Fantom (FTM) has seen a significant surge in its price in recent days, with its current price at $0.4921 with a 24-hour trading volume of 189,333,633 USD. This price surge has caught the attention of many investors and traders, and they are wondering what is driving this sudden increase in the value of FTM.
The primary reason for the surge in FTM’s price is its unique technology. Fantom is a decentralized finance (DeFi) smart contract platform that aims to overcome the limitations of previous blockchain generations and balance scalability, security, and decentralization. It uses a directed acyclic graph (DAG) algorithm to reduce transaction times to under two seconds and provides thousands of transactions per second at a fraction of a cent per transaction. These features make Fantom an ideal platform for DeFi applications.
Additionally, Fantom’s ecosystem is based on two main technologies: Lachesis protocol and Opera. Lachesis protocol is a consensus mechanism that allows for high-speed, permissionless, and secure transactions. Opera is a smart contract platform that allows developers to build and deploy decentralized applications (dApps) on the Fantom network.
Moreover, the Fantom Improvement Proposal (FIP-15) proposal aims to reduce the minimum staking requirement for FTM from 3.175 million to 1 million FTM. This reduction in the minimum staking requirement will make it easier for more investors to participate in the staking process, which will increase the overall security of the Fantom network.
More so, the proposal includes the implementation of a time-lock contract that will allow stakers to lock their FTM for a period of up to 12 months, earning additional staking rewards for doing so. This will incentivize long-term staking, which will further increase the security of the network.
Bullish Investors and Traders on FTM
Investors and traders are bullish to FTM’s recent price performance. The cryptocurrency has outperformed the global cryptocurrency market and similar Layer 1 cryptocurrencies in the last 7 days, with more than 89% of users feeling bullish about FTM. The market capitalization of FTM is currently at $1,362,014,158.
In conclusion, the recent surge in FTM’s price can be attributed to several factors, including the announcement of the Fantom Improvement Proposal (FIP-15), its unique technology, and its recent price performance. As the DeFi industry continues to grow, Fantom’s innovative technology and focus on scalability, security, and decentralization position it well for future success.