Fantom has surged to new highs as the race to secure a place in the multi-chain future intensifies.
Fantom in Price Discovery
Fantom just hit a new all-time high.
The Layer 1 network has kept up its multi-week rally, topping out at $2.48 Tuesday morning.
FTM/USD chart. Source: CoinGeckoThe run to new highs may have been fueled by the launch of a new cross-chain bridge. SpiritSwap, a leading decentralized exchange on Fantom, has launched a multi-chain bridge, allowing users to send assets between Binance Smart Chain, Ethereum, Polygon, and Fantom. SpiritSwap’s SPIRIT token has also jumped today.
While the list of available assets varies depending on the network pairing, the bridge supports major stablecoins such as DAI, USDT, and USDC as well as ETH, MATIC, BNB, and many more. SpiritSwap’s multi-chain bridge will make it easier to move assets onto Fantom, encouraging users to take advantage of new yield farming opportunities on the network.
Over the past month, several highly-anticipated launches on Fantom have fueled its meteoric rally. The network’s FTM token has climbed over 82% in the last 30 days, with the expansion of DeFi on the network playing a major role. At the start of the month, the lending and borrowing protocol Geist Finance launched on Fantom, pushing the FTM token up 36%. Following that, Yearn.Finance announced that it would be expanding to the Fantom network, pushing prices even higher.
Fantom is one of several Layer 1 tokens that’s seen huge growth this year. Solana, Avalanche, Terra, and Cosmos all rallied over the summer amid growing belief in a multi-chain future, with generous liquidity mining programs and airdrops helping to attract users to their ecosystems.
However, with Bitcoin currently dominating the market, other Layer 1 tokens are slowly bleeding the gains they put in throughout August and September. Fantom has bucked this trend, breaking out higher and putting in new all-time highs.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, SOL, and several other cryptocurrencies.
This news was brought to you by ANKR, our preferred DeFi Partner.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Fantom Jumps 36% on Geist Finance DeFi Launch
The FTM token has put in double-digit gains following the launch of the DeFi protocol Geist Finance. Geist Finance Launch Boosts Fantom Fantom has surprised traders with another parabolic rally….
Yearn Finance, Fantom Rally on Multi-Chain Expansion
Oct. 8, 2021
Yearn Finance, one of the earliest DeFi protocols, is expanding to the Fantom network. Yearn Finance Goes Multi-Chain Yearn Finance is breathing new life into the DeFi space, announcing that…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Fantom Surges 27% Amid On-Chain D&D Hype
Sep. 7, 2021
An on-chain Dungeons and Dragons-inspired game called Rarity has exploded in popularity this week. Since the game’s launch, the FTM token has reached new all-time highs. Fantom Hosts Text File…
Leave a Reply