FTM’s Rally Continues as Fantom’s DeFi Ecosystem Grows

The total value locked (TVL) on the Fantom blockchain surpassed $5 billion last month. This latest development and other milestones have pushed FTM’s price higher in recent days.

FTM Surges by More Than 17% in 24 Hours

FTM, the native token of the Fantom blockchain, is one of the best performers in the market over the past 24 hours. The coin has added more than 17% to its value over the past few hours, outperforming numerous coins in the process.

Fantom is a programmable blockchain that uses an asynchronous byzantine fault-tolerant Proof-of-Stake consensus mechanism called Lachesis. Asynchronous Byzantine fault tolerance (ABFT) is a property of Byzantine fault-tolerant consensus algorithms. ABFT allows for honest nodes of a network to agree on the timing and order of transactions fairly and securely.

The Fantom blockchain is also integrated with the Ethereum Virtual Machine (EVM) and the Web3JS stack.

The Fantom blockchain allows users to write, compile, and deploy smart contracts in the same way as they can on Ethereum. FTM has been performing excellently over the past few weeks, thanks to the Fantom network achieving some milestones, which the company explained in a recent Twitter post.

Fantom keeps growing!

🔹 $5.3b TVL

🔹 1.4m+ unique addresses

🔹 700k daily transactions

🔹 78.9k unique daily users

🔹 354k unique monthly users

🔹 $8.6B volume on @MultichainOrg

🔹 93k smart contracts

sources:@FtmScanHQ @nansen_ai pic.twitter.com/VL5HJsx7Gr

— Fantom Foundation (@FantomFDN) December 29, 2021

On December 29, the Fantom team published a list of milestones achieved by the project in recent months. The TVL on Fantom grew to $5.3 billion, making it one of the leading DeFi blockchains in the cryptocurrency market.

Furthermore, Fantom now has more than 1.4 million unique addresses, while its daily transactions topped 700,000.

FTM Eyes the $3.5 Mark Following its Recent Rally

FTM is one of the top performers in the market at the moment, after rallying more than 17% over the past 24 hours. In the past three months, FTM’s price has surged by more than 138%. The technical indicators show that FTM is currently performing well and could rally higher soon.

FTM is currently trading above its 50-day moving average price of $1.9850. Meanwhile, FTM’s MACD has been above the neutral zone since December 24, indicating a strong bullish trend for the cryptocurrency. The RSI of 77 also shows that FTM is currently experiencing a buying pressure from the market.

If the bullish momentum is maintained, then FTM could rally past the $3.5 mark over the next few hours. However, it might need the support of the broader cryptocurrency to top the $4 resistance level in the short term.