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Cryptocurrency News Articles
Fantom Dominates Crypto Q1 2024, Surging to Market Heights
May 10, 2024 at 03:50 am
In Q1 2024, Fantom (FTM) experienced significant growth, with its market capitalization surging by 101% to $2.6 billion, ranking it 58th among all tokens. Transaction activity increased, with daily transactions exceeding the Q3 average and daily active addresses rising by 24%. Staking participation increased, with the total amount of FTM staked rising by 17% and the dollar value of staked FTM surging by 135%, ranking it 22nd among PoS networks. Fantom's TVL surged by 59% to $1.28 billion, driven by the memecoin trend and increased DEX volume. To bolster stablecoin liquidity, third-party bridging solutions emerged, and USDC remained the dominant stablecoin.
Fantom Soars to New Heights: Q1 2024 Market Dominance
Fantom (FTM), the blazing-fast Layer-1 network, has stormed into the first quarter of 2024 with unparalleled growth, demonstrating its resilience and unwavering momentum in the burgeoning crypto ecosystem.
Market Dominance: A Meteoric Rise
The Fantom network has witnessed a stratospheric surge in its market capitalization, soaring by an astonishing 101% quarter-over-quarter (QoQ) to reach an impressive $2.6 billion. This remarkable leap has propelled FTM ten spots up the cryptocurrency rankings, currently occupying the coveted 58th position among all tokens.
Unveiling the Drivers of Growth
Messari's comprehensive analysis illuminates the underlying factors contributing to Fantom's meteoric rise. The resurgence of the crypto bull market played a pivotal role, igniting a surge in investor sentiment and driving up token prices.
Transactions Galore: A Sign of Network Health
Amidst the token-denominated revenue dip, Fantom has maintained an upward trajectory in daily transactions, eclipsing the Q3 average and boasting a robust 247,000 daily transactions. Daily active addresses have also witnessed a significant rebound, rising by 24% QoQ to 40,500, an indication of growing network adoption.
Staking Incentives: Empowering Validators
Fantom's strategic decision to slash the staking requirement for validators from 500,000 FTM to 50,000 FTM has undoubtedly enhanced network accessibility. While the number of active validators has remained steady at 55, the total amount of FTM staked has surged by an impressive 17% QoQ, reaching 1.3 billion FTM. This remarkable growth translates to a staggering 135% QoQ increase in the total dollar value of staked FTM, reaching an astounding $1.2 billion. Fantom's unwavering commitment to decentralization is reflected in its 22nd ranking among proof-of-stake (PoS) networks in terms of the dollar value of staked funds.
Memecoins Amplify On-Chain Activity
The "Memecoin Mania" trend that swept across the crypto landscape during Q1 played a pivotal role in bolstering on-chain activity on Fantom. Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising to $1.28 billion from $810.8 million in Q4. Fantom's average daily decentralized exchange (DEX) volume also witnessed a dramatic 64% QoQ surge, climbing from $10.2 million to nearly $176.8 million.
Stablecoin Liquidity: A Renewed Focus
In the aftermath of the Multichain: Fantom Bridge exploit that impacted stablecoins on Fantom in Q3 2023, the Fantom Foundation has taken proactive steps to reinforce stablecoin liquidity. As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged to facilitate seamless token transfers between Fantom and other chains. USDC remains the dominant stablecoin on Fantom, capturing a commanding 98% of the stablecoin market cap, while USDT has also experienced significant growth, with an impressive 86% QoQ increase.
FTM Token: Charting a Steady Course
The FTM token is currently trading at $0.69, reflecting a modest 6.7% price increase over the past week. However, the token's value has declined by approximately 20% compared to the previous month, demonstrating the inherent volatility of the cryptocurrency market.
Conclusion
Fantom's stellar performance in Q1 2024 is a testament to its unwavering determination to drive innovation and empower the decentralized future. The surge in market capitalization, transaction volume, staking activity, and stablecoin liquidity positions Fantom as a formidable force in the crypto ecosystem. As the crypto market continues to evolve, Fantom is poised to retain its dominance and unlock even greater value for its users.
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