Wed. Aug 10th, 2022
Source: Adobe/gesrey

The Fantom blockchain’s native FTM token rose sharply in price today, after the network last weekend saw its transaction count exceed that of Ethereum (ETH), the most valuable smart contract blockchain by market capitalization.

As of 16:07 UTC on Tuesday, FTM stood at USD 2.43, up 19% for the past 24 hours, but still down 17% for the past 7 days. The gains today made FTM the third-best performer among the top 100 cryptoassets by market capitalization, data from CoinGecko showed.

FTM price last 14 days:

Source: CoinGecko

The latest gains for FTM came after the network on Saturday recorded a daily transaction count of more than 1.24m, ahead of the Ethereum network’s 1.20m transactions on the same day, according to data from FTMScan and Etherscan.

Following the weekend spike, however, the daily transaction count for Fantom turned lower again, with the count on Monday standing at 1.074m, compared with 1.147m for Ethereum, the data showed.

Fantom daily transactions:

Source: FTMScan.com

At the same time as the spike in Fantom’s daily transaction count was seen, the network also saw total value locked (TVL) in DeFi applications rise, making Fantom the fourth-larget DeFi ecosystem by TVL, behind only Ethereum, Terra (LUNA) and Binance Smart Chain (BSC).

According to DeFi Llama, Fantom’s TVL reached an all-time high of USD 12.4bn on Monday, before dropping to USD 11.4bn as of today. The figure was still well below Ethereum’s USD 116.6bn in TVL, but only marginally below BSC’s USD 11.99bn in TVL today.

Fantom total value locked (TVL):

Source: DeFi Llama

Meanwhile, the latest price rally for FTM also coincided with the upcoming launch of Solidly, a new brainchild of Andre Cronje, a DeFi developer best known as the creator of yearn.finance (YFI), who recently has become increasingly focused Fantom-based protocols.

Previously known as ve(3,3), Solidly is described by Cronje as a new automated market maker (AMM)-type of decentralized exchange with its own token and an interface that is said to be compatible with version 2 of the better known AMM Uniswap.

According to Cronje, locked tokens will be distributed to the top 20 Fantom-based projects on DeFi Llama’s list, with each project said to be free to decide how they will use the tokens to create liquidity pools.

Writing in a blog post on Tuesday, Cronje followed up by saying that the deployment of the Solidly project is now nearing, with a snapshot of the Fantom network already taken.

“We are nearing the deployment of Solidly on Fantom mainnet, in preparation we wanted to guide projects on what they can do,” the well-known developer wrote in the post where he also shared details on how users can interact with the new application.
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