The Fantom price notes rather interesting price momentum this week. Even though its DeFi ecosystem has yet to recover from massive TVL outflow, the FTM value has surpassed $0.5 again. Moreover, Fantom remains a very cheap and efficient network compared to other blockchains.
Fantom Price Bounces Back
It is good to see at least one cryptocurrency note some decent price momentum these past few weeks. However, it isn’t necessarily clear why there is a strong increase in interest in Fantom (FTM). More specifically, the asset has increased by 28.8% in the past week, confirming that people are accumulating. It is worth noting that FTM is still down by over 54% for the month, but that applies to various other cryptocurrencies.
Even today, FTM is one of the strongest gainers across all top cryptocurrencies. Another 18% gain has brought its value above $05 again, giving the project a roughly $1.3 billion market cap. That is still down by over 85% from the all-time high recorded seven months ago. Unfortunately, most markets have been very bearish this past year, and everyone awaits a strong reversal. The Fantom price momentum may offer a glimpse of what can happen to other markets over the next few weeks.
Efficient Gas Is Beneficial
When it comes to using a blockchain network, gauging transaction fees is paramount. Networks like Ethereum often suffer from fees of over $30 per transfer, which is exuberant. Fantom, even though it has high fees in gwei figures, remains reasonably efficient in this regard. Its top gas guzzlers generated under $7 in fees in the past few minutes. That is relatively impressive and highlights the need for better efficiency across other networks.
Furthermore, Fantom’s transaction queue remains empty. There is rarely a queue of over 25 transactions, which can easily be processed in a few network blocks. Users are more than willing to rely on this network even at an average fee of $0.5 per transaction – which is a steep increase over previous days. An increasing fee can hint at broader network activity, further confirming people have taken notice of Fantom.
Fantom DeFi TVL Rises Slightly
It has been a rough few months for Fantom in the decentralized finance department. The network saw a substantial outflow of funds, bringing its TVL from nearly $13 billion to $1.72 billion. It is unusual to see such a steep decrease materialize, although many people had [temporarily?] lost interest due to Andre Cronje shutting down several projects, among other developments.
Although it is too early to speak of a reversal, things look a bit more interesting today. Thanks to various protocols attracting more capital, the Fantom DeFi TVL has surpassed $1.9 billion. SpookySwap, Geist Finance, SpiritSwap, Liquid Driver, and other projects have a positive TVL increase for the week. There is still much work to do, but these metrics provide some hope to decentralized finance enthusiasts.
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