Fantom (FTM), the native cryptocurrency of the blockchain Fantom Network, is having the best performance in its history this week when it accumulates gains of 65%. The currency’s bullish movement culminated in a new price record of $2.43 (R$13), reached this Friday morning (8).
CoinMarketCap indicates that in the last 24 hours alone, the FTM has risen just over 24%, the best performance of the day in the Top 100 of the main cryptocurrencies in the industry. At this rate, the asset’s market value also reached a record US$5.6 billion.
The FTM’s price spike reflects the popularity its smart contract ecosystem is receiving in the decentralized finance (DeFi) sector.
Fantom is a proof of participation (PoS) network that uses Directed Acyclic Graph (DAG) technology and Lachesis consensus algorithm to solve the blockchain trilemma, that is, the ability to simultaneously offer maximum decentralization, high scalability and security network.
Fantom promises on its website to be able to process thousands of transactions per second almost instantly and cheaply, with fees that cost a fraction of a penny. Its blockchain is also compatible with the Ethereum virtual machine (EVM), which allows dApps to use its network to escape the congestion and high fees of the main competitor.
Week of news for the Fantom network
Although Fantom’s mainnet has been in operation since late 2019, its set of attractions seems to be becoming more visible to the community in recent times. This week, two news boosted the price of the FTM: nine network support by blockchain analytics provider Nansen and the launch of Yearn Finance (YFI) in its ecosystem.
On Thursday, Nansen added Fantom to its list of supported blockchains alongside Ethereum, Polygon and Binance Smart Chain, as reported by Decrypt. The Singapore-based analytics platform facilitates investor trading by providing a network of real-time dashboards and alerts.
The news with the greatest impact, however, is the choice of Fantom as the first alternative blockchain network to integrate Yearn Finance. Until then, the popular DeFi project kept its operations limited to Ethereum, the network on which it was first launched in February 2020.
“The multichain Kingdom waved and Yearn answered the call. Today, we are going to become multichain with the launch of the Iron Bank Fantom”, tweeted the project team. “Fantom is fast, simple to use and easy to connect thanks to Anyswap Network”.
The effect of the news on the Fantom ecosystem is noticeable beyond the value of the cryptocurrency. According to DeFi Llama, the network’s total blocked value (TVL) — how much money is being trusted in your smart contacts — hit an all-time high of $9 billion on Friday.
Since October began, the project’s TVL has held steady at around $2 billion, until on Wednesday the numbers started to climb to today’s record. In the week, the total amount blocked on the Fantom network has already grown 309%.