of blockchain infrastructure services, Blocknative, a provider of Web3 infrastructure, and DIA in December 2021.

Fantom has also sought to collaborate with governments all across the globe. These collaborations cover a wide range of use cases, including supply chain applications (Tajikistan), central bank digital currency and e-government infrastructure development (Tajikistan), enterprise software development for prisons (Pakistan), and storage of intellectual property records (Ukraine) (Uzbekistan).

a healthy environment

A total of 113 protocol projects are included in the Fantom ecosystem. As of January 14th, 2022, DeFi Llama places Fantom an amazing sixth, after Ethereum, Terra, Binance Smart Chain, Avalanche, and Solana.

Several well-known DeFi protocols, including Curve Finance and SushiSwap, as well as well-known dApps like CREAM Finance, Beefy Finance, and Abracadabra, are included in this list.

Additionally, Fantom is subtly targeting the GameFi market. Its liquidity mining effort, which began in August, subsequently included GameFi projects and welcomed dApps connected to the Metaverse, like 8BIT World, a play-to-earn game akin to Decentraland and Sandbox.

Additionally, Fantom made a direct investment in Tankwars Zone, demonstrating its dedication to luring GameFi creators.

The first first #blockchain startup that @FantomFDN has invested in is @TankWarsZone. #Fantom Twitter.com/JMktiwBDU4 $WBOND $TGOLD $FTM #P2E #GameFi #PlayToEarn #Play2Earn #Play2EarnGame #NFT

December 31, 2021 — Fantom Nation (@Fantom Nation)

Future plans for Fantom

In 2022, it will be fascinating to see how Fantom develops.

Andre Cronje, a DeFi veteran and technical adviser to Fantom, recently tweeted a series of enigmatic messages that seemed to allude to a future project with Daniele Sestagalli, the persona behind Wonderland, Abracadabra, and Popsicle Finance.

Newsletter

The most significant daily news in the fields of crypto, DeFi, NFTs, and more are summarized in this publication.

Gain an advantage in the market for cryptoassets.

As a paying Edge member, you can get additional crypto insights and context in every story.

On-chain evaluation

Amount snapshots

More background

Join now for just $19/month Examine all the perks

The “dogecoin rally” is a recent price increase in the cryptocurrency dogecoin that has been attributed to a few key drivers. The most important being an upcoming release of Fantom (FND) on Binance.

  • will fantom recover
  • fantom news
  • ftm vs one
  • near protocol ecosystem
  • dogecoin news
You May Also Like