- Fantom (FTM) has been one of the best-performing cryptos, rallying by 37% over the last seven days.
- According to a report published by Cronje, given its strong financial status, Fantom has more than 30 years left of runway.
- FTM has also launched on the Ledger Live app following the integration from Ramp Network.
- Fantom has passed a proposal to cut blockchain fees to fund web 3 development on the platform.
Fantom is a fast, secure, and scalable EVM-compatible platform with transaction fees as low as a fraction of a cent. Fantom’s Layer-1 blockchain is built on an aBFT consensus protocol known as Lachesis.
Fantom aims to solve problems associated with smart-contract platforms. Fantom is popular for being capable of performing thousands of transactions per second and its utility being EVM compatible.
The mission of Fantom is to “grant compatibility between all transaction bodies around the world.” Together with its native token, FTM, Fantom offers a set of tools to simplify the process of integrating existing dApps. So, how has this impressive project performed in recent times?
Fantom has had one of the best recent outings among cryptos amidst the FTX collapse. On Monday, November 28th, Andre Cronje, “Vice President of Memes” for the Fantom Foundation, published a Medium thread detailing the financial history of Fantom.
The report showed Fantom had some of the best financial reserves, with $100 million in stablecoins, $100 million in cryptocurrencies, and $50,000,000 in non-crypto assets. According to the report, with its current expenditure, it will take Fantom 30 years before touching its reserve of 450 million FTM.
On November 29th, Fantom was launched on Ledger, giving users the option of sending, receiving, and viewing their $FTM directly through the Ledger Live app.
Fantom also recently announced a new Fantom-Gitcoin grants program to provide funding to support projects building on the Fantom. Every project can apply, but the Fantom community will choose which projects the funds should be donated to.
According to Fantom, 125,000 FTM has been set aside for the initial trial round. In addition, projects will also benefit from greater support across project verticals, including DeFi, gaming, NFTs, and infrastructure.
Early in November, Fantom announced an integration by Ramp Network, which focuses on building infrastructure to connect crypto to the global financial network.
The integration gives users access to Ramp’s efficient fiat-to-crypto services, with crypto-to-fiat in beta testing and coming soon. Fantom builders can also connect to the Ramp SDK with just a few lines of code.
According to LunaCrush, the number of people talking about Fantom has spiked over the last week. LunaCrush reports that Fantom’s social dominance measured hourly hit 0.5908%, 423% above the seven-day average.
The recent developments of Fantom have made FTM one of the biggest gainers over the last week. The announcement of its reserve sent it rallying by more than 11% when other cryptos faced declines.
The 24-hour price chart for Fantom (FTM). Source: CoinMarketCap
FTM has gained 37% in the last week and is up by +2.5% in the last 24 hours, setting a three-week high at $0.2599. FTM now trades at $0.247 and is ranked as the 62nd largest crypto, with a market cap of $629 million.
The Fantom Foundation recently put forward a governance proposal to reduce the network’s burn rate from 20% to 5%. According to the proposal, the 15% reduction will be redirected toward gas monetization.
Fantom explained that the reduction will provide more network fees directly to dApps building on Fantom. The funds will be used in developing high-quality dApps, retaining talented creators, and supporting Fantom’s network infrastructure.
On the Flipside
- Despite the recent gains, FTM is yet to reclaim a crucial horizontal level which would indicate that the trend is bullish.
- FTM is also down by more than 92% from its all-time high of $3.48 recorded in October 2021.
Launched as an alternative to Ethereum, Fantom has grown to become one of the biggest crypto communities, both in size and development. Fantom currently has the third-highest daily active addresses.
Its community has been supportive of the project as it sings the praises of Fantom after Cronje’s report, investor Stelian Balta wrote:
Bullish about the prospects of FTM, @CryptoDinduz wrote;
Now tell me this is not a trend reversal👇$FTM now testing $0.24 resistance. If we manage to break we can skyrocket to $0.34🚀— CryptoDinduz🤴🏼👻 (@CryptoDinduz) November 30, 2022
$0.5 is closer than you think. Fundamentals are on fire and #FOMO is starting to hit investors.#Fantom is so undervalued👑 pic.twitter.com/Y7Dqqa6ckr
Given the recent accumulation of FTM, @MoonshadowXs06 has predicted that:
#fantom $ftm ..— MoonShadow ( $FTM 👻 ) (@MoonshadowXs06) November 27, 2022
Oh my hat !! oh shyte .. here we go again !
look at that accumulation volume on the vpvr .
the longest biggest ever in #fantom history.
you know what this means ? ==> wen da pump comes , it's gonna be legendary and bullet train speed fast +5% per second !
Why You Should Care
Fantom is a fast-growing crypto project owing to its immense utility and multiple integrations. Cronje believes that the recent cut in blockchain fees will help in the rapid expansion of its Web3 ecosystems, ultimately helping Fantom become “the YouTube/Twitch of blockchain platforms.”