Fantom (FTM) Sees Impressive Growth in Q4 2023
In the fourth quarter of 2023, Fantom (FTM), a Layer-1 protocol, experienced significant growth in the cryptocurrency market. According to a recent report by Messari, Fantom’s circulating market cap increased by 140% quarter-over-quarter, outperforming the overall market cap growth of all cryptocurrencies. Additionally, Fantom climbed up the market cap rankings during this period.
FTM’s Potential for Future Growth
Fantom’s circulating supply remained stable, and the introduction of the Ecosystem Vault and Gas Monetization program helped reduce transaction fee burn rate. Despite a decline in daily active addresses, there was an increase in daily transactions on the Fantom network, driven by the emergence of Fantom Inscription FRC20s. The number of new addresses also saw growth, likely influenced by improved market conditions and the popularity of Estfor Kingdom.
Fantom DeFi Ecosystem
The Total Value Locked (TVL) denominated in USD increased by 58% quarter-over-quarter, although TVL denominated in FTM decreased due to asset price fluctuations. New DeFi applications like Equalizer Exchange and WigoSwap gained market share, contributing to Fantom’s overall growth. However, the average daily DEX volume on Fantom declined slightly.
Hot Take: FTM Token Declines Amid Market Correction
Despite Fantom’s impressive performance, its native token FTM has seen a decline in value. Currently trading at $0.3306, FTM has experienced decreases over the past 24 hours, 30 days, and year-to-date.
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