The “King Crypto” – Bitcoin – and a huge part of the cryptocurrency market have been in the red zone this week. However, despite this seemingly bearish market, one unique project defied the odds and is instead showing signs of a bullish market.
Despite the recent recognition of Bitcoin as a legal tender in El Salvador, the “King Crypto” nose-dived, recording a massive $7,500 price drop in an extremely short period of time. Most of the cryptocurrency market followed suit with Ethereum (ETH) dropping by approximately 13% and currently trading at $3,465.58. Cardano (ADA) also experienced a massive price drop of about 14% and is currently trading at $2.54. However, Fantom (FTM) bucked this trend.
In actual fact, most of the crypto space experienced a bloodbath as prices plummeted beyond limits put forward by most crypto analysts. The entire crypto market cap also dropped by 11.4% and is at about $2.22 trillion at the time of writing.
In the midst of this bearish trend in the crypto space, Fantom (FTM) has been doing relatively well. The cryptocurrency experienced a whopping 70% increase in price in just 24 hours recently. According to Coingecko, the total value locked on the crypto platform currently stands at $123,184,587.
Following the footsteps of other highly scalable #blockchain's, #Fantom is one that has been exploding recently 💥 $FTM has risen in excess of 300% in the past 30 days. We broke down the ecosystem below👇👻$BOO $SCREAM $SPIRIT $TAROT $STEAK $TOMB $GRIM $ZOO $WAKA $GTON $START pic.twitter.com/aQoUCw4Xov
— GenX Analytics™ 🌟 (@AnalyticsGenx) September 4, 2021
Rarity – The Alleged Source of Fantom’s Recent Price Rally
The defying stance of Fantom, despite the current bearish trend of the entire crypto space, has been linked to important DeFi updates taking place in the Fantom ecosystem in recent times.
The recent price rally of the Layer 1 smart contract blockchain has been largely attributed to a text-based RPG game known as Rarity. Rarity was built and developed by the founder of Yearn.Finance (YFI) and die-hard DeFi enthusiast, Andre Cronje.
The text-based RPG game requires interested players to hold some Fantom (FTM) tokens. This is because FTM tokens are needed to pay for transaction fees on Rarity. A major aspect of the Rarity game is that it is styled with text-based NFTs known as Loot (for Adventurers) in mind.
Loot is a recently launched NFT project from Vine co-founder Dom Hoffman that consists of a randomized list of “adventurer gear.” The list contains 8,000 items in total. Interestingly, these NFT “adventurer gear” were first available for free and are now selling for approximately 9 ETH tokens (currently an estimated $32,000).
Cronje’s Rarity is a gaming ecosystem built on Loot’s adventurer gear. This time, with an item-trading economy incorporated into the platform. Interestingly, going through Rarity to acquire some of Loot’s NFTs is essentially cheaper and more accessible than actually purchasing from the Loot list.
Fantom’s Other Features
Apart from Rarity, Fantom (FTM) currently has several decentralized features coming to life in its ecosystem. Features aimed at facilitating decentralized lending, trading, digital collectibles, etc.
- To further facilitate widespread adoption, Fantom recently inaugurated a $250 million incentive program. The incentive will be distributed as rewards to projects in the ecosystem.
- Another major update is the changes made to the fees required to use the Fantom bridge. Now it is absolutely free to use the ETH2FTM bridge as compared to the old minimum fee of 80 FTM. Also, making use of the FTM2ETH bridge now requires only a minimum fee of 30 FTM as compared to the previous fee of 80 FTM.
The @FantomFDN bridge fee update:
❌Old:
1️⃣ETH2FTM
Bridge fee: 0.1%
Minimum fee: 80 FTM2️⃣FTM2ETH
Bridge fee: 0.1%
Minimum fee: 80 FTM⭕️New:
1️⃣ETH2FTM
Bridge Fee: Free2️⃣FTM2ETH
Bridge fee: 0.1%
Minimum fee: 30 FTM— Anyswap (@AnyswapNetwork) September 6, 2021
- Fantom will also be welcoming new builders thanks to its recent support of Iron Finance’s IronSwap. IronSwap will require a swap fee of 0.02%. FTM liquidity incentives are also expected to go live on the platform soon.
New builders are coming to Fantom.
Welcome @IronFinance! https://t.co/eXxMMmCuVg
— Fantom Foundation (@FantomFDN) September 3, 2021
FTM Price
At the time of publication, FTM was trading at $1.60 with a market cap of $4,073,370,339 and a 24-hour trading volume of $1,264,355,335. The token price is also down 15% in the last 24 hours.
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