- Fantom has surpassed the likes of Polygon and Avalanche in DEX transactions.
- The total value locked (TVL) on the Fantom blockchain exceeded $7.75 billion.
Ethereum-Layer 1 rival Fantom (FTM) has lately been in the headlines. The price of Fantom (FTM) surged to a new all-time high of $3.40 over the weekend. This is a welcome development after the FTM price rose by 15% on Sunday, January 16.
On platforms like Binance, the FTM funding rate has turned negative, according to on-chain data source Santiment, signalling significant shorts. On the other hand, Shorter-term investors have incurred heavy losses as a result of this substantial price increase.
As data provider Santiment reports:
“A $3.47 #AllTimeHigh was reached by Fantom in late October. The financing rate of $FTM on exchanges like Binance is a key indicator to keep an eye on. Values tend to soar higher when they go negative and indicate an abundance of short positions.”
Fantom Climbed Third in DEX On-chain Volumes
The volume of DEX transactions, which Fantom surpassed over the weekend, is another significant achievement for the project. Fantom placed third in DEX on-chain volumes on Saturday, January 15, behind Ethereum and Binance Smart Chain. In addition, Fantom has surpassed the likes of Polygon and Avalanche in DEX transactions.
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The recent rise in the FTM price is also due to an increase in DeFi activity. Last week, the total value locked (TVL) on the Fantom blockchain exceeded $7.75 billion. This was a remarkable weekly increase of 26%.
The DAG-based smart contract framework Fantom uses for Dapps makes it highly scalable, making it a speedier rival to other Ethereum Layer 1s. Fantom is likewise presenting itself as a less expensive and more rapid Ethereum Layer 1 than its competitors. According to CoinMarketCap, the Fantom price today is $3.17 USD with a 24-hour trading volume of $1,938,104,986 USD.