One Ethereum-Layer 1 competitor that’s been not too long ago within the information is Fantom (FTM)! Over the weekend, the Fantom (FTM) worth rallied all the best way nearer to $3.40 hitting a brand new all-time excessive. This comes on the backdrop of a strong 15% pump within the FTM worth on Sunday, January 16.
As per on-chain information supplier Santiment, the FTM funding charge on platforms like Binance is popping adverse indicating heavy shorts. Nonetheless, these shorter have closely burned their fingers amid this strong worth rally. As information supplier Santiment reports:
Fantom is edging near its $3.47 #AllTimeHigh, made again in late October. A sign to observe intently is $FTM‘s funding charge on exchanges like Binance. When going adverse, indicating many shorts, costs have tended to rocket upward.
One other main milestone that Fantom has achieved over the weekend is the variety of DEX transactions. On Saturday, January 15, Fantom ranked third in DEX on-chain volumes after Ethereum and Binance Good Chain. Apart from, Fantom has additionally managed to surpass giants like Polygon and Avalanche when it comes to DEX transactions.
Fantom’s Defi TVL Shoots Previous $10 Billion
The explanation behind the latest FTM worth rally can be the excessive DeFi exercise. The full worth locked (TVL) on the Fantom blockchain crossed $7.75 billion final week. This was a staggering 26% soar on a weekly foundation.
Fantom is rising as a sooner competitor to different Ethereum Layer 1s as its leveraged the DAG-based good contract platform for DApps that makes it extremely scalable. Apart from, Fantom can be positioning itself as a less expensive and sooner different to different Ethereum Layer 1s.
For e.g. Fantom takes solely 1s to switch cash with transaction prices as little as $0.0000001. Whereas on Ethereum, the common transaction time is 15 seconds and the common transaction price is $3.
Fantom’s native token FTM will be helpful for numerous functions like staking, funds, and governance.
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