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Fantom Sees 4,200% Growth in Smart Contract Deployment as Price Remains Unchanged, Data Shows

Fri, 03/18/2022 - 14:27
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Tomiwabold Olajide
Fantom ecosystem expansion continues since February 2021 with a 4,200% increase
Fantom Sees 4,200% Growth in Smart Contract Deployment as Price Remains Unchanged, Data Shows
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Fantom (FTM), a Дayer 1 blockchain platform that powers decentralized finance (DeFi) applications, reports a 4,200% increase in smart contracts deployment since February 2021. It notes that the number of deployed verified contracts rose from 111 recorded in February 2021 to 4,677 in February of this year, representing a 42x increment.

Smart contracts are written in Solidity and can function on Fantom as they do on Ethereum. A Fantom transaction containing the user's bytecode is delivered without naming any recipients to deploy a smart contract. The contract will be available to all Fantom network users after it has been deployed.

The Fantom Foundation recently announced its strategic collaboration with crypto exchange Poloniex. Poloniex will support the development of the Fantom ecosystem. In another positive development, users can now bridge funds to and from Fantom via cross-chain bridge Wormhole. With deposits and withdrawals of mainnet FTM, Crypto.com's 10 million customers, including U.S. residents, now have easy access to the Fantom ecosystem.

Price still unmoved

Amid the drop in prices, whales are using the opportunity to accumulate, as WhaleStats reports two large purchases of 2,000,000 FTM bought in recent hours by top ETH whales, or large holder addresses.

Fantom (FTM) fell in the prior week after developer exits weighed on investor confidence. Andre Cronje, the developer of Yearn. Finance announced that he was calling it quits together with developer Anton Nell while tweeting that they were "terminating" 25 projects.

The Fantom Foundation clarified this as miscommunication in a released statement. After a few days of decline, the FTM price rose in a relief rally to reach highs of $1.28 on March 16. At press time, FTM was attempting a rebound from intraday lows of $1.17. At the time of publication, FTM trades at $1.21 and ranks 41st largest cryptocurrency by market capitalization, per CoinMarketCap.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.