The smart contract platform Fantom has been one of the strongest performers of the year in terms of network growth. In comparison to industry giants like BNB Chain, Ethereum and others, Fantom's 2,108% growth was something truly outstanding.
What is Fantom?
Fantom is a smart contract platform that provides DeFi services to developers with the help of its own custom-made consensus algorithm. Fantom solves problems and offers solutions associated with smart contract platforms, including transaction speed, scaling and others.
Total Addresses on popular blockchain platforms of 2022 pic.twitter.com/mpKcvCetao— Coin98 Analytics (@Coin98Analytics) January 1, 2023
Fantom was created as an alternative to Ethereum in order to overcome the original network's limitations and create a new generation of blockchain, solving the famous blockchain trilemma: scalability, security and decentralization.
Despite the depressing state of the cryptocurrency market and the industry in general, Fantom has been growing rapidly throughout the year. The network has gained more than 2,000% in the number of unique addresses since January 2022.
FTM's price performance on market
Despite the network's fundamental growth, FTM as a financial asset has been struggling on the market, losing up to 93% of its value since reaching the all-time high back in January. The result of performance like that is obvious: most investors are abandoning the asset, and new investors do not feel comfortable buying a token that lost almost all of its value in 2022.
However, there is nothing outstanding in this performance: the asset behaves in a manner similar to the rest of the market and may start recovering as soon as a wave of fresh funds returns to the industry. At press time, FTM is trading at $0.2 with a mild 0.09% price increase in the last 24 hours.