Fantom (FTM) will be the next DeFi ecosystem to “explode”?

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2022-01-09 17:05:31

Fantom Network (FTM) in the first week of 2022 has just recorded a sharp increase in the number of transactions as well as TVL thanks to potential development news.

Fantom will be the next DeFi ecosystem to “explode”?

According to crypto research firm Delphi Digital, the number of transactions on the Fantom (FTM) blockchain this week has surpassed rival Avalanche (AVAX). Specifically, on January 5, Fantom surpassed 900,000 transactions within 24 hours, far ahead of Avalanche’s 728,000 but still behind Ethereum’s 1.2 million transactions.

In September 2021, Fantom also reached a transaction level of nearly 1 million / day thanks to the announcement of an ecosystem development fund worth $ 320 million.

Meanwhile, according to DeFi Llama, Fantom is currently the only blockchain in the top 8 that has recorded an increase in lockout value (TVL) over the past 7 days by up to 15%, despite many corrections of the cryptocurrency market. last week. At the time of writing, Fantom has a TVL of $5.6 billion.

TVL rankings among major blockchains on the morning of January 8, 2022. Source: DeFi Llama

Delphi Digital believes this shift comes from the fact that Avalanche is no longer attractive when the effects of the ecosystem stimulus packages soften, while the DeFi ecosystem on Fantom is increasingly blooming with many projects providing offering interest rates up to 30-60%, attracting liquidity from all over the world.

Not only that, the level of interest in Fantom in recent years has also increased thanks to the information of two famous DeFi developers, Andre Cronje (founder of Yearn Finance, Keep3r Network as well as Hegic development support, Pickle). , Cover, PowerPool, Cream V2, Akropolis, Sushiswap) and Daniele Sestagalli (the man behind the DeFi 2.0 project team including Wonderland (TIME), (MIM/SPELL) and Popsicle Finance (ICE)), announced they will join Working and releasing new products on Fantom in the near future.

In the middle of this week, Andre Cronje revealed the first information about the project, with the “mysterious” mechanism ve(3,3).

In addition, in the first quarter of 2022, Fantom promises to witness many other notable developments, such as the launch of the Binance-backed Felix exchange and upgrades to the Fantom Virtual Machine (FTM) aimed at opening open up more opportunities for DeFi development.

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