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Fantom (FTM) reaches a new high

Fantom (FTM), an Ethereum-Layer 1 competitor, has recently made headlines! The Fantom (FTM) price climbed all the way to $3.40 over the weekend, setting a new all-time high. This follows a healthy 15 percent increase in the FTM price on Sunday, January 16.

The FTM funding rate on platforms like Binance is becoming negative, according to on-chain data source Santiment, implying significant shorts. However, in the midst of this strong price recovery, these shorters have severely burned their fingers. Santiment, as a data supplier, reports:

“Fantom is edging close to its $3.47 #AllTimeHigh, made back in late October. A signal to watch closely is $FTM‘s funding rate on exchanges like Binance. When going negative, indicating many shorts, prices have tended to rocket upward.”

Another significant achievement for Fantom over the weekend was the amount of DEX transactions. After Ethereum and Binance Smart Chain, Fantom placed third in DEX on-chain volumes on Saturday, January 15. In addition, Fantom has surpassed industry titans Polygon and Avalanche in terms of DEX transactions.

The significant DeFi activity is also a factor in the current FTM price surge. Last week, the Fantom blockchain’s total value locked (TVL) surpassed $7.75 billion. On a weekly basis, this was an astounding 26 percent increase.

Fantom is gaining traction as a speedier competitor to other Ethereum Layer 1s, thanks to its DAG-based smart contract platform for DApps, which is highly scalable.

Fantom is likewise pitching itself as a less expensive and speedier Ethereum Layer 1 alternative.

For example, transferring money using Fantom takes only 1 second and costs $0.0000001. The average transaction time on Ethereum is 15 seconds, and the average transaction fee is $3.

FTM, Fantom’s native token, can be used for a variety of things, including staking, payments, and governance.

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