The Fantom scalable layer-1 network has been outperforming its crypto brethren recently. FTM prices are on fire, but what is driving the momentum?
Momentum and narratives for high-throughput layer-1 networks are increasing. Fantom is the latest blockchain to be put into the spotlight following a big endorsement from decentralized finance (DeFi) pioneer Andre Cronje (who ‘quit DeFi‘ in March 2022).
On Feb. 2, the Yearn Finance founder tweeted 13 reasons why he is bullish on Fantom. The first of which was fast confirmation times with the network boasting sub-900ms finality. This provides a smoother user experience for dApp builders and users, said the developer.
He emphasized these points in a recent blog post titled ‘Frustrations of a dApp Developer.’ However, Cronje is the co-founder of the Fantom Foundation, so he will naturally be bullish about his own baby as he was with Yearn.
Fantom Advantages Touted
The developer also spoke of synchronous remote procedure calls (RPC) due to Fantom’s low confirmation times.
Additionally, Fantom has gas monetization, “allowing your team to earn revenue from gas fees on your contracts, earn 15% of all gas spent on your contract as revenue.” Gas subsidies will also mean that wallets with no FTM can still use the network.
In the second half of the year, Fantom will support native smart wallets. These allow wallets to be owned by normal Web2 methods such as username/password, social authorization, and facial recognition.
Furthermore, Fantom is compatible with leading programming languages Solidity and Vyper. This means developers do not need to learn a new language to build on the platform, and onboarding is easy.
The project has sustainable funding and revenue via Gitcoin grants, ecosystem vaults, and gas monetization, Cronje added.
Additionally, the network has “proactive security” in the form of automated on-chain continuous auditing via Watchdog from Dedaub. Cronje also touted network legacy:
“Fantom is the oldest smart contract chain after ETH, operating for 4 years with 99.99% uptime.”
However, its token distribution appears to be heavily whale dominated, as observed by Lookonchain:
FTM prices have been on fire, doubling over the past fortnight. Despite the market pullback today, FTM had gained 9% at the time of press. As a result, the coin was changing hands for $0.621.
FTM has made an impressive 193% over the past month, outperforming most of its crypto brethren.
However, like most digital assets, FTM is still down 82% from its October 2021 all-time high of $3.46.
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