Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have skilled vital positive aspects and notable achievements within the first quarter (Q1) of 2024.
Based on a complete efficiency evaluation performed by Messari, amid the rising crypto bull market, Fantom has emerged as one of many main beneficiaries, exhibiting vital progress in key metrics and market capitalization.
FTM Market Cap Soars 101% QoQ
By the numbers, FTM’s circulating market capitalization noticed a considerable 101% quarter-over-quarter (QoQ) enhance, leaping from $1.3 billion to $2.6 billion, vaulting it up ten spots to forty eighth amongst all tokens (at the moment 58th). The token’s rally prolonged for 2 consecutive quarters, leading to a fourfold enhance for the reason that finish of Q3 2023.
Though Fantom skilled a lower of 53% QoQ in income measured in FTM, amounting to 1.8 million FTM, income denominated in USD exhibited a 4% QoQ enhance, reaching $1.2 million.
Based on Messari, the income decline was primarily resulting from lowered inscription exercise throughout all good contract platforms in Q1.
Regardless of this, Fantom maintained an upward development in common every day transactions, excluding inscription-related exercise, surpassing the Q3 common and reaching 247,000 every day transactions. Every day energetic addresses additionally rebounded, rising by 24% QoQ to 40,500.
In Q1, the staking requirement for Fantom validators was considerably lowered from 500,000 FTM to 50,000 FTM, aiming to extend accessibility. Nonetheless, the variety of energetic validators remained unchanged at 55.
Notably, the full quantity of FTM staked elevated by 17% QoQ, from 1.1 billion to 1.3 billion FTM, leading to a 135% QoQ surge within the whole greenback worth of staked FTM, reaching $1.2 billion. Amongst proof-of-stake (PoS) networks, Fantom ranked twenty second within the greenback worth of funds staked by the tip of Q1.
Memecoin Mania Boosts Fantom On-Chain Exercise
Through the yr’s first quarter, Whole Worth Locked (TVL) denominated in USD skilled a considerable 59% QoQ enhance, rising from $810.8 million in This autumn to $1.28 billion.
Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s worth appreciation.
Fantom’s common every day decentralized alternate (DEX) quantity surged by 64% QoQ, from $10.2 million to almost $176.8 million. In Q1, the “Memecoin Mania” development contributed to elevated on-chain exercise throughout varied networks, together with Fantom.
Fantom’s month-to-month DEX quantity surpassed $1 billion in March, marking the primary time since March 2023. The variety of DEXs on Fantom elevated to 31 by the tip of Q1, with no single DEX dominating greater than 30% of the market share.
Lastly, following an exploit within the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Basis took steps to extend the liquidity of stablecoins.
As of Q1 2024, two unbiased third-party bridging options, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC stays the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT additionally skilled appreciable progress, with an 86% QoQ enhance.
The FTM token is at the moment buying and selling at $0.7037, reflecting an 8.7% enhance in worth over the previous seven days. Nonetheless, it has skilled a decline of practically 20% within the month-to-month timeframe.
Featured picture from Shutterstock, chart from TradingView.com
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