Image(s) are kindly provided by Unsplash
Our analysis of the situation
The world of cryptocurrency has seen its fair share of rollercoaster rides, and Fantom (FTM) has been no exception. In the hustle and bustle of Q1 2024, Fantom has stood out with an exhilarating performance and a notable surge in key metrics and market capitalization.
As the crypto bull market continues to unfurl, Fantom has embraced the winds of change, with its circulating market capitalization skyrocketing by an impressive 101% quarter-over-quarter (QoQ). This surge has catapulted FTM up the ranks, now sitting proudly among the top tokens at 48th.
The resilience of the FTM token has been a spectacle to behold, with a remarkable fourfold increase since the culmination of Q3 2023. However, it's not all sunshine and rainbows, with a 53% QoQ dip in revenue measured in FTM. Nevertheless, revenue denominated in USD has defiantly pushed forward, showcasing a 4% QoQ increase, reaching $1.2 million.
Intriguingly, despite the revenue setback, Fantom has maintained its upward trajectory in average daily transactions, excluding inscription-related activities. Daily active addresses experienced a delightful rebound, soaring by 24% QoQ to 40,500.
The staking landscape for Fantom validators witnessed a significant overhaul in Q1, advocating for enhanced accessibility by reducing the staking requirement from 500,000 FTM to 50,000 FTM. This bold move paid off, with a 17% QoQ surge in the total dollar value of staked FTM, reaching an impressive $1.2 billion.
Embracing the zeitgeist of "Memecoin Mania," Fantom's on-chain activity has been electrifying, with a surge in Total Value Locked (TVL) denominated in USD by 59% QoQ. This surge led to a multifaceted uptick in decentralized exchange (DEX) volume, capturing a 64% QoQ surge to nearly $176.8 million.
The realm of stablecoins on Fantom also witnessed an evolution, with the emergence of two independent third-party bridging solutions, Axelar and LayerZero, amplifying the liquidity of stablecoins. USDC remains in the spotlight, commanding 98% of the stablecoin market cap and playing a pivotal role in the network’s stability.
As Fantom continues to carve its path in the crypto cosmos, the FTM token trades at $0.7037, reflecting an 8.7% increase over the past seven days. While witnessing a decline in the monthly timeframe, Fantom’s resilience and growth in its Q1 performance paint a promising picture for the remainder of the year.
As we bid adieu to Q1 2024, Fantom stands tall, a testament to growth and resilience in the face of swirling winds in the cryptocurrency sphere.
[Featured image from Shutterstock, chart from TradingView.com]
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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