Fantom surpasses AVAX in TVL as it hits a new all-time high
- 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.
The Realm of Multichain beckons.
— yearn.finance (@iearnfinance) October 7, 2021
And Yearn has heeded the call.
Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults on https://t.co/hEVzLGbOsI pic.twitter.com/IaAtDqdkYi
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:
By Market cap
— (@safetyth1rd) October 8, 2021
FTM 5.5B vs Avax 13.8B
(avax 2.6x higher)
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.
$3 $FTM is mathematically inevitable.https://t.co/RExGPayXZQ
— Hsaka (@HsakaTrades) October 8, 2021
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
