Fantom (FTM): A Rising Star in the Cryptocurrency Market
One of the top performers in Q4 of 2023 was Fantom (FTM), a Layer-1 protocol that was launched in 2018, according to Messari.Fantom (FTM) had a fantastic Q4, surpassing all other cryptocurrencies with a 140% surge in circulating market cap.
In the exciting world of cryptocurrencies, there are always new players emerging and grabbing everyone’s attention. One such standout performer in the fourth quarter of 2023 was Fantom (FTM), a Layer-1 protocol that has been making waves since its launch in 2018.
📈 Impressive Growth and Market Cap Surge
According to a recent report by Messari, Fantom experienced significant growth in Q4, with its circulating market cap skyrocketing by 140%, from $0.5 billion to $1.3 billion. This performance surpassed the overall market cap growth of all cryptocurrencies, which stood at 54% during the same period.
Not only did Fantom’s market cap surge, but it also climbed up the market cap rankings, moving up from 63 to 58 by the end of the quarter. This impressive feat signals the growing recognition and interest in Fantom within the cryptocurrency community.
💡 FTM’s Potential for Future Growth
Despite the incredible growth, Fantom’s circulating supply remained relatively stable quarter-over-quarter. However, there were some exciting developments during this period that could pave the way for future growth.
- BTC bulls face ongoing battle to reach $40K Bitcoin price
- Is Bitcoin Going Bullish? Analyzing the Factors Behind the Lack of Momentum
- Selling Pressure in Bitcoin May Be Over, According to JPMorgan
Fantom introduced the Ecosystem Vault and Gas Monetization program, which aimed to reduce the burn rate of transaction fees and reallocate a portion of fees to the Gas Monetization program and Ecosystem Vault. This strategic move not only benefits the network itself but also adds value to the ecosystem, creating potential incentives for users.
Although the number of daily active addresses on the Fantom network experienced a slight decline of 27% in Q4, December showed a promising trend of increasing daily active addresses. This indicates that Fantom has the potential for further growth as the crypto market emerges from its bearish phase.
🔄 Surge in Transactions and New Addresses
The surge in daily new addresses on Fantom can be attributed to the launch of Estfor Kingdom, a popular blockchain-based game that gained traction in late Q3. In December, there was a notable uptick in daily new addresses, likely influenced by improved market conditions.
Average daily transactions on Fantom reversed their declining trend, surging by an impressive 126% to 531,000. This surge was primarily driven by the emergence of Fantom Inscription FRC20s, with a record-breaking day of 5.11 million transactions, including 4.99 million inscriptions.
🏦 The Fascinating Fantom DeFi Ecosystem
Fantom’s Total Value Locked (TVL) denominated in USD increased by 58% quarter-over-quarter, reaching $81 million in Q4. However, TVL denominated in FTM decreased by 29%, largely due to asset price fluctuations.
The top DeFi applications on Fantom experienced major shifts in Q4, with new players gaining market share. Protocols such as Equalizer Exchange, WigoSwap, and SpiritSwap emerged as up-and-coming contenders. Notable protocols by TVL included Spookyswap, Beethoven X, Equalizer Exchange, WigoSwap, Tomb Finance, and SpiritSwap.
Collectively, these protocols contributed $29 million in TVL, accounting for almost the entire growth of Fantom’s TVL in Q4. The ecosystem’s growth was further supported by emerging decentralized exchanges like Equalizer Exchange and WigoSwap.
⬇️ FTM Price Decline: Opportunity or Concern?
Despite Fantom’s remarkable performance as a protocol, FTM’s native token has seen a significant decline. Presently trading at $0.3306, FTM reflects a decrease of over 37% in the past 30 days and an 18% decrease since the beginning of the year.
It’s essential to note that the recent dip in FTM’s price is in line with the broader cryptocurrency market correction. Therefore, it may present an opportunity for potential investors or those who missed out on the earlier surge.
🚀 The Future of Fantom
Looking ahead, Fantom shows great potential for further growth and prosperity. With its strong market cap surge, expanding DeFi ecosystem, and promising developments on the network, Fantom is poised to make a significant impact in the cryptocurrency market.
While FTM’s price may be experiencing a temporary dip, long-term investors and enthusiasts are eagerly watching for opportunities to get involved with this rising star in the crypto world.
👥 Q&A: What Else Should You Know About Fantom (FTM)?
Q: How does Fantom’s performance compare to other cryptocurrencies in Q4 2023?
A: Fantom outperformed other cryptocurrencies in terms of market cap growth, with a remarkable surge of 140% quarter-over-quarter. This surpassed the overall market cap growth of all cryptocurrencies, which stood at 54% during the same period.
Q: What are the factors contributing to Fantom’s potential for future growth?
A: Despite a slight decline in daily active addresses, the introduction of the Ecosystem Vault and Gas Monetization program, along with the increase in daily new addresses and transactions, suggests a positive outlook for Fantom’s future growth.
Q: What are the top DeFi applications on Fantom?
A: The top DeFi applications on Fantom experienced significant shifts in Q4, with emerging contenders such as Equalizer Exchange, WigoSwap, and SpiritSwap gaining market share. Notable protocols by TVL included Spookyswap, Beethoven X, Equalizer Exchange, WigoSwap, Tomb Finance, and SpiritSwap.
Q: Is the decline in FTM’s price a cause for concern?
A: The recent decline in FTM’s price is in line with the broader correction in the cryptocurrency market. While it may be concerning in the short term, it could also present an opportunity for potential investors or those looking to accumulate FTM at a discounted price.
References:
- Bitcoin ETF Approval Looks Increasingly Likely
- Chinese Web3 VC Launches $10B Accelerator Fund
- Helium (HNT) Heats Up: 21% Jump After Telefónica Deal Ignites Growth
- Fantom Network Activity Give FTM Price a Shot In the Arm
- Avalanche Foundation to Purchase Meme Coins as Part of a “Culture Drive”
- 5 Best Crypto to Buy: Twitter Influencers Back, Ready to Explode in 2024
- EU Reaches Preliminary Deal on Stricter Cryptocurrency Regulations
- Solana (SOL) Price Today: Floating Among the Top Performers
🌐 Did you find this article informative and entertaining? Be sure to share it on your favorite social media platforms and let others join in on the fantastic world of Fantom! 🚀
We will continue to update Blocking; if you have any questions or suggestions, please contact us!
Was this article helpful?
93 out of 132 found this helpful
Related articles
- The First 5 Days: Analyzing the Bitcoin ETF Launch
- Bitwise Sets New Precedent by Publicly Disclosing Bitcoin Address Holdings
- XRP Faces Uncertainty Amidst Market Turbulence: What’s Next for Ripple’s Native Cryptocurrency? 🚀🔮
- Chinese Investors Flock to Hong Kong Exchanges for Crypto Exposure
- 🚀 Bitcoin Slumps as Retail Investors Predict Further Drop 📉
- The Exciting World of Bitcoin and Crypto: Latest News and Trends
- Ethereum Emerges as the Winner: Beating Bitcoin and Altcoins in Recent Performance