Blockchain Technology DeFi News

Fantom Becomes the Fastest Growing Blockchain In Decentralized Finance With 553% Growth

FTM (Fantom) has acquired nearly 7,000% following this year’s beginning, counting even beyond the famous crypto DOGE (Dogecoin). Although its present trading is going through the red area (at approximately $2.54%), the price of Fantom’s YTD is surging even now as the investors are utilizing several ETH (Ethereum) alternatives.

Fantom, an amplified Ethereum?

Fantom (a blockchain venue running over layer-one) has seen enormous traction across the crypto community during recent months. With such a huge elevation, it is considered to be a straight competitor of Ethereum (the biggest alt token). At this point, the developers are capable of deploying smart contracts, with a procedure similar to that utilized by Ethereum. In addition to this, they could also be able to operate the same programming languages as well as the instruments because the Fantom platform has compatibility with EVM (Ethereum Virtual Machine).

Moreover, the fee structure thereof provides another feature that further uplifts its popularity. Presently, the gas fee charged by the Ethereum token is almost $120 value in ETH only for swapping a token on Uniswap. However, $0.001 (just a proportion of cent) is charged by Fantom to perform the same activity. As it is clarified by the above-made discussion, the respective token has remarkably accelerated in the value thereof to a great extent. According to the blog, the cumulative growth in the value of FTM has reached up to 553% within DeFi (decentralized finance) since the 1st of the recent September.

The present scenario

In the case of TVL (Total Value Locked), the token has swelled up to 6x, and the market capitalization thereof has reached 4.5x. A similar picture had also been showcased in the unique address chart of Fantom additionally. According to FTMscan, the described metrics surpassed up to a million. Nevertheless, a bullish narrative has been presented by the respective chart regarding the demand upturn. Indeed, the network initiated some incentive projects to reward developers, thus, make more improvements in the market cap as well as the TVL thereof.

Prominent analysts of cryptocurrency have disclosed their bullish attitude as well. It has been reported earlier that Coin Bureau (a pseudonymous analyst) predicted that between 2x and 3x upturn would be witnessed by FTM owing to the considerably robust fundamentals thereof. Notwithstanding the mismatch between the hype and the current price of FTM, it is still to be seen whether FTM could turn out to be among the utmost undervalued ecosystems and tokens across the community of cryptocurrency.

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