Can Fantom’s [FTM] updates help its network activity? What the metrics say
- Fantom announced the launch of its Fantom Ecosystem Vault, a new fund that sought to empower Fantom builders
- FTM’s network value increased, and a few metrics looked bullish
Fantom’s [FTM] network health was not at its best at press time, as a few key metrics had declined. For instance, as per Dune, Fantom’s active addresses went down sharply over the last few weeks. A similar declining trend was also seen in the number of transactions. However, Fantom’s latest launch raised investors’ confidence.
Collection of top AI tools to use for different tasks.
Read Fantom’s [FTM] Price Prediction 2023-24
How Fantom could boost user interest
On 30 March, Fantom announced the launch of its Fantom Ecosystem Vault. The Vault is a new fund that seeks to empower Fantom builders by providing a decentralized channel for funding projects, ideas, and more.
250,000 $FTM are now available inside the #Fantom Ecosystem Vault!
📰 Read about the vault: https://t.co/zwEZSifluY pic.twitter.com/0QAqm5dhE2
— Fantom Foundation (@FantomFDN) March 30, 2023
Additionally, the Ecosystem Vault is an on-chain fund financed by 10% of the transaction fees on Fantom and controlled by the community. This new release could lure more projects and users onto the network, and, in turn, increase network activity.
Fantom is growing already
After the announcement, FTM’s network value registered an increase. DeFiLlama’s data revealed that Fantom’s TVL rose by over 4.5% in the last 24 hours. It was also interesting to note that Spooky Swap was the DEX with the largest volume in the Fantom ecosystem.
🔥According to data from @DefiLlama, @SpookySwap is currently the dex with the largest volume on the @FantomFDN ecosystem with $50.7M@SpookySwap accounts for 30.1% of the total dex volume on @FantomFDN in last 7D
🥉@Equalizer0x #FTM $FTM pic.twitter.com/JL6qMSdKhJ
— Fantom Insider (@fantom_insider) March 31, 2023
After a decline, whale interest in FTM also increased, which was evident from the rise in supply held by top addresses. There was good news for FTM too, as its supply on exchanges declined sharply. However, these developments failed to have a positive impact on FTM’s weighted sentiment, suggesting that the crypto community showed less trust in FTM.
Is your portfolio green? Check the Fantom Profit Calculator
Are the bulls convinced yet?
Though the network’s value increased by nearly 5% in the last 24 hours, the same was not true with the token‘s price action. As per CoinMarketCap, FTM increased its price by nearly 1% on the last day, and at press time, it was trading at $0.454 with a market capitalization of over $1.2 billion.
However, the bulls might be getting ready to push FTM’s price up soon, as suggested by a few on-chain metrics. FTM’s MVRV Ratio registered a recovery, thanks to the recent marginal gains. Network growth also increased, indicating more new accounts were used to transfer the token. Besides that, FTM’s Binance funding rate increased, reflecting its demand in the derivatives market.