L'Ethereum (ETH) network continues to enjoy the status of being the top smart contract platform in the blockchain industry, but the competition is slowly gaining market share because high costs and network congestion are still challenges for the protocol.

One project that has been gaining traction in the month of August is Fantom (FTM), a layer-one smart contract platform that utilizes a directed acyclic graph architecture as a means to solving the problems of slow transaction speeds and high transaction fees.

I dati di Cointelegraph Markets Pro e TradingView mostrano che dopo aver toccato un minimo di $0.15 a luglio 20, the price of FTM has rocketed 500% ad un massimo intraday a $0.90 ad agosto. 30 as its 24-hour trading volume exploded by 1,250% to a record $1.26 miliardi.

Grafico a 4 ore FTM / USDT. fonte: TradingView

Three reasons for the surging momentum in Fantom include the launch of a 370 million FTM incentive program, a significant increase in social media engagement and the continued increase in the amount of value locked on the protocol.

Fantom launches a liquidity incentive program

The biggest momentum boost for Fantom came on Aug. 30 with the announcement of a 370 million FTM incentive program ($320 milioni), designed to attract new protocols and liquidity to the Fantom ecosystem.

Under the program, developers who launch on the Fantom network will be able to apply for rewards from the Fantom Foundation and will receive between 1 milioni a 5 million FTM depending on the total value locked (TVL) in the protocol in question.

In order to qualify for rewards, a protocol must maintain a TVL above a time-weighted average (TWA) di $5,000,000 o $100,000,000 for an extended period of time. If at any point the TWA falls below the $5,000,000 minimum, threward distribution will be paused until the TVL once again reaches the required minimum.

Social media engagements surge in August

The building momentum for Fantom was registered by social media metrics from Lunar Crush throughout the month of August. The platform showed a 34% increase in social media mentions when compared to the month of July and social media engagements also shot up by nearly 96%.

On-chain data for the network also shows a steadily increasing rate of engagement because the network now has 415,000 unique addresses that conduct more than 300,000 transactions per day.

These numbers could significantly increase in the weeks and months ahead thanks to the release of the FTM incentive program, which has already lead to a new record high in the number of transactions on the Fantom bridge.

Fantom bridge transaction count. fonte: Twitter

Relazionato: This service is declaring that it’s “crypto altseason” again

Significant gains in DeFi

The third reason for Fantom’s explosive growth is the increasing TVL of its DeFi ecosystem which is led by SpookySwap exchange ($192 million TVL).

Secondo i dati di DeFi Llama, the total value locked on the Fantom blockchain has now surpassed $657 million with a 19.52% increase coming over the last 24-hours.

Total value locked on Fantom. fonte: DeFi Llama

Come si vede nella tabella sopra, the launch of the Fantom Incentive Program helped spark a significant rally in the TVL on Fantom, but the network was already seeing impressive gains in the metric even before the launch of the program.

Between Aug. 4 e agosto. 23, Fantom’s TVL increased from $269 milioni a un massimo di $510 million without any special incentives. This proves that interest in interacting with the platform has been on the rise for multiple weeks.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FTM on Aug. 29, prima del recente aumento dei prezzi.

I VORTECS™ Punto, esclusiva di Cointelegraph, è un confronto algoritmico delle condizioni di mercato storiche e attuali derivato da una combinazione di punti di dati tra cui il sentimento del mercato, volume degli scambi, recenti movimenti dei prezzi e attività su Twitter.

VORTECS™ Punto (verde) vs. Prezzo FTM. fonte: Cointelegraph Markets Pro

Come si vede nella tabella sopra, i VORTECS™ Score climbed into the green zone on Aug. 28 e ha raggiunto un massimo di 70 ad agosto. 29, around four hours before the price increased 80% over the next day.

Le opinioni e le opinioni qui espresse sono esclusivamente quelle dell'autore e non riflettono necessariamente le opinioni di Cointelegraph.com. Ogni mossa di investimento e trading comporta dei rischi, dovresti condurre le tue ricerche quando prendi una decisione.