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Fantom has surged to new highs as the race to secure a place in the multi-chain future intensifies.
Fantom in Price Discovery
Fantom just hit a new all-time high.
The Layer 1 network has kept up its multi-week rally, topping out at $2.48 Tuesday morning.
The run to new highs may have been fueled by the launch of a new cross-chain bridge. SpiritSwap, a leading decentralized exchange on Fantom, has launched a multi-chain bridge, allowing users to send assets between Binance Smart Chain, Ethereum, Polygon, and Fantom. SpiritSwap’s SPIRIT token has also jumped today.
While the list of available assets varies depending on the network pairing, the bridge supports major stablecoins such as DAI, USDT, and USDC as well as ETH, MATIC, BNB, and many more. SpiritSwap’s multi-chain bridge will make it easier to move assets onto Fantom, encouraging users to take advantage of new yield farming opportunities on the network.
Over the past month, several highly-anticipated launches on Fantom have fueled its meteoric rally. The network’s FTM token has climbed over 82% in the last 30 days, with the expansion of DeFi on the network playing a major role. At the start of the month, the lending and borrowing protocol Geist Finance launched on Fantom, pushing the FTM token up 36%. Following that, Yearn.Finance announced that it would be expanding to the Fantom network, pushing prices even higher.
Fantom is one of several Layer 1 tokens that’s seen huge growth this year. Solana, Avalanche, Terra, and Cosmos all rallied over the summer amid growing belief in a multi-chain future, with generous liquidity mining programs and airdrops helping to attract users to their ecosystems.
However, with Bitcoin currently dominating the market, other Layer 1 tokens are slowly bleeding the gains they put in throughout August and September. Fantom has bucked this trend, breaking out higher and putting in new all-time highs.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, SOL, and several other cryptocurrencies.