Fantom (FTM) continues to soar in the cryptocurrency market, experiencing a 65% rise in the past week. This spike in growth can be attributed to a recent announcement from the Fantom Foundation, stating that Axelar will provide interchain communication for the platform and its broader Web3 ecosystem.
Fantom, a secure and scalable smart contract platform, is geared towards the development of decentralized finance (DeFi) applications. Its unique design aims to overcome limitations in transaction speeds, making it a top choice for running smart contracts.
FTM faced a setback earlier last year, dropping below $1 on April 25th and reaching a low of $0.9896. The news that the Celsius crypto lending platform had canceled withdrawals further impacted the market, causing FTM to bottom out at $0.1961 on June 13th.
Despite this dip, FTM showed signs of recovery in September, reaching a value of $0.2285. However, the coin faced another decline following the collapse of FTX, reaching a low of $0.1648 on November 22nd.
But FTM has been on the rebound since the start of the new year. According to CoinGecko, the coin has recovered 86.5% in the last 14 days and 132.9% in the last 30 days.
However, currently, FTM is trading at $0.4815, with a growth of 18.99% in the last 24 hours and an impressive 75% increase in trading volume in the same period, according to the data from CoinMarketcap.
Fantom (FTM) Price Driving Factor
In a recent tweet, the Fantom Foundation announced that they have partnered with Axelar to provide interchain communication for the network and its broader Web3 ecosystem.
With the integration of Axelarcore, Fantom users and builders will now have access to secure, decentralized interoperability across a total of 30 different chains.
According to the company, this is necessary to connect the various blockchain ecosystems and enable the true potential of borderless and universal cryptocurrencies.
Axelar connects “30 different chains, including Fantom, to offer cross-chain communication, secured through proof-of-stake consensus and permissionless protocols.
The integration with Fantom utilizes General Message Passing (GMP) for a seamless user experience, allowing for the sending and receiving of data and function calls across connected chains for dApps and their users.
In addition, Axelar’s integration with Fantom’s leading decentralized exchange, SpookySwap, will bring one-click cross-chain swaps to the platform.
This will allow users to swap ETH on Ethereum for FTM on Fantom with just one click. This is made possible through the use of Squid, a protocol built on Axelar that provides liquidity routing between chains.
All transactions can be tracked via Axelarscan, Axelar’s cross-chain block explorer. This partnership is just the beginning, as a new generation of dApps is being built with native cross-chain capabilities.
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