• After FTM hit a new all-time high earlier today, Fantom’s total value locked has exceeded Avalanche’s. 
  • Based on fully diluted market capitalization, there is a massive gap between FTM and AVAX that would be closed if cryptocurrency markets were considered efficient. 
  • Cross-chain protocol AnySwap is one of the fastest-growing projects in the Fantom ecosystem; its TVL increased 80% overnight. 

The highly scalable blockchain platform Fantom has witnessed a growth in projects like AnySwap in its ecosystem. Competing with Avalanche and Polygon, Fantom has posted nearly 25% gains overnight. 

FTM price rally continues, analysts expect further growth in the Fantom protocol ecosystem

Yearn Finance, a group of protocols running on the Ethereum blockchain that optimize earning on cryptocurrencies through lending and trading services has launched four vaults on the Fantom Network. This move marks Yearn Finance’s shift from Ethereum to Fantom. 

Yield Finance is a leading decentralized finance protocol, and the low-cost, high-speed Fantom Network has garnered the attention of this project’s developers. The shift is considered key to further growth in the Fantom ecosystem. 

The automated yield aggregator is best known to offer users the highest yield on their Ethereum- based assets. The pillar of the DeFi ecosystem announced the launch of Iron Bank and vaults on the Fantom network earlier today.

Interestingly, akin to Ripple and Stellar, Fantom is keen on central bank digital currencies (CBDCs). The project unveiled a partnership with OJSC Orienbank of Tajikistan, working on a CBDC for the central Asian country. 

FTM’s on-chain activity has exploded, and its TVL (similar to market capitalization for decentralized applications) is now more than the combined value of Avalanche and Polygon

The rise in TVL is yet to reflect fully diluted market capitalization (FDV), the market capitalization if all coins, even the future supply, were diluted now. Proponents consider that cryptocurrency markets are not as efficient as traditional financial markets, and therefore, the gap is likely to remain. 

@safetyth1rd, cryptocurrency investor and founder of “Today in DeFi,” tweeted:

Of all the projects on Fantom, AnySwap: a fully decentralized cross-chain swap protocol, is the fastest-growing project. The project’s TVL increased 80% overnight, actively contributing to FTM’s overall on-chain activity. 

Pseudonymous analyst @HsakaTrades has predicted that FTM market capitalization will double soon, bringing it at par with Ethereum-killers Solana and Terra. The analyst has set a price target of $3 for FTM. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price. 

More Cryptocurrencies News

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.

More Shiba Inu News

Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium

Dogwifhat crashes 60%, but here's why you should not buy WIF yet

Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective. 

More Dogwifhat News

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court. 

More Ripple News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP