There is a lot of reshuffling currently going on in the blockchain space, and Fantom is leading the path. Therefore, crypto enthusiasts are showing increasing interest in its farm yields and other DeFi protocols.
According to FTMScan, more than 1.2 million transactions took place on Fantom (FTM) and 1.1 million transactions in Ethereum. This major feat took place on Monday, January 24th, 2022. Furthermore, in this article, you’ll discover why this happened:
Three Reasons why Fantom (FTM) has Surpassed Ethereum’s Trading Volume
1. Attractive Farm Yields
One possible explanation of this is because of Fantom’s remarkably growing ecosystem.
This increase in transaction volume increased the interest rates in farm yields, and as a consequence, to Fantom’s daily transaction volume. However, the growth of Fantom’s ecosystem hasn’t impacted the price of $FTM, which is still trading below its October 2021 all-time high.
Farming will start as soon as the exchange is launched. On the graphic you can see our projected %APY along with $GLINT price.
— Beamswap (@Beamswapio) January 17, 2022
2. Transaction Speed
Fantom’s transaction speed is quite remarkable with +4,500 TPS (transactions per second). The network currently boasts 55 validators. However, ethereum now supports only 20 TPS.
It’s important to consider that Fantom (FTM) has completed an estimated 170 million transactions since its inception. Meanwhile, Ethereum has completed about 1.4 billion transactions since its inception in 2015.
3. More dApps, Bigger Ecosystem.
Several tokens on the Fantom network are also in the limelight. SpiritSwap, for example, recorded twice its transaction volume ATH since December 2021. According to DeFiLlama, the app currently has a Total Value Locked (TVL) of $365 million. Other top apps on Fantom include Multichain, SpookySwap, Yearn Finance, etc.
Thanks to this, Fantom (FTM) has become the third-largest DeFi ecosystem in the crypto space. Notably, as of December 2021, it ranked as the eighth largest DeFi ecosystem. According to DeFi Llama, Fantom currently has a Total Value Locked of $13.7 billion. With Multichain leading the pack with a dominance of 44%.
FTM Price Outlook
At the time of writing, the price of $FTM was trading at $2.35 with a market cap of $6 billion and a 24-hour trading volume of $1,6 billion. The token price is up by 1% in the last 24 hours.
Also, join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.