- Fantom has its TVL surpassing Avalanche’s after FTM attained a new ATH early today.
- According to a diluted market cap, a massive gap exists between AVAX and FTM and might be closed with the correct sentiments in the crypto markets.
- AnySwap, a cross-chain protocol, is among the fast-expanding projects on the Fantom network; its total value locked increased by 80% since yesterday.
Fantom, a highly scalable blockchain network, has seen increased growth in projects such as AnySwap. Competing with altcoins like Polygon and Avalanche, FTM gained by around 25% in the past 24 hours.
FTM Continues to Rally as Investors Expect Further Fantom Ecosystem Growth
Yearn Finance, comprising multiple protocols on the ETH blockchain to optimize crypto earning via trading and lending services, introduced four vaults on the FTM ecosystem. With the move, Yearn Finance has migrated to Fantom from Ethereum.
Yield Finance is a recognized Dei protocol, and the high-speed, low-cost services by Fantom have attracted the project’s developers. Analysts consider such shifts vital in Fantom’s growth. Moreover, the decentralized finance ecosystem has enjoyed a boom this year.
The yield aggregator offers customers high yields on their assets based on Ethereum. Early today, the DeFi ecosystem pillar declared launching vaults and Iron Bank on Fantom early today. Moreover, Fantom appears keen on CBDCs. The project partnered with OJSC Tajikistan to develop a CBDC for the Asian nation.
FTM has seen its on-chain activity exploding. That had its TVL exceeding that of Polygon and Avalanche combined. Meanwhile, the TVL rise does not show a fully diluted market cap. For now, analysts believe the gap might remain as proponents believe traditional financial markets are more efficient than crypto markets.
AnySwap emerges the fasted-expanding project among all crypto projects on Fantom. AnySwap’s TVL increased by 80% since yesterday, contributing to the increased FTM’s on-chain activity. An unknown analyst trusts that the FTM market cap will double in the coming sessions, nearing ETH-killers Terra and Solana. He believes that FTM will hit $3 if it maintains its current momentum.
Stay tuned for the latest updates in the crypto space.