Wednesday, May 29, 2024

Fantom Sneaks Up the DeFi and NFT Leaderboards

Over the year, the market of Decentralized Finance (DeFu) has grown significantly. And the trend suggests that this growth is not slowing down soon. Currently, there is over $200 billion in DeFi segment’s total value locked (TVL). Even though there is a multitude of ways for the blockchains to play this market and there isn’t any shortage of coins, they are taking a large slice of this segment. A decentralized smart contract platform known to be cheap, fast, and secure, Fantom Opera, is one of them.

Currently, the TVL of Fantom is at $4.8 billion. Over the past week, its TVL was hovering at $2.07 billion. It made a 58% jump and reached the $3.27 billion mark. Now, as decentralized apps are continually built on their platform, they are moving towards the $5 billion threshold.

Fantom is also participating in Non-Fungible Tokens (NFTs), another burgeoning cryptocurrency asset, which has traditionally been Ethereum’s turf. The developers at Fantom are behind Artion, the NFT marketplace for collectors and creators. Fantom NFTs have managed to grab the interest of several well-known ETH NFT collectors.

With Fantom, bridging Ethereum blockchain to Fantom is also easy. As per the stats provided by the Fantom Foundation, currently, there are 880,000 unique addresses in the project’s ecosystem. They have over 30,000 deployed smart contracts and have been completing about 750,000 transactions every day.

With the growth of Fantom’s TVL, their token price is growing as well. In the last month, FTM managed to rise by 46% to get above the $2 level and have a market cap of $5 billion. Needless to say, it is becoming quite popular in the DeFi market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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