The price of Fantom (FTM) soared all the way to $3.40, a new all-time high. This is followed by a healthy 15 percent increase in the FTM price on Sunday, January 16.
The FTM funding rate on platforms like Binance is becoming negative, according to on-chain data source Santiment, implying significant shorts. However, in the midst of this strong price recovery, these shorters have severely burned their fingers.
Another significant achievement for Fantom over the weekend was the amount of DEX transactions. After Ethereum and Binance Smart Chain, Fantom placed third in DEX on-chain volumes on Saturday, January 15. In addition, Fantom has surpassed industry titans Polygon and Avalanche in terms of DEX transactions.
The significant DeFi activity is also a factor in the current FTM price surge. Last week, the Fantom blockchain’s total value locked (TVL) surpassed $7.75 billion. On a weekly basis, this was an astounding 26 percent increase.
Fantom is gaining traction as a speedier competitor to other Ethereum Layer 1s, thanks to its DAG-based smart contract platform for DApps, which is highly scalable. Fantom is likewise pitching itself as a less expensive and speedier Ethereum Layer 1 alternative.
Transferring money with Fantom takes only 1 second and costs $0.0000001. The average transaction time on Ethereum is 15 seconds, and the average transaction fee is $3.
FTM, Fantom’s native token, can be used for a variety of things, including staking, payments, and governance.
Do you hold any quantity of Fantom? Do let us know in the comments section.
