This Altcoin Surpasses 7 Million Unique Addresses In 7 Days

This Altcoin Surpasses 7 Million Unique Addresses In 7 Days

In the past few days, over 3.6 million new addresses have been generated on the Fantom network as per data from FTMScan revealed. With 87 validators managing the network, Fantom processed upward of eight transactions per second (tps) as of Wednesday.

Reality Behind Fantom’s Rise

DeFi projects on Fantom have emerged as the top performers in recent months and have been the primary reason for the boom in unique daily addresses. SpookySwap & Geist Finance are the top two Fantom projects with a combined TVL of $185 million. As per DefiLlama, the total value locked in Fantom is around $500 million and currently ranks on the top 100 list of DeFi projects.

Fantom’s Price Skyrockets

In other news, rumors of a comeback from Andre Cronje, the project’s core DeFi architect, have spiked Fantom’s price by 25% within 24 hours.

Fantom lost $3.62 billion in market capitalization while Andre was away, but even without its core architect, it has remained true to its tokenomics. As in recent months, some of its supply has been burned, staking rewards have increased and grants from Gitcoin have been distributed to contributors.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has covered it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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