Fantom a layer 1 blockchain network has witnessed massive growth in the crypto market. Tts native token (FTM), investors, and other areas of its ecosystem are all surging.

Fantom in the fourth quarter of this year is seeing major growth and has risen as another competitor for Ethereum. The scalable EVM-compatible blockchain via its official Twitter handle recently disclosed some of the remarkable development.

According to Fantom, its Total Locked-in Value (TVL) has recently doubled, hitting a local high. The value locked on Fantom’s network crossed $5.3 billion TVL. The highly scalable blockchain platform also disclosed that the network has recorded over 1.4 million unique addresses.

Also, FTM has risen in the crypto market and according to Coingecko is the 34th largest token by market value. The daily transactions on the blockchain network also crossed the 700k milestone with over 78.9k unique daily users.

Furthermore, despite the recent downtrend of the crypto market, FTM has been able to scale through. The token in the last 7 days has rallied by 77% in the past two weeks outperforming close competitors including Solana (SOL) and Avalanche (AVAX).

Reasons For The Fantom Growth

Users need for alternatives to the Ethereum network has been credited as the main reason for Fantom’s remarkable growth. Ethereum’s high gas fees and slow transactions have led many blockchain users to seek other alternatives.

Fantom is a layer 1 blockchain network just like Ethereum and is focused on boosting the DeFi space. It utilizes Lachesis consensus mechanism to solve scalability issues in the DeFi sector. This is done through a modified proof of stake (PoS) system.

Essentially each network built on Fantom is independent from one another. This allows developers to migrate their existing Ethereum-based dApps onto Fantom Opera mainnet easily. Its unique feature has also led to its remarkable growth with many DeFi applications locked on its network.

According to DefiLlama, Fantom currently has over $5.6 billion locked on its network. Multichain is the top DeFi application on Fantom, with over $2.15 billion locked on the network. SpookySwap, Tomb Finance and Geist follow suit with $976.1, $936.3 and $686.66 million respectively locked in value.

$FTM Price

Fantom’s native token, $FTM, at the time of writing has surged significantly and was trading at $2.23. The token rose by a whopping 50.2% in the last 7 days in addition to other major growth.

Also, $FTM has current market cap is $5.7 billion, and the 24-hour trading volume is $1.2 billion. It has a circulating supply of 2.5 billion FTM coins and a total supply of 3.18 billion.

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