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Fantom (FTM)

Uniswap Eyes Fantom Blockchain: Unlocking New Horizons In DeFi Expansion

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In a strategic move to expand its reach and maintain a competitive edge in the decentralized finance (DeFi) space, Uniswap, the popular decentralized exchange platform, is considering deployment on the Fantom blockchain. 

The proposal has been put forward by Blockchain at Columbia, the unit dedicated to distributed ledger technology at Columbia University, in collaboration with the Fantom and Axelar teams.

The motivation behind this proposal lies in the need for Uniswap to establish market share in other ecosystems following the expiry of the Uniswap v3 Business Source License (BSL). 

Other decentralized exchanges, such as Beethoven X, are eyeing the opportunity to capture market share on the Fantom chain. To stay ahead of the competition, Uniswap must swiftly establish its presence on Fantom.

Advantages Of Fantom For Uniswap Deployment

The deployment on Fantom would leverage the Axelar network, a decentralized interoperability platform that connects multiple blockchain ecosystems. This collaboration would offer a secure and robust bridge solution for Uniswap’s governance on Fantom. 

Axelar’s General Message Passing capability ensures complete composability across Web3, enabling developers to call functions on any connected chain.

Fantom’s compatibility with the Ethereum Virtual Machine (EVM) and its dedication to the Ethereum ecosystem make it an ideal choice for Uniswap’s deployment. 

Additionally, Fantom Chain’s lower transaction costs create a more affordable trading environment, encouraging active participation in DeFi protocols.

The proposed deployment also mitigates risks associated with network congestion, high gas fees, and potential vulnerabilities in the Ethereum network. By diversifying its blockchain infrastructure, the platform ensures long-term resilience and stability.

However, deployment on Fantom would position it as the leading DEX and blue-chip protocol in the ecosystem, capturing a substantial market share.

The Fantom Foundation and Axelar will handle the deployment and associated costs without grants or subsidies offered to Uniswap. While a cross-chain deployment method may be considered in the future, the urgency of this proposal necessitates the currently proposed deployment with Axelar.

If approved, this deployment would enable the platform to expand its user base, enhance performance, and drive innovation in the DeFi landscape. Additionally, it will enhance its performance and scalability, and mitigate risks associated with network congestion and high gas fees. 

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FTM Rose 13% While Fantom’s Big Fish Dump & Micro Addresses Scoop Up

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Santiment, the leading cryptocurrency data analytics platform, has reported a major shift in the ownership of Fantom (FTM) coins during the recent 2023 crypto surge. The analysis shows that large addresses, referred to as “sharks” and “whales,” have heavily dumped their FTM holdings, while micro addresses have been quick to scoop them up.

According to Santiment’s data, addresses holding between 10,000 and 100,000,000 FTM, the sharks and whales of the FTM market, have sold off a staggering $259.7 million worth of coins over the past four weeks. This dumping activity has resulted in a sharp decline in the overall FTM price.

image 50
Source: Santiment

However, the good news is that smaller addresses, holding only between 0.01 and 1 FTM, have seized this opportunity to buy up the coins at discounted prices. These micro addresses have acquired a total of 304.2 million FTM coins in the past four weeks, indicating that they are optimistic about the long-term growth potential of this crypto.

The FTM community has responded positively to this development, as it indicates a healthy market and growing interest in the coin. The FTM project has been gaining popularity as a fast and scalable blockchain platform that supports smart contracts and decentralized applications.

Santiment’s data provides valuable insights, but it is not a guarantee of future performance. Nonetheless, it is an interesting time for the FTM market, and many eyes will be watching to see how this shift in ownership plays out.

Fantom (FTM) price surges 13% 

Fantom (FTM) price has surged by 13% in the last 24 hours, following news of a significant supply wall being overcome by the cryptocurrency. The surge in price comes in response to recent reports of a whale dumping a large number of FTM tokens, causing concern among investors.

According to on-chain analyst Ali Martinez, over 246 million FTM tokens, worth $113.2 million, were sold or redistributed over the past week. This news initially caused panic among investors, as they feared a drop in price due to the sudden increase in supply.

However, Martinez has since reported that the Fantom (FTM) price has responded positively to the news, as the cryptocurrency managed to overcome the supply wall and turn it into support. It has led to renewed confidence among investors, with many predicting an important upswing in the coming days.

CoinMarketcap’s data shows that Fantom (FTM) is currently trading at $0.5262, with a significant 60% growth in 24-hour trading volume. Additionally, on-chain data from @santimentfeed shows that the FTM price has no other important resistance barriers ahead, indicating that the cryptocurrency is preparing for a significant upswing.

