ecosystem growth initiatives in Q2 was Meme Season.output: title: Fantom (FTM) Q2'24 Primer

Fantom (FTM), launched in 2018, is a Layer-1 protocol focused on fast and cost-efficient transaction execution. Fantom became a DeFi hub with development help from Andre Cronje. As a result, Fantom's network hosts dozens of DeFi protocols, including Equalizer Finance, Beethoven X, and SpookySwap.

’s strengths is its vibrant and engaged community, which contributes to the growth of the Fantom ecosystem through various initiatives and events.

’s strengths is its vibrant and engaged community, which contributes to the growth of the Fantom ecosystem through various initiatives and events.

In Q2, Fantom continued to host its Meme Season, which began in Q1. Meme Season is a community-driven initiative that aims to highlight and reward projects, users, and contributors that embody the spirit of Web3 through memes, creativity, and fun.

In Q2, Fantom continued to host its Meme Season, which began in Q1. Meme Season is a community-driven initiative that aims to highlight and reward projects, users, and contributors that embody the spirit of Web3 through memes, creativity, and fun.

Participants in Meme Season can create and submit memes that showcase their favorite projects, moments, or experiences in the Web3 space. Memes are submitted through a مخصوص NFT marketplace on Paras called Meme Season. A total of 100 NFTs were minted on this marketplace, with an average price of 0.015 ETH ($41 at quarter end). Notably, however, the highest-priced NFT was sold for 0.5 ETH ($1,376 at quarter end).

Participants in Meme Season can create and submit memes that showcase their favorite projects, moments, or experiences in the Web3 space. Memes are submitted through a مخصوص NFT marketplace on Paras called Meme Season. A total of 100 NFTs were minted on this marketplace, with an average price of 0.015 ETH ($41 at quarter end). Notably, however, the highest-priced NFT was sold for 0.5 ETH ($1,376 at quarter end).

During Meme Season, participants can vote on their favorite memes using the SACRA token. By the end of the season, the top memes will be rewarded with various prizes, including FTM, SACRA, and more.

During Meme Season, participants can vote on their favorite memes using the SACRA token. By the end of the season, the top memes will be rewarded with various prizes, including FTM, SACRA, and more.

Additionally, Fantom hosted a series of events in Q2, including:

Additionally, Fantom hosted a series of events in Q2, including:

Together, these initiatives aim to foster community engagement, highlight projects, and contribute to the overall growth of the Fantom ecosystem.output: Key Insights

Together, these initiatives aim to foster community engagement, highlight projects, and contribute to the overall growth of the Fantom ecosystem.output: Key Insights

After an outperformance during Q1, FTM cooled off in Q2 alongside the broader crypto market. The circulating market cap decreased 41% QoQ from $2.8 billion to $1.7 billion. Despite this correction, FTM’s circulating market cap is 94% higher YoY ($0.9 billion at the end of Q2’23). By the end of Q2’24, FTM’s market cap among all tokens fell by 4 spots from 48 to 52.

After an outperformance during Q1, FTM cooled off in Q2 alongside the broader crypto market. The circulating market cap decreased 41% QoQ from $2.8 billion to $1.7 billion. Despite this correction, FTM’s circulating market cap is 94% higher YoY ($0.9 billion at the end of Q2’23). By the end of Q2’24, FTM’s market cap among all tokens fell by 4 spots from 48 to 52.

Revenue, which measures all gas fees collected by the network, fell in Q2. Revenue in FTM decreased 42% QoQ from 1.8 million to 1.0 million, while revenue in USD also decreased 38% QoQ from $1.2 million to $0.8 million. Revenue in FTM has been in a gradual downtrend since Q3’23. Notably, however, revenue in FTV was heightened in Q3’23 due to inscription-related activity. Revenue on Fantom should begin to pick back up once onchain activity rebounds across all smart contract platforms.

