Fantom Ecosystem

Layer 1 Blockchains had a great year in 2021. Bitcoin at between 70-80% returned the lowest. Meanwhile, non-Ethereum blockchains did even better. Fantom is among these winners, yet it’s doing even better than we thought when we look at key on-chain statistics.

If you invested in a Layer 1 blockchain, then you had a good year this year. Layer 1 chains build out their own apps and ecosystem to host other apps to create community and add more value to their native token. Bitcoin and Ethereum are the most popular, but many others emerged in 2021 like:

  • Solana
  • Cardano
  • Polkadot
  • Avalanche
  • Binance Smart Chain
  • Near
  • Harmony
  • Fantom
  • Zilliqa
  • and more.

And now we see all these chains building out their ecosystems. If you believe as we do that the future is multi-chain, then this is something you love to see. The best will survive and move forward.

One of the things we like about blockchains is their transparency. All Layer 1’s have block explorers and other tools where you can track on-chain activity. It’s one of the ways we can compare chains against each other to see how they are performing or how big their network really is.

And that’s why when we looked at On-chain transactions for November, we found something surprising.

On-Chain Transaction Leaders in November

Based on size and market value of their chains, you would think the top 6 of almost any on-chain statistic would be, in order or close to:

  1. Ethereum
  2. Binance Smart Chain
  3. Solana
  4. Cardano
  5. Luna
  6. Avalanche

So it was a surprise to see that three of these six are NOT in the top 5 for on-chain transactions.

In a tweet featuring a graphic from our friends at CoinMarketCap, you can see that only the top 3 of ETH, BSC, and SOL are in the top 5.

In fact, the 2 surprise entrants are Polygon at #3 and Fantom at #5. But the numbers are even more interesting in that Fantom has 50% more on-chain transactions at 21 million than Avalanche’s most popular C-Chain at 14.5 million.

And yet, this key statistic is not reflected in value as Fantom’s value is ~$5 billion while Avalanche is at $25 billion, worth 5x more. It’s even starker with Cardano, who didn’t make the top 8 in on-chain volume but has a $43 billion market cap.

So the question is whether Fantom is undervalued, Avalanche and/or Cardano are overvalued, or both? Either way Fantom looks like it’s trading at a discount to its peers, which makes it a project worth watching.

Fantom Price Activity

Fantom’s $FTM is currently the #34 ranked cryptocurrency by market value. It’s trading at $2.16 with a trading volume of $825 million in the last 24 hours. It has a total supply of 3.175 billion and a circulating supply of 2.5 billion giving it a market cap of just over $5 billion.

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