An Ethereum-Layer 1 competitor was recently reported as Fantom (FTM)! Over the weekend, Fantom (FTM) price surged to near $3.40, hitting a new all-time high. This comes amid a 15% surge in FTM prices on Sunday, January 16.
According to online data provider Santiment, FTM funding rates on platforms like Binance are turning negative indicating a large disparity. However, these shorter stocks have burned a lot of fingers amid this solid price increase. As a data provider Santiment report:
Fantom is approaching $3.47 #AllTimeHigh, made back in late October. A signal to watch close is $FTMfunding rate of exchanges like Binance. When going negative, showing many shorts, the price has tended to spike.
Another big milestone Fantom hit over the weekend was the number of DEX transactions. On Saturday, January 15, Fantom ranked third in on-chain DEX volume behind Ethereum and Binance Smart Chain. Besides, Fantom has also surpassed giants like Polygon and Avalanche in terms of DEX trading.
Fantom’s Defi TVL earns 10 billion dollars
The reason behind the recent FTM bull run is also due to high DeFi activity. Total value locked (TVL) on the Fantom blockchain surpassed $7.75 billion last week. This is a staggering 26% increase on a weekly basis.
Fantom is emerging as a faster competitor to other Ethereum Layer 1s as it has leveraged a DAG-based smart contract platform for DApps to make it highly scalable. Besides that, Fantom is also positioning itself as a cheaper and faster alternative to other Ethereum Layer 1s.
For example, Fantom only takes 1s to transfer money with transaction costs as low as $0.0000001. While on Ethereum, the average transaction time is 15 seconds and the average transaction cost is $3.
Fantom’s FTM native token can be useful for a variety of purposes such as staking, payment, and governance.