Today in Markets

Fantom's Revenge

FTM is mounting a feverish comeback.
Jack Inabinet Jack Inabinet Mar 22, 20242 min read
market analysis Fantom's Revenge

Fantom outpaces market. There’s always a bull market somewhere in crypto and this month, Fantom network (FTM) has stood apart from other smart contact platforms thanks to a significant price increase! What development is driving outsized FTM gains?

Compared to FTM’s staggering 144% rally since the beginning of March, the majority of L1 blockchain tokens are struggling to keep their heads above water, finding themselves down on the month or having only squeezed out a couple percentage points of gains.

Source: TradingView

While the Fantom ecosystem was decimated by last year’s Multichain exploit, which drained $130M in crypto from the Project’s Fantom bridge in July, many Crypto Twitter influencers are expecting the chain to stage a resurgence in 2024…

Hot capital is flocking to Fantom to frontrun the mainnet launch of Sonic, which is slated to deploy soon and is anticipated to significantly increase the network’s throughput, elevating it from the current in-production level of 2.4 transactions per second (TPS) to 2k TPS in realistic traffic!

Fantom’s founder, Andre Cronje, posted to Twitter that he believes the launch of Sonic lays the groundwork for the chain to onboard a slew of high-performance applications from sectors like gaming, social media, streaming, and high-frequency trading that require extremely high TPS.

Despite the grandiosity of Cronje’s promises, it remains to be seen whether the network’s heightened throughput serves as a meaningful differentiator that attracts users and capital, given that such blockspace is already commoditized by many alt L1s and Ethereum’s L2s just received a massive reduction in fees thanks to Dencun.

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Fantom Fantom

Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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