Fantom Price Soars 46% In 14 Days

2024-08-22 03:24:37

(MENAFN- eTrendy Stock) Fantom price has experienced significant growth, rising 12.2% in the last 24 hours alone.

Over the past two weeks, the coin has surged by 46.1%, according to CoinGecko. Starting at $0.298768 on Aug. 8, Fantom's price climbed steadily, reaching $0.361331 by Aug. 11. At the time of writing, FTM has hit $0.459012.

Fantom price history for the last 14 days. Source: CoinGecko What's Driving Fantom Price Growth?

The Fantom Network has been in the spotlight due to several significant developments in the past three months. On May 20, Fantom's trading volume in Decentralized Finance (DeFi) skyrocketed by 109% within a week, driven by the announcement of the Sonic Network's launch.

Sonic Network, a new blockchain from Fantom, is set to release its $S token, which is expected to be distributed to FTM holders. One of Sonic Network's standout features is its functionality as a Layer 2 (L2) bridge for Ethereum.

On Jun. 22, Fantom introduced additional offerings for Sonic Network, including a grant system and a token-burning mechanism, further fueling interest in the network.

Recent Developments in the Fantom Ecosystem

According to Token Terminal, the number of active users on Fantom has surged by 40.1% over the past month, positioning it as the second-highest chain in terms of user growth. In contrast, Polymarket, ranked 8th, saw a 6.5% increase in active users.

Ranking chains by active users for the month. Source: Token Terminal

However, despite the rise in active users, Fantom's Total Value Locked (TVL) in DeFi has not seen similar growth. Data from DeFiLlama shows that Fantom is currently ranked 40th in total TVL, with $98.82 million. Over the past week, Fantom's TVL has dropped by 23.7%, and in the month, it has declined by 6.02%.

Ranking by TVL in DeFi. Source: DeFiLlama

Interestingly, within the Fantom ecosystem, Wrapped Bitcoin (WBTC) ranks second in trading volume, following the stablecoin USDC, according to CoinGecko. The native token FTM ranks 7th, trailing behind Aave (AAVE), which has also been showing growth over the past week.

Ranking of coins by trading volume in Fantom Ecosystem. Source: CoinGecko

MENAFN22082024007158015398ID1108591366

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.