Fantom has witnessed strong growth and popularity in a very short time. It has become one the strongest Ethereum Layer 1 competitors leaving behind the likes of avalanche, Terra, and Solana.
Over the last year, a large number of Layer-1 blockchain networks have posed strong competition to Ethereum. One of the fastest-growing L1s recently has been Fantom (FTM).
Over the last weekend, Fantom has overtaken giants like the Binance Smart Chain (BSC) and Terra to become the second-largest blockchain network in terms of DeFi TVL, after Ethereum. The rapid growth of the decentralized finance (DeFi) industry has pushed many L1s and Ethereum competitors to the forefront.
Several DeFi protocols have been searching for Ethereum alternatives looking for a low gas fee and faster transactions. Fantom perfectly fits as an alternative to Ethereum. As per the data from DeFiLlama, the total value locked (TVL) on Fantom has surpassed $12 billion.
As of press time, Fantom’s TVL is up 13% in the last 24 hours. Since September 2021, Fantom has registered a strong 12x growth in DeFi TVL. There are currently 129 protocols geared towards Fantom users. Meaning, on average, more than $94 million has been locked per project. This is a staggering 52% increase just over the last week and more than 170% increase over the last month.
Wow. $FTM is the only L1 to increase its TVL in the last month, let alone by 186%.. @fantom_insider pic.twitter.com/neKyF6CZly
— Miles Deutscher (@milesdeutscher) January 24, 2022
Fantom (FTM) Growth to Premium Layer 1s
Fantom has attained a stupendous growth in a very short period of time which has been exemplary in many aspects. As per crypto investor Miles Deutscher, the daily transactions on Fantom have surpassed that on Ethereum.
Daily transactions on $FTM have overtaken $ETH!
The on chain metrics are undeniable. $FTM is proving itself to be one of the premier L1s. 👑
And still a 52.8x from $ETH.. 😉 pic.twitter.com/HONVyHJe7K
— Miles Deutscher (@milesdeutscher) January 24, 2022
Furthermore, the crypto analyst writes that Fantom’s accessibility across exchanges is still less. He expects a strong rally in the FTM price post listing on major exchanges like Coinbase and Kraken that offer high liquidity. Deutscher further writes:
$FTM accessibility is still a huge issue. Withdraws are often blocked on major exchanges, still no Coinbase, Kraken listings. Can you imagine what the $FTM price would be if it had the same exchange support as other projects? It will come, only a matter of time.
FTM has been one of the top-performing cryptocurrencies in the market. Last week, Fantom (FTM) registered a new all-time high above $3.0. However, it has been a subject of broader market correction recently. As of press time, Fantom (FTM) is trading 14% down and has slipped under $2.0. Fantom could prove to be a strong competition to other Ethereum Layer 1s in the coming months.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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