Fantom price is up over 21% today, making it the biggest gainer on Crypto.com. With a 24-hour trading volume of $1.76 billion and a market cap of $7.36 billion, Fantom is a significant player in the crypto space. Let’s look at Fantom and its token FTM and see why the price is rising.
What Is Fantom?
Initially launching in December 2018, Fantom describes itself as a fast, high-throughput open-source smart contract platform for digital assets and dApps.
Fantom’s asynchronous Byzantine Fault Tolerance (aBFT) consensus protocol delivers unparalleled speed, security, and reliability, making Fantom an excellent choice for various crypto applications.
Some popular partners currently using Fantom’s tech include Chainlink and Band Protocol. Chainlink is a decentralized oracle bringing DeFi and stablecoins together. Band Protocol is another on-chain oracle providing critical data feeds to stablecoins.
Last but not least, Fantom makes for an excellent solution for Web 3 applications with their decentralized and blockchain-native APIs that developers can easily integrate into any infrastructure.
FTM is the primary token for the Fantom network, used for governance, payments, fees, and securing the network through staking.
Why Is Fantom Price Rising?
Fantom’s price increased by over 20% today, almost breaking its previous all-time high of $3.1, which it hit on November 7th.
Fantom’s recent price hike is most likely due to the growth of its ecosystem. Notably, LiquidDriver, a liquidity farm on the Fantom network, recently reached over $100 million in TVL on its yield farming platform.
100 million USD total value locked 🎉
A lot more room to grow. Lets fill up the pools 🌊https://t.co/CszKwmkcuy pic.twitter.com/slH9ax87JD
— LiquidDriver (@LiquidDriver) January 2, 2022
Currently, users can stake various stablecoins and tokens for incredibly high APRs. For example, users can stake FTM / fUSDT for a return of up to 149% APR.
In other news, a Fantom-based decentralized liquidity market protocol, Geist, recently added Chainlink to its platform, offering over 14% in Deposit APY.
It’s clear that the Fantom ecosystem is one of the fastest-growing on the market currently, and it wouldn’t be surprising to see Fanrom break its previous all-time high by the end of January.
At writing, FTM is trading at $2.89, with a 24-hour trading volume of $1.7 billion. Its market cap is $7.3 billion, with a circulating supply of 2.55 billion tokens.
You can purchase FTM on Binance, KuCoin, FTX, Gemini, Uniswap, Crypto.com, and more.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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