One Ethereum-Layer 1 competitor that’s been recently in the news is Fantom (FTM)! Over the weekend, the Fantom (FTM) price rallied all the way closer to $3.40 hitting a new all-time high. This comes on the backdrop of a solid 15% pump in the FTM price on Sunday, January 16.
As per on-chain data provider Santiment, the FTM funding rate on platforms like Binance is turning negative indicating heavy shorts. However, these shorter have heavily burned their fingers amid this solid price rally. As data provider Santiment reports:
Fantom is edging close to its $3.47 #AllTimeHigh, made back in late October. A signal to watch closely is $FTM‘s funding rate on exchanges like Binance. When going negative, indicating many shorts, prices have tended to rocket upward.
Another major milestone that Fantom has achieved over the weekend is the number of DEX transactions. On Saturday, January 15, Fantom ranked third in DEX on-chain volumes after Ethereum and Binance Smart Chain. Besides, Fantom has also managed to surpass giants like Polygon and Avalanche in terms of DEX transactions.
Fantom’s Defi TVL Shoots Past $10 Billion
The reason behind the recent FTM price rally is also the high DeFi activity. The total value locked (TVL) on the Fantom blockchain crossed $7.75 billion last week. This was a staggering 26% jump on a weekly basis.
Trending Stories
Fantom is emerging as a faster competitor to other Ethereum Layer 1s as its leveraged the DAG-based smart contract platform for DApps that makes it highly scalable. Besides, Fantom is also positioning itself as a cheaper and faster alternative to other Ethereum Layer 1s.
For e.g. Fantom takes only 1s to transfer money with transaction costs as low as $0.0000001. Whereas on Ethereum, the average transaction time is 15 seconds and the average transaction cost is $3.
Fantom’s native token FTM can be useful for various purposes like staking, payments, and governance.
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- Just-In: PlanB Reveals Bitcoin S2F Prediction For 2024 Halving
- Heavy Outflows Force Investors to Seek Refuge In Multi-crypto Investment Products
- PlanB: When Will Bitcoin (BTC) Price Cross $500K?
- Case Study: P2E Gaming Projects Tackling The Barriers To Web3 Mass Adoption
- Just-In: Indian Central Bank Head Bashes Crypto After Latest Crash
- This Top Crypto Exchange Offers To Support Burning Terra (LUNA)
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