Nevertheless, despite the initial concerns raised by the whale dumping news, the FTM price has responded positively and is now on the path to a potential upswing in the coming days. 

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Fantom (FTM) Soars 30% In A Week With Network Developments Fueling Growth

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Fantom (FTM) has staged a remarkable comeback, having overcome major resistance at $0.64 after days of recovery. Over the last seven days, the cryptocurrency has seen a surge of 30%, marking a noteworthy shift in the market.

FTM experienced a low point in May 2022, with its price plummeting to $0.20 amid the market turmoil caused by the TerraUSD crash. 

Despite attempts at recovery, rising global inflation and the FTX exchange collapse proved too much for the cryptocurrency. By early November, FTM hit a new low, reaching a value of $0.1635.

FTMUSDT 2023 02 03 08 32 24
Source: Tradingview

Fantom (FTM) has shown signs of resurgence starting in January, sparking optimism among investors in its ecosystem. The cryptocurrency has experienced a meteoric rise of 200% over the course of just 30 days, leading some to believe that the next bull market has arrived, as per CoinGecko’s data.

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Source: CoinGecko

Its trading volume has seen a significant increase of 20%, a growth hailed as a bullish sign in the market. Additionally, this spike in volume is seen as a sign that investors are eagerly accumulating the cryptocurrency, positioning themselves for the next rally, which is expected to take the price to $0.80 or $1.

However, excitement is building as the market waits to see where Fantom’s recovery will take it next. Currently, according to the data from CoinMarketcap, the token is trading at $0.6423, with a 6% rise in the last 24 hours.

Fantom Toward Developments With Ambitious Roadmap

Fantom is set to narrow its focus on the decentralized application (dApp) ecosystem in 2023. Co-founder and architect Andre Cronje is returning to the project with a roadmap aimed at making FTM highly competitive. 

Cronje aims to deliver “the highest throughput blockchain available” for a secure settlement layer for all decentralized activity. The new roadmap will emphasize gas monetization for revenue generation, with dApps sharing revenue based on gas usage.

Gas subsidies will make user onboarding seamless and eliminate the need for a wallet and prior knowledge of FTM or gas fees. The Fantom Virtual Machine will be updated with new middleware to reach the physical limitations of the hardware. 

The consensus engine will have “true finality” and reach consensus in 700ms-900ms, making the system synchronous for dApp development.

However, work on the roadmap has already begun, with the team focusing on making the life of dApp developers easier. The features being developed by Cronje are set to revolutionize the dApp ecosystem and drive growth in the space.

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Weekly Market Watch: Bitcoin & Ethereum Soar As Crypto Market Surges Past $1T, Threshold, Aptos Lead The Way

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The crypto market trended upward last week as bulls overpowered bears for both Bitcoin and Ethereum. While certain altcoins saw substantial gains in the early days of the week, these gains were later negated by the end of the week. Additionally, the total market capitalization of all cryptocurrencies surpassed the key mark at $1 trillion.

Several tokens on the list of weekly gainers have shown substantial growth, with Threshold (T) leading the pack, followed by Aptos (APT) and Fantom (FTM) in third place. Other tokens have also experienced significant gains.

The Threshold (T) network, an Ethereum-based platform that protects and maintains dApps with cryptographic threshold, has recently caught the attention of many in the crypto community. 

The token has seen a surge in interest following the announcement by Coinbase, one of the largest crypto exchanges, that it would be listing T on its platform. This news has driven a rally in the value of T, with the token currently trading at $0.04576 and recording an increase of approximately 94% on the weekly chart, as reported by TronWeekly.

TUSDT 2023 01 29 12 39 08
Source: Tradingview

This impressive performance by Threshold has caught the eye of investors and traders, many of whom are closely monitoring the progress of the young network as it continues to gain momentum in the crypto market. 

In recent weeks, Aptos (APT) has emerged as a surprise performer in the alternative coin market. Often referred to as a “Solana killer,” the Layer 1 PoS blockchain has recorded exceptional gains, rising over 400% since the start of 2023 and reaching a new all-time high of nearly $20.

APTUSDT 2023 01 29 12 29 38
Source: Tradingview

Despite a lack of activity and limited ecosystem growth, the rally in APT has taken the market by surprise, with many in the industry questioning the validity of its surging market capitalization.

As investors and analysts continue to closely monitor the performance of Aptos, some have taken to social media to voice their skepticism, with tweets suggesting that the market capitalization of APT may be inflated.

The recent developments surrounding Aptos (APT) have sparked a rally in the alternative coin market, with the token closing the week at $17.90 after posting substantial gains. Data from Coinmarketcap shows that APT is currently trading above its significant resistance level of $17.70, with a 0.16% increase in the past 24 hours and an impressive 30% gain for the past week.

