The Fantom blockchain’s native FTM token has seen a powerful rally out there over the previous week, with the transfer accelerating additional over the previous 24 hours – as the worth closes in on the important thing USD 3 mark for the primary time since November.
At 14:32 UTC on Tuesday, FTM stood at USD 2.96, up almost 15% over the previous 24 hours and almost 35% over the previous 7 days.
The strikes observe a pointy reversal from an total bearish to bullish development round December 20, which has introduced the worth from USD 1.3 that day, to a day by day excessive near USD 3 immediately – a achieve of greater than 120%.
FTM’s all-time excessive is USD 3.48, reached on October 28 final yr.
90-day value of FTM:
The just lately robust value positive aspects come as exercise on the Fantom community can also be choosing up.
Based on knowledge from DeFi Llama, the entire worth locked (TVL) on the blockchain platform reached a brand new all-time excessive on Tuesday, with a complete of USD 5.86bn now deployed throughout decentralized finance (DeFi) protocols on Fantom.
Fantom whole worth locked (TVL):
The present TVL on Fantom signifies that it’s now one of many main blockchain platforms by TVL, simply forward of Tron (TRX) with a TVL of USD 5.26bn, however nonetheless properly behind Solana (SOL) with its USD 11.55bn.
Additional, knowledge from the Fantom blockchain explorer FTMScan immediately confirmed that the variety of distinctive addresses on the blockchain has grown steadily all through the second half of 2021. As of January 3, the community had 1.53m distinctive addresses, with 12,261 new addresses being added that day alone.
Fantom and different blockchains with sensible contract performance have acquired extra consideration over the previous yr as excessive transaction charges have made the bottom layer of the Ethereum (ETH) community prohibitively costly for some DeFi actions.
If second-layer options for Ethereum don’t achieve the required traction, “steep transaction prices will improve exercise on alternate [Layer 1 blockchains] reminiscent of Solana, Avalanche, Fantom, and Polygon,” a report from crypto analysis agency Delphi Digital warned again in November.
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