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Web3 is definitely going to be the next big thing as the space continues to gather support. Platforms such as Fantom are credited for driving the space. Sensing that Cypher Capital has offered to fund the platform.
Cypher Capital invested in Fantom as the recent addition to the Venture Capitalist roundtable. The main purpose behind the investment is to support developers and projects on the Fantom network.
The collaboration will enable Cypher Capital to fund projects in fields such as DeFi, Web3, and gaming. In addition, it will help in early-stage backing and solution expertise. Fantom is among the biggest DeFi chains in the market in terms of both number of projects existing on the chain and total value locked.
At the time of writing, Fantom is one of the top-10 chains and contains $650 million in total value locked across 257 protocols. For any blockchain out there, it is the fourth highest.
Such partnerships are bound to further establish Fantom as one of the prominent chains in the space. Particularly because the DeFi market is under recovery after one of the worst cryptos crashes in history. It led to erasing over $80 million in just 2 months. A great time for Fantom to become a significant entity in the DeFi space.
The asset failing to keep the investor’s trust intact could be the reason behind it. In the last month and a half, the investor’s presence went through quite a change as it saw investors entering and existing on the platform. The ridges shown on the metric tell the same story.
But the demand for the asset didn’t die. In the past 2 months, the asset rose by a whopping 81.08% increase. Though it is 87.93% below its ATH recorded in January. FTM is moving in the right direction as reflected in the latest market trends. Unless the asset is not overbought, it is unlikely that it will experience a trend reversal since $0.5 is the next critical support target for Fantom.
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.
