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Fantom, a high-throughput smart contract platform, is trending with boosting total value locked and token prices surging to new peaks.
Over the past few hours, there has been a massive spike in the total value locked on the Fantom blockchain. According to DeFi Llama, it has surged 233% over the past day to reach USD 8.27 billion in TVL. This is almost the same as the TVL of Polygon and Avalanche combined, which is around USD 9 billion.
Source: DeFi Llama
Also, the Fantom TVL has increased by a whopping 2,500% since the beginning of August, making it one of the fastest-growing ecosystems. The top project on the network is AnySwap which has seen its TVL surge 80% in the past 24 hours to USD 3.4 billion.
On the other hand, Geist Finance, in second place, has pumped 242% to reach $2.8 billion in TVL.
Fantom Fundamentals
AnySwap and Geist Finance are leading the DeFi sector on Fantom’s blockchain, but other fundamentals add to the hype.
On October 7th, Fantom announced a partnership with blockchain analytics platform Nansen. The company has touted the network as having solved the trilemma of speed, security, and decentralization.
Nansen will include analytics from Fantom on its dashboards such as stablecoin tracking, gas fees, smart money, transactions, and smart contract activity.
We're thrilled to announce that Nansen now supports @FantomFDN!
DeFi TVL on Fantom is $3.25b, a whopping 1,038% increase in less than 3 months.
Key findings from our analysts @dadabatman @therealkaranm @phan_tbs on what has led to Fantom’s success:https://t.co/vAAxs7lqf2
— NansΞn (@nansen_ai) October 7, 2021
Also, the same day, DeFi yield platform CREAM Finance announced that it had launched its Iron Bank on Fantom.
On October 6th, Fantom announced that a governance proposal was passed to reduce the minimum stake to run a validator node to 500,000 FTM tokens. This makes staking and validating the network more available through validators that still need USD 1.1 million worth in tokens.
Finally, Fantom announcements have been rolling this week. The most recent on October 8th was that the Fantom-based PaintSwap NFT marketplace has just had a significant upgrade. The version 2 platform now supports $FTM tokens natively and a raft of new features.
2.0 Has arrived! The #1 open NFT marketplace on #fantom just got better. Native FTM support, edit prices, auto zaps, auction extensions & so much more! Read all the details in our medium https://t.co/62OIbhEXT2 @FantomFDN @AndreCronjeTech @theotherpomp $ftm $brush #nft #defi pic.twitter.com/zrYotCUBP1
— PaintSwap (@paint_swap) October 7, 2021
$FTM Surges to ATH
All of this momentum has driven $FTM prices to an all-time high. The $FTM is currently trading at USD 2.43, its highest price ever.
FTM has made a whopping 190% over the past seven days and is up 33% in the past 24 hours. With 2.5 billion $FTM tokens circulating, it has a market cap of USD 6.1 billion.