Fantom (FTM) Secret Weapon: Could This Project Be The Next Big Thing In Crypto?
2023年5月24日 - 6:00AM
NEWSBTC
Fantom (FTM) is a blockchain project that has gained attention in
the crypto space for its unique features and potential. Despite a
recent dip in key metrics such as Total Value Locked (TVL), the
project has something special that many believe is worth attention.
Related Reading: Avalanche Breaks $14 Price Level, Yet Remains
Hinged On Crucial Resistance Is Fantom Poised To Disrupt The Crypto
World? One of the most important metrics for any blockchain project
is TVL, which represents the amount of money invested or held in
the network. According to the data researcher for Dune Analytics
under the pseudonym “OxFinish”, for Fantom, TVL saw a massive
uptrend in the autumn of 2021 during the second Bitcoin run to an
all-time high (ATH) but has since fallen to its lowest point in
almost two years, currently sitting at approximately $292 million.
Interestingly, the TVL correlates perfectly with Stablecoin Market
Capitalization, the easiest thing to bridge between blockchains, as
seen in the chart above. Moreover, according to Ox, FTM’s
price is highly correlated with active users, as evidenced by the
recent mini “Altcoin Season” surges in network activity when the
price increases. Social dominance and USD transaction volume have
also fallen, indicating a complex interdependence of key metrics
within the ecosystem. The Rising Star Of Fantom’s DeFi Ecosystem
Despite the above, Fantom has a vibrant ecosystem of projects
building on it, with one decentralized exchange (DEX) standing out
as the backbone of the network: SpookySwap. SpookySwap currently
has over 22% of TVL dominance, with only GMX on Arb having a
slightly higher percentage at approximately 24%. At one point, the
TVL of SpookySwap was higher than the TVL of Avalanche. As an
automated market maker (AMM), SpookySwap enables users to trade any
ERC20 token on the Fantom network without needing an order book.
Instead, the platform uses complex algorithms to determine the
price of tokens based on supply and demand. This approach makes it
easy for users to trade tokens quickly and efficiently while
ensuring that prices remain stable. Furthermore, SpookySwap offers
a range of features and benefits that make it attractive to users.
It leverages the high speed and low transaction fees of the Fantom
network to provide a seamless and efficient trading experience for
users. Additionally, it offers a range of advanced features such as
limit orders, liquidity provision incentives, and a range of
trading pairs. Despite the departure of Andre Cronje, the Fantom
creator, the Fantom ecosystem continues to grow and innovate, with
SpookySwap leading the way. However, the rise of different Layer 2
(L2) solutions in the crypto space provides comparable benefits to
Fantom, making attracting and retaining users more challenging.
Related Reading: Is Cardano Poised for A Price Surge? A Look At Its
Tight Consolidation However, according to Ox, Looking at the
metrics and recent innovations, there is still plenty of potential
for Fantom to rise in the next bull market. Although, it will
require the project to continue to innovate and stay ahead of the
curve to stand out in an increasingly crowded marketplace. Featured
image from Unsplash, chart from TradingView.com
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