FTM gained 500% nel passato 6 weeks and a newly launched $320 million incentive program could see the rally extend further.
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.
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.
Announcing a 370 million FTM incentive program for builders!
If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom.
Start building today! #buildonfantom https://t.co/AFvAayhsEe
— Fantom Foundation (@FantomFDN) agosto 30, 2021
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%.
Fantom’s 1-Month activity:
Prezzo $0.50331312 +98.04%
67,305 social mentions +34.08%
95,793,815 social engagements +95.86%
1,660 average daily social contributors +22.24%https://t.co/UNc78mnwoG $ftm #fantom pic.twitter.com/Us6Lz8Mw1A
— LunarCRUSH Social Listening for Crypto (@LunarCRUSH) agosto 28, 2021
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.
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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.
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.
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.
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