There’s a new star in the Layer 1 firmament: Fantom.
The smart contract platform’s token, FTM, set an all-time high of $2.48 on Oct. 19 before slipping to about $2.31 in early morning trading Eastern time, according to CoinGecko. With a $5.9B market cap, the token has almost doubled in the last 30 days.
Fantom is deploying a high-speed Proof-of-Stake system to solve the “blockchain trilemma” of balancing scalability, security, and decentralization without compromising efficacy. (See Mason Marcabello’s exclusive primer in The Defiant for details).
Having multiplied 144x since Jan. 1, FTM has bested the likes of Solana and Avalanche, as well as Cardano, Polkadot, Polygon and other smart contract platforms.
So what’s driving the growth? The Fantom Ecologist, a Fantom user turned influencer with almost 10,000 followers on Twitter, told The Defiant that an upcoming NFT bridge from Anyswap, a protocol which facilitates trades across blockchains, is one driver.
“Established Ethereum projects can be moved over and traded with Fantom’s sub-second finality and for gas fees of just a few cents,” said The Fantom Ecologist.
Other factors include the first Fantom Developer Conference happening in Abu Dhabi next week, according to The Fantom Ecologist.
Coinbase also has yet to list FTM, but with the coin’s recent jump , investors may be buying ahead of an expected listing.
Fantom also enjoys the support of Yearn Finance founder, Andre Cronje, who worked at the Fantom Foundation for over three years. Yearn, the yield aggregator, made its first deployment off Ethereum in deploying to Fantom, which the project announced on Twitter on Oct. 7.
Of course, with all the growth, investors are going to be looking for low cap ecosystem plays with massive potential. The Fantom Ecologist suggested the decentralized exchanges (DEXs) SpiritSwap and SpookySwap as some of the leading projects on the platform. “Almost everything is tied to them somehow,” they said.
At a market cap of under $100M, in terms of digital assets’ market caps, SpiritSwap’s SPIRIT token may be an under-the-radar play for investors wanting to go long on the Fantom ecosystem. SpookySwap’s BOO presents a similar opportunity at a sub-$150M market cap.