Cryptocurrency markets have recently experienced a period of adjustment with a pullback in prices, yet certain projects like Fantom (FTM) have maintained a positive trajectory over the past week. These developments raise questions about the potential growth of FTM’s value in future market upswings.
Key Developments in the Fantom Ecosystem
Subin An, a crypto data analyst from Hashed, has highlighted several key advancements within Fantom’s decentralized framework. Despite a decline in the trading volumes on Fantom’s decentralized exchanges since the DeFi summer of 2020, the network’s monthly active user base has consistently exceeded 400,000.
An points to the recent doubling of trading volumes on most DEXs operating on Fantom over the last week. This surge could herald a robust period for the ecosystem in the months ahead. The capability of the Fantom Foundation’s layer-1 solution to underpin such growth, as it has previously done, is a focal point of interest.
Trading Volumes Indicate Rising Interest
Fantom-based DEXs, such as SpookySwap, have recorded remarkable volume increases, with a notable 163.3% rise over the previous week, reaching a trading volume of $81.8 million. Other DEXs like Equalizer, Beethoven_x, and Curve have also seen their volumes surge by over 200%, which is an encouraging sign of vitality within the platform.
Fantom’s native token, FTM, has mirrored the ecosystem’s vibrancy, jumping from $0.3871 at the end of February to $1.1530 within a month, marking a 200% increase. This rally has broken through multiple resistance levels, reminiscent of the early phase of the last bull run which saw a staggering 2500% rise for the protocol within four months. As of the latest updates, FTM is priced at $1.07, showing a 3.5% increase and maintaining a bullish sentiment.