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Fantom: Though DeFi-friendly measures show results, FTM remains in limbo

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Fantom: Though DeFi-friendly measures show results, FTM remains in limbo
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  • The total transaction fees collected in the last week were the highest since November.
  • Despite the promising growth in transactions, network growth dipped 74% over the previous month.

Fantom’s [FTM] recent attempts at making the network more conducive for deployment of dApps have started to show results. As per a 10 April tweet, the layer-1 blockchain recorded its six-month high in transaction fees collected.

At nearly $180k, the cumulative value of fees collected in the last week was the highest since November, reflecting the growing trading activity on the platform.

The impact of this rise was visible on the price trajectory of native token, FTM, which gained over 8% in the last week, per CoinMarketCap.

Read Fantom’s  [FTM] Price Prediction 2023-24

DeFi-friendly measures

A major push behind the growth in transactions could be coming from Fantom’s decentralized finance (DeFi) ecosystem. As per data from DeFiLlama, the largest decentralized exchange (DEX) on the chain, SpookySwap, registered a total value locked (TVL) growth of over 8% in the last 30 days.

Equalizer Exchange, which had a contribution of over 8% to Fantom’s TVL, was another success story. Over the last week, the DEX grew by over 18% while its monthly expansion rate stood at 32.44% at press time. Equalizer’s twin-AMM design unites StableSwap pools with Standard ‘kxy’ liquidity pools.

Source: DeFiLlama

The layer-1 blockchain has undertaken important steps of late to entice users and projects.

To add another layer of security to the DeFi transactions, Fantom integrated the Web3 defense suite of the crypto security company De.Fi last week. With incidents of hacks continuously rising on DeFi platforms, the added measure could have spurred transactions on the platform.

Before that, Fantom announced the launch of its Ecosystem Vault, which was intended to support builders by providing a decentralized channel for funding projects and ideas. As of this writing, the vault held 290,000 FTM tokens.

Realistic or not, here’s FTM market cap in BTC’s terms

Fantom: Network growth, dev activity trigger concerns

Despite the promising growth in transactions, the network growth dipped 74% over the previous month, sparking concerns about user adoption. The 30-day MVRV Ratio moved in the positive territory, signifying that holders could realize profits if they were to sell their FTM tokens.

Source: Santiment

FTM’s price action and growth of its DeFi landscape filled investors with optimism as the weighted sentiment continued to stay positive. However, the concerning factor was the considerable drop in development activity, which could delay important upgrades in the days to come. Since 15 March, the metric has gone downhill, with no signs of recovery.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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