Fantom (FTM) has gained nearly 7,000% for the reason that begin of this 12 months — that’s much more than the favored crypto Dogecoin (DOGE). Although it’s at present buying and selling within the purple zone ($2.54, 4% correction), Fantom’s YTD value continues to be up as traders pile into numerous Ethereum (ETH) options.
Is Fantom a supercharged Ethereum?
The #35 layer-one blockchain platform, Fantom has witnessed immense traction inside the crypto neighborhood in current months. It’s even thought of as a direct rival in comparison with Ethereum, the most important alt token. Right here, builders might deploy good contracts, similar to on Ethereum. Additionally, they may use the identical instruments and programming languages since Fantom is EVM suitable.
This coupled with its price construction provides it the wings to rise increased as effectively. At press time, it price round $120 in Ethereum gasoline charges only for a token swap on Uniswap. Whereas, it prices merely a fraction of a cent ($0.001) to hold the identical operation.
As apparent from the aforementioned plot, the token in query has surged on an enormous scale. As per the blog, FTM is the fastest-growing main blockchain (553%) in DeFi since 1 September 2021. It grew 6x in Total Value Locked (TVL) in DeFi and 4.5x in market cap. Fantom’s distinctive deal with chart showcased an identical image as effectively. As per FTMscan, the said metrics crossed the million mark.
Right here’s a correct abstract of its current progress:
Fantom retains rising exponentially.
🔹 1.1 million distinctive addresses
🔹 75,000+ day by day lively addresses
🔹 750,000+ day by day transactions
🔹 44,000+ good contracts deployed
🔹 5.3b TVL
— Fantom Basis (@FantomFDN) November 11, 2021
Nonetheless, this portrays the bullish narrative regarding the hike within the demand. Different catalysts have performed a significant position as effectively. Actually, the community launched a couple of incentive applications for rewarding builders, ergo, the rise in its TVL and Market Cap.
Distinguished crypto analysts have expressed their bullish scenarios as effectively. As lined earlier than, pseudonymous analyst Coin Bureau projected that FTM would witness 2x to 3x rise as a result of its “considerably sturdy fundamentals.”
Though the present value didn’t actually match as much as the hype. It stays to be seen if FTM may very well be some of the undervalued tokens and ecosystem inside the crypto neighborhood.