The price of Fantom has increased by almost 21% today, making it the largest gainer on Crypto.com. Fantom is a big player in the crypto industry, with a 24-hour trading volume of $1.76 billion and a market cap of $7.36 billion. Let’s take a look at Fantom and its token FTM to discover why its value is increasing.
What Exactly Is Fantom?
Notably, Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps that first launched in December 2018.
More so, The asynchronous Byzantine Fault Tolerance (aBFT) consensus algorithm used by Fantom provides unrivaled speed, security, and reliability, making it a perfect choice for a variety of crypto applications.
Then, Chainlink and Band Protocol are two popular partners who are currently leveraging Fantom’s technology. Chainlink is a decentralized oracle that connects DeFi with stablecoins. Then, Another on-chain oracle that provides vital data feeds to stablecoins is Band Protocol.
Today, FTM price surged by more than 20%, approaching its previous all-time high of $3.1. Which it reached on November 7th.
So, The recent price increase in Fantom is most likely owing to the company’s ecosystem’s expansion. Also, LiquidDriver, a FTM network liquidity farm, recently hit over $100 million in TVL on its yield farming platform.
“100 million USD total value locked 🎉 A lot more room to grow. Lets fill up the pools 🌊https://t.co/CszKwmkcuy pic.twitter.com/slH9ax87JD — LiquidDriver (@LiquidDriver) January 2, 2022
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