One Ethereum-Layer 1 competitor that’s been lately within the information is Fantom (FTM)! Over the weekend, the Fantom (FTM) value rallied all the best way nearer to $3.40 hitting a brand new all-time excessive. This comes on the backdrop of a stable 15% pump within the FTM value 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 stable value rally. As information supplier Santiment reports:
Fantom is edging near its $3.47 #AllTimeHigh, made again in late October. A sign to look at carefully 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 Sensible Chain. Moreover, Fantom has additionally managed to surpass giants like Polygon and Avalanche by way of DEX transactions.
Fantom’s Defi TVL Shoots Previous $10 Billion
The explanation behind the current FTM value 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% bounce on a weekly foundation.
Fantom is rising as a sooner competitor to different Ethereum Layer 1s as its leveraged the DAG-based sensible contract platform for DApps that makes it extremely scalable. Moreover, 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 value is $3.
Fantom’s native token FTM will be helpful for numerous functions like staking, funds, and governance.
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