Revenue, which measures all gas fees collected by the network, fell in Q2. Revenue in FTM decreased 42% QoQ from 1.8 million to 1.0 million, while revenue in USD also decreased 38% QoQ from $1.2 million to $0.8 million. Revenue in FTM has been in a gradual downtrend since Q3’23. Notably, however, revenue in FTV was heightened in Q3’23 due to inscription-related activity. Revenue on Fantom should begin to pick back up once onchain activity rebounds across all smart contract platforms.

The FTM token underwent a series of supply dynamic changes between Q4’22 and Q1’23. During Q4’23, the Ecosystem Vault and Gas Monetization program were introduced (more details in the Ecosystem section). They reduced the burn rate of transaction fees from 30% to 5% and reallocated the remaining 25%.

The FTM token underwent a series of supply dynamic changes between Q4’22 and Q1’23. During Q4’23, the Ecosystem Vault and Gas Monetization program were introduced (more details in the Ecosystem section). They reduced the burn rate of transaction fees from 30% to 5% and reallocated the remaining 25%.

The Ecosystem Vault receives 10% of all gas fees paid on Fantom. By the end of Q2, the Ecosystem Vault balance was 1.6 million FTM, up 10% QoQ. However, due to the USD price depreciation of FTM, the Ecosystem Vault balance in USD fell 36% QoQ from $1.5 million to $0.9 million.

The Ecosystem Vault receives 10% of all gas fees paid on Fantom. By the end of Q2, the Ecosystem Vault balance was 1.6 million FTM, up 10% QoQ. However, due to the USD price depreciation of FTM, the Ecosystem Vault balance in USD fell 36% QoQ from $1.5 million to $0.9 million.

In Q2’24, Fantom had an average of over 223,000 daily transactions, down 10% QoQ from 247,000. This downtrend was likely due to the broader crypto market slowing down after a highly active Q1. Average daily active addresses also trended lower, finishing Q2 down 21% QoQ to 31,900. However, daily active addresses reached their highest level at the end of the quarter (the last week of June averaged 48,000 daily active addresses) in part due to Fantom’s Meme Season in June, perhaps signaling a reversal of Q2’s downtrend in Q3.

In Q2’24, Fantom had an average of over 223,000 daily transactions, down 10% QoQ from 247,000. This downtrend was likely due to the broader crypto market slowing down after a highly active Q1. Average daily active addresses also trended lower, finishing Q2 down 21% QoQ to 31,900. However, daily active addresses reached their highest level at the end of the quarter (the last week of June averaged 48,000 daily active addresses) in part due to Fantom’s Meme Season in June, perhaps signaling a reversal of Q2’s downtrend in Q3.

Average daily new addresses decreased by 47% QoQ, from 9,500 to 5,000. Q2’24 averaged the lowest amount of daily new addresses since Q3’22 (2,000). New ecosystem initiatives and technological upgrades (discussed in further detail in subsequent sections) should help new address growth in future quarters.

Average daily new addresses decreased by 47% QoQ, from 9,500 to 5,000. Q2’24 averaged the lowest amount of daily new addresses since Q3’22 (2,000). New ecosystem initiatives and technological upgrades (discussed in further detail in subsequent sections) should help new address growth in future quarters.

Collectively, these six protocols accounted for over $60.7 million (67%) of Fantom’s DeFi TVL. Furthermore, they collectively experienced a $26.3 million decrease in TVL in Q2, which was 73% of Fantom’s total TVL increase in Q1.

Collectively, these six protocols accounted for over $60.7 million (67%) of Fantom’s DeFi TVL. Furthermore, they collectively experienced a $26.3 million decrease in TVL in Q2, which was 73% of Fantom’s total TVL increase in Q1.

The protocol with the largest gains in TVL share for Q2 was Polter Finance. Polter Finance is a native lending platform on Fantom that launched last quarter in January. Polter Finance began experiencing significant inflows at the beginning of the quarter,

The protocol with the largest gains in TVL share for Q2 was Polter Finance. Polter Finance is a native lending platform on Fantom that launched last quarter in January. Polter Finance began experiencing significant inflows at the beginning of the quarter,