Assessing Fantom’s new vault launch and its effects on FTM
- Fantom launched an Ecosystem Vault on 20 January.
- FTM has seen increased demand since the beginning of the year.
The Ecosystem Vault would fund projects being built on the Fantom blockchain. According to the press release,
“The Vault is a new fund aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas, and creations through a community-driven decision process.”
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The Ecosystem Vault was launched pursuant to a proposal to do the same, which was voted on and passed in July 2022. It is a community-controlled fund that is financed by redirecting 10% of the transaction fees from Fantom to the Vault by decreasing the burn rate of the FTM token.
State of Fantom in 2023
Per data from Dune Analytics, 8.58 million transactions have been completed on the Fantom network in the past 20 days. However, as the end of January approaches, it remains to be seen whether the network’s transaction count for the month will be less than the 16.36 million transactions recorded in December.
For context, the monthly transactions count on Fantom has been consistently declining since July 2022. It has since plummeted by 68%.
Further, on 2 January, the count of active users and new users saw a significant spike, data from Dune analytics showed. Since then, this has declined as well. As of 20 January, the network saw the creation of 4,900 new addresses with 51,490 daily active addresses.
Realistic or not, here’s FTM’s market cap in BTC’s terms
FTM is not walking alone
With the bullish run in the general crypto market in the last month, FTM’s price has risen by 70%, data from CoinMarketCap showed. As of this writing, the altcoin exchanged hands at $0.3462.
A recent on-chain data assessment revealed that the FTM token has seen an increase in network activity over the past 30 days. According to the data, the daily count of active wallets trading the token has gone up by 132%.
Similarly, the FTM token has experienced a surge in demand during the period under review. This is evidenced by the significant increase in the number of new addresses created on the FTM network on a daily basis, which has risen by 80%.
This is a positive sign for the Fantom community, as it suggests that more people were buying and using its native token.