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- Fantom has beaten Tron, the experienced smart contracts platform, with a total value of $5.6 billion locked up (TRX).
- Four top-tier smart contracts platforms saw double-digit increases in total value locked (TVL), or the USD-denominated total value of all cryptocurrency assets placed by their clients, in the previous seven days.
It has been a period of gains for various cryptocurrencies, which have impressed traders and resulted in their growth. Similarly, Fantom is one of the probable altcoins that has seen a significant shift in the fourth quarter of 2021. Fantom is a decentralized blockchain platform for Defi. Also, it is an open-source smart contract platform for crypto dApps and digital assets. Also, it is one of several blockchain networks competing with Ethereum.
Indeed, it appears like Ethereum is about to face a new opponent other than Terra (LUNA). Fantom, a scalable EVM-compatible blockchain, has grown in TVL with a 21.73 percent price increase in the previous 7 days.
The price of Fantom has skyrocketed
To beat its competitors, Solana (SOL) and Avalanche (AVAX), Fantom must improve its TVL by more than 100%.
Fantom’s Defi ecosystem includes one “unicorn” worth over $1 billion (Multichain, a dApp that runs on top of all EVM-compatible blockchains), and two platforms, SpookySwap and Tomb Finance, they may enter the “three commas club.”
The price of FTM, a Fantom Blockchain native asset, showed a tremendous rise. It has increased by about 70% since December 21, 2021.
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FTM was trading at $ 0.018 at the start of this year, with 80 percent of its total supply in circulation. It surpassed $3.13 by the end of October and reached ATH. Not long later, on November 11, he increased to ATH level somewhat.
Furthermore, if Fantom can raise another $100 million from its dApps clients, it will be able to best Polygon Network (previously Matic Network, MATIC), which is famed for its cheap fees and quick transaction execution.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
