JAIPUR (Coinchapter.com) – Fantom’s native blockchain asset FTM resumed its uptrend on Tuesday with a near-vertical jump to a new all-time high of $1.75. The FTM/USDT pair logged 34% gains in the rally, rising from lows near $1.18 during Monday’s noon trading session. Key platform developments led to FTM’s bullish momentum.
These include launching the $370 million FTM incentive program, DeFi protocols on Fantom, hitting $1.2 billion in total value locked (TVL). Plus, Coinbase wallet’s support for Fantom’s mainnet, the announcement of the first Fantom Devcon, and Yearn Finance creator Andre Cronje launching Rarity (read the core of a game).
Fantom is a public, EVM-compatible blockchain with smart contract functionality. The network’s aBFT consensus mechanism drastically lowered transaction fees and confirmation times, attracting prominent projects such as Curve Finance, SushiSwap, Cream Finance, etc.
To boost Fantom’s DeFi ecosystem, the foundation announced a total of 370 million FTM tokens as incentives for protocols.
Related: Cream Finance to launch money market service on Polygon blockchain
Moving away from the norm, the Fantom team rewarded the protocol builders instead of the users.
“We believe that builders are the best ones to judge where funds should be allocated, whether they should be provided to build the protocol, or if they need to be used for liquidity mining.
Rather than playing favorites and providing a majority of our resources to a handful of protocols, we’re opening this up to every dev team that will deploy on Fantom.”
said team Fantom in the official announcement
The total value of the funds locked on Fantom’s native DeFi’s protocols pushed north of $1.2 billion throughout August. Plus, unique Fantom addresses went up by 68% to 485,000, with users engaging in 12 million transactions alone in August. A total of 12 million transactions took place in the last month, pulling the all-time transaction count to 52 million.
On September 1, cryptocurrency exchange heavyweight Coinbase announced support for the Fantom network on the Coinbase wallet. As a result, over a million Coinbase users would now interact with the Fantom network and access dapps (decentralized applications).
The Fantom also enabled support for the Coinbase wallet within the blockchain’s native fWallet for users to sync both wallets to avail of FTM rewards and staking opportunities.
Fantom’s Developer Conference will take place in Dubai from October 25 – 29, 2021. Speakers include Andre Cronje, Harry Yeh (Managing Director, Quantum Fintech Group), and Roger Ver.
Also, trustless blockchain bridging protocol, Anyswap waived off bridging fees for token transfer from Ethereum to Fantom. As a result, bridge users would only need to pay Ethereum gas fees. Reverse bridge transactions from Fantom to Ethereum would, however, cost a minimum of 30 FTM tokens.
The Loot’s success inspired Fantom’s Technical Adviser and Yearn Finance founder Andre Cronje to launch Rarity, a game core with composable NFT architecture. The reason Andre leveraged the Fantom blockchain for Rarity goes to low transaction costs.
The latest leg of the FTM/USD rally can be largely attributed to this crucial development.
While explaining the design behind Rarity, Andre pointed at how there is a “summoner NFT” containing “class, XP amount, and level at the very foundation.” The said features would grow through time.
Along with summoner NFTs, Rarity contains Attributes that build on top of the summoner NFT. Individual building blocks such as “skills,” “economy,” “feats,” etc., make up for the third aspect.
“So why not combine all the above into 1 NFT? For one, complexity, and two, composability…”
noted Andre
While bulls continued playing the long game under the influence of the above pointers, sellers interfered in between dragging prices down by 12.5% from $1.75 to $1.53. Since FTM/USDT is trading in the overbought territory, the downside pressure could continue.
Relative strength index (RSI) soared to 81.28 before retreating to 75.82, which indicates that a correction is around the corner. Buyers looking to enter new positions should look ahead for a drop towards $1.48 and $1.38. In the worst-case scenario, the FTM/USDT pair risks retesting the support at $1.23 (lower trendline of the Ascending Channel pattern.)
The planned date for the open mainnet launch in June is approaching, which could be…
Terraform Labs and its co-founder Do Kwon are pushing back against the U.S. Securities and…
Zurich, Switzerland, May 3rd, 2024, ChainwireGalaxis is preparing for this month's token launch on Bybit,…
Here is the top crypto news of the day curated by CoinChapter.com.
Solana's price recovered on May 1 following the recent crypto market plunge, which saw Bitcoin…
PEPE price rallied from the $0.00000515 support. It cleared the $0.00000750 resistance and eyes more…