Following its earlier termination by a segment of the crypto community, Fantom [FTM] appears to be determined to demonstrating how important it is to the ecosystem. Fantom made noteworthy comebacks in the fourth quarter of the previous year. The open-source smart contract platform was inspired by the restoration to develop an eye-catching blueprint for 2023.
It may now appear that the fruits of its 2023 objectives are already in action. This conclusion was reached as a result of the performance of the active addresses.
The Fantom blockchain logged 5.81 million active addresses in seven days, according to Nansen data. Only the Binance Coin [BNB] chain, with 5.94 million transactions, outperformed FTM. Others, such as Solana [SOL] and Polygon [MATIC], failed to meet the crowd instruction on their respective blockchains.
The increase in active addresses explains why FTM was the second blockchain with the most unique deposits on January 11th. However, deposit activity was not the primary driver of the Fantom upturn.
According to Santiment, FTM trading volume increased by 94% in the last 24 hours. As a result, the trading volume was $159.17 million. The conditions surrounding the volume indicated that the amount of FTM units moved in a single day was considerable.
Furthermore, the chain’s development activities has been increasing since January 8. It maintained its upward momentum reaching 0.71 at the time of writing. The state of this metric reaffirmed the Fantom team’s commitment to increasing project adoption.
In the midst of its accomplishments, Fantom received praise for the smoothness of its network. The co-founder of the Equalizer decentralised exchange, Blake Hooper, encouraged more developers to build on Fantom. He stated,
“As the founder of Equalizer, I can attest to how nice it is to operate on the network. Also, for anyone thinking about building on FTM, Fantom is very supportive and great to work with.”
Santiment reported that Fantom backed down on the 30-day realised cap. At the time of publication, the realised cap had dropped significantly in the previous month to 32.91 million.
The realised cap serves as a substitute for market capitalization. It is calculated by multiplying the current Fantom price by the number of FTM on the market. A significant dip indicates a lack of optimism and a fall in network activity.
In the future, this could spread to the FTM price, driving it down the charts. However, if the network continues its favourable attitude for an extended period of time, profit and loss could compensate for the decline.
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