Within the fourth quarter of 2023, the cryptocurrency market skilled a notable resurgence, accompanied by the anticipation of a possible Bitcoin ETF approval. Among the many standout performers throughout this era was Fantom (FTM), a Layer-1 protocol launched in 2018.
In keeping with a current report by Messari, Fantom witnessed vital development, with its circulating market cap hovering by 140% quarter-over-quarter, from $0.5 billion to $1.3 billion.
This efficiency surpassed all cryptocurrencies’ total market cap development at 54% in This fall. Moreover, Fantom climbed up the market cap rankings, ascending 5 spots from 63 to 58 by the tip of the quarter.
FTM’s Potential For Future Development
The circulating provide of FTM remained comparatively secure quarter-over-quarter, with adjustments in provide dynamics between This fall 2022 and Q1 2023.
Notably, Fantom launched the Ecosystem Vault and Gasoline Monetization program throughout This fall 2023, decreasing the burn fee of transaction charges and reallocating a portion of charges to the Gasoline Monetization program and Ecosystem Vault.
The variety of every day lively addresses on the Fantom community skilled a 27% decline quarter-over-quarter, averaging 32,700 in This fall’23. Nonetheless, a gentle enhance in every day lively addresses all through December signifies potential future development because the crypto market emerges from the bearish part.
Common every day transactions on Fantom reversed their declining pattern, surging by 126% to 531,000. This enhance was primarily attributed to the emergence of Fantom Inscription FRC20s, with November 25 marking an all-time excessive of 5.11 million transactions, together with 4.99 million inscriptions.
By way of new addresses, This fall’23 noticed a ten% enhance to a median of 21,100 every day new addresses. Messari means that the surge in every day new addresses could be attributed to the launch of Estfor Kingdom, a preferred blockchain-based sport on Fantom that gained traction in late Q3’23. December additionally witnessed an uptick in every day new addresses, probably influenced by improved market situations.
Fantom DeFi Ecosystem
Per the report, Fantom’s Complete Worth Locked (TVL) denominated in USD elevated by 58% quarter-over-quarter, from $51 million in Q3 to $81 million in This fall. Nonetheless, TVL denominated in FTM decreased by 29% in the identical interval, primarily on account of asset value fluctuations.
This fall’23 additionally witnessed shifts within the high DeFi purposes on Fantom, with new entrants comparable to Equalizer Trade, WigoSwap, and SpiritSwap gaining market share. Notable protocols by TVL included Spookyswap, Beethoven X, Equalizer Trade, WigoSwap, Tomb Finance, and SpiritSwap.
These protocols collectively gained $29 million in TVL, accounting for almost 100% of Fantom’s TVL development in This fall. Equalizer and WigoSwap skilled essentially the most vital market share will increase.
The common every day decentralized change (DEX) quantity on Fantom declined by 10% to $10.2 million in This fall 2023. Nonetheless, rising new DEXs like Equalizer Trade and WigoSwap contributed to the ecosystem’s total development.
In abstract, Fantom’s efficiency was notable within the fourth quarter of 2023. The protocol skilled a surge in market cap, strong income development, and an increasing DeFi ecosystem. Nonetheless, its native token has declined considerably.
Regardless of the current sharp correction throughout the cryptocurrency market, Fantom’s native token FTM has not been an exception. Presently, the token is buying and selling at $0.3306, reflecting a decline of over 3% inside the final 24 hours, 37% over the previous 30 days, and a year-to-date lower of 18%.
Featured picture from Shutterstock, chart from TradingView.com
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