According to CoinMarketcap, the value of the Fantom (FTM) token has seen a marked increase in recent days, with the token currently trading at $0.4708 and experiencing a 4.43% and 25% increase in the past 24 hours and last seven days, respectively.

FTMUSDT 2023 01 29 12 32 27
Source: Tradingview

The reason behind this surge in price is said to be a tweet from Prominent Web3 developer Andre Cronje, the inventor of Yearn Finance (YFI) and now leading the technical progress of the Fantom (FTM) blockchain. He came up with a surprising statement regarding his platform’s media representation which was greeted by FTM. 

In just the last week, the token’s price rose to reach $0.48, the highest since May 2022. The update from Cronje, which was met with a positive reaction from the crypto community, has led to renewed interest in the token, with many investors and traders closely monitoring the progress of the blockchain network as it continues to gain momentum in the market.

Moreover, some popular coins are experiencing gains in weekly charts, including AVAX with 16%, MATIC with 15%, and GRT, with an increase of 10%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

the bulls have taken the lead in the crypto market as the price of Bitcoin (BTC) and Ethereum (ETH) soared to new heights. In the past seven days, Bitcoin has broken through a crucial resistance level at $23,000, and Ethereum has been traded above $1,600.

Bitcoin experienced a brief moment of glory as it hit a high of $23,722.10 and closed the week at $23,031.09. This marks the second time in a week that Bitcoin has attempted to take above $23,400, but the bulls appear to lack the momentum to reclaim new support levels.

BTCUSDT 2023 01 29 12 34 21
Source: Tradingview

Ethereum also saw a significant increase in value as the week progressed, starting at $1,627.37 and reaching a high of $1,658.02. However, a tweet from Santiment revealed that Ethereum fell back down to $1,530.80 on a market-wide dip. Despite this setback, the crypto community is keeping an eye on the large profit-taking transaction ratio spike on January 20th. This FUD could potentially benefit prices in the mid-term.

ETHUSDT 2023 01 29 12 36 11
Source: Tradingview

However, CoinMarketCap data shows that the current trading price for Bitcoin is $23,889.23, with a 3.64% increase in the past 24 hours and 4.68% over the past seven days. Meanwhile, Ethereum is being traded at $1,651.99, with a 4.68% daily increase and a 0.53% increase in the last seven days.

Fantom (FTM) Soars 65% On Weekly Chart With Interchain Communication Announcement

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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.

FTMUSDT 2023 01 26 06 51 39
Source: Tradingview

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.

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Source: 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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Fantom Network Growth Outpaces Industry Leaders By Over 2,000%

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Fantom, a highly scalable blockchain platform, has seen exceptional growth in its network this year compared to other industry leaders like BNB Chain. Its network growth of 2,108% stands out as particularly impressive, whereas BNB Chain’s growth in 12 months is about 87%.

Unlike what most people expected, the year has been bearish, with leading platforms collapsing and most digital currencies erasing their gains from 2021 in only a few months. Some, such as Fantom’s smart contract platform, have gained momentum this year.

According to a Coin98 Analytics tweet, among non-BTC addresses, BNBChain has the most unique addresses, while Fantom has the fastest address growth.

In a recent Medium post, Andre Cronje, who is a member of both the Fantom Operations and Fantom Foundation boards, shared the company’s plans for future development.

Cronje emphasized that the company has not been impacted by the difficulties that have been affecting the cryptocurrency market over the past year. 

According to the blog post statement:

We have been consistent; consistent in terms of our tech; consistent in terms of our deliverables, and consistent in terms of our growth.

One of the planned updates for the company includes the implementation of gas monetization, which will enable dapps to earn a revenue share based on the amount of gas they use. It is also working on introducing gas subsidies.

The company will also continue the development of the Fantom Virtual Machine. Additionally, it has also proposed a new funding scheme for dapp developers that aims to support those who are already self-sufficient but could benefit from additional support.

Fantom (FTM) Price Review

Fantom (FTM) was a standout in the blockchain industry in 2021 and showed great potential for success. However, the ongoing bear market has presented challenges for its native token, FTM.

This has left many FTM investors in a difficult position, as they are unsure whether to hold onto their investment or sell it. Some investors have already chosen to sell their holdings in it and are seeking out other high-growth investment opportunities.

According to the data from CoinGecko, FTM’s price is down by 91.0% in the course of a year. However, it is currently trading at $0.202032, but there are no significant gains in daily and weekly charts.

FTMUSD 2023 01 01 12 47 07
Source: Tradingview

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