Scalable EVM-compatible blockchain Fantom demonstrates notable progress in late Q4, 2021. It looks like Ethereum (ETH) has one more dangerous "new-gen" competitor besides Terra (LUNA).
Fantom dApps ecosystem gains steam
In the last seven days, four top-tier smart contracts platforms witnessed double-digit upsurges in terms of total value locked (TVL), i.e., in the USD-denominated market capitalization of all cryptocurrency assets deposited by their clients.
$FTM has seen the 2nd highest weekly increase in TVL after $LUNA (+21.73%).
— Miles Deutscher (@milesdeutscher) December 26, 2021
Fantom’s TVL is approaching ATHs despite being -35% from its price ATH. Only a matter of time before its price finally reflects the vibrant ecosystem that’s rapidly growing on $FTM. pic.twitter.com/yKNYnLY40K
Terra (LUNA), Fantom (FTM), Solana (SOL), Polygon (MATIC) are top performers in TVL rankings.
With its $5.6 billion in total value locked, Fantom surpassed veteran smart contracts platform Tron (TRX).
Also, should it attract another $100 million from its dApps clients, it can surpass Polygon Network (formerly Matic Network, MATIC), well known for its low fees and fast execution of transactions.
FTM price jumps 70% in just five days
At the same time, to surpass its next competitors, Solana (SOL) and Avalanche (AVAX), Fantom needs to increase its TVL by more than 100%.
Fantom's DeFi ecosystem has one "unicorn" with more than $1 billion locked (Multichain, a dApp that works on top of all EVM-compatible blockchains), while two platforms, SpookySwap and Tomb Finance, are ready to join the "three commas club."
The price of FTM, a core native asset of Fantom Blockchain, reflects its explosive growth. Since Dec. 21, 2021, it has added almost 70%.
By press time, FTM is changing hands at the local high over $2.32 on major spot platforms.
Vladislav Sopov