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Fantom Price Continues To Shine – What’s Behind The Latest 15% Surge?

Fantom price has been such a joy to watch for investors in recent days, as a much-needed breath of fresh air continues to spread throughout the crypto market. Bitcoin and other large-cap assets seem to be recovering well after a period of sluggish and frustrating price action.

Notably, Fantom emerged as one of the best performers in the cryptocurrency market over the past week, posting a substantial 26% price increase in the last seven days. The Layer 1 token has particularly been on a hot streak in the past day, soaring by 15%.

The Catalyst Behind The Latest FTM Surge

The much-awaited Sonic upgrade has been critical to the turnaround the Fantom price has witnessed in the past few months. Sonic is expected to improve Fantom’s technology stack and introduce major scalability enhancements without a disruptive hard fork.

Most recently, the Fantom Foundation unveiled the details of the upcoming layer-1 chain Sonic Network. According to the blog post, the new blockchain network will be connected to and be able to tap into vast amounts of liquidity, users, and protocols from “Ethereum and beyond” via a native layer-2 bridge.

As disclosed previously, the Sonic Network is expected to go live alongside a new token, with the ticker S. In the latest memo, the project revealed that FTM token holders will be able to migrate Sonic’s token at a 1:1 ratio, depending on the results of a governance vote.

The Fantom Foundation said in its latest blog post: 

Initially, this migration process is anticipated to be bi-directional, which will allow users to swap back and forth between $FTM and $S. Since the $S token will only exist on Sonic and $FTM will only exist on Opera, we anticipate utilizing a bridge to enable bi-directional swaps. This process enables a seamless migration for current Opera network participants to experience Sonic. After a transitional period (to be determined in the future), the migration process is expected to transition to a one-way migration of $FTM to $S.

The project noted that the supply of the new S token will match that of FTM to facilitate the token migration process after the Sonic chain launch. It is worth mentioning that the Fantom price experienced a significant surge following this update on the Sonic Network on May 17.

Fantom Price At A Glance

As of this writing, the Fantom price is around $0.908, reflecting an almost 15% increase in the past 24 hours.

Fantom Price

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Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics

Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024. 

According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics and market capitalization. 

FTM Market Cap Soars 101% QoQ

By the numbers, FTM’s circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from $1.3 billion to $2.6 billion, vaulting it up ten spots to 48th among all tokens (currently 58th). The token’s rally extended for two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.

Fantom

Although Fantom experienced a decrease of 53% QoQ in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD exhibited a 4% QoQ increase, reaching $1.2 million. 

According to Messari, the revenue decline was primarily due to reduced inscription activity across all smart contract platforms in Q1. 

Despite this, Fantom maintained an upward trend in average daily transactions, excluding inscription-related activity, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% QoQ to 40,500.

In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 FTM, aiming to increase accessibility. However, the number of active validators remained unchanged at 55. 

Notably, the total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1.

Memecoin Mania Boosts Fantom On-Chain Activity

During the year’s first quarter, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from $810.8 million in Q4 to $1.28 billion. 

Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s price appreciation.

Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from $10.2 million to nearly $176.8 million. In Q1, the “Memecoin Mania” trend contributed to elevated on-chain activity across various networks, including Fantom.

Fantom

Fantom’s monthly DEX volume surpassed $1 billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 by the end of Q1, with no single DEX dominating more than 30% of the market share.

Lastly, following an exploit in the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Foundation took steps to increase the liquidity of stablecoins. 

As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% QoQ increase.

Fantom

The FTM token is currently trading at $0.7037, reflecting an 8.7% increase in price over the past seven days. However, it has experienced a decline of nearly 20% in the monthly time frame.

Featured image from Shutterstock, chart from TradingView.com

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Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price

Fantom (FTM) had initially reclaimed the $1 level back in March and expectations were that the coin would rise to $2. But that was before the market crash sent prices spiraling, and Fantom lost almost 50% of its value during this time. However, all hope is not lost of for the coin, as one crypto analyst expects a return of the bullish momentum as long as certain conditions are met.

Fantom Searching For Support

Crypto analyst MyCryptoParadise took to TradingView to share their analysis on the Fantom price and how it could see a recovery. After the price fell to $0.56, the altcoin began to look for support, which would serve as a bounce-off point, and the analyst revealed that the altcoin is actually getting closer to this support.

For now, the support lies at $0.5679, which is the point that bulls need to hold to confirm a bullish breakout. Following a rejection at the $0.79 resistance, this point has become even more important to hold, as the FTM price searches for “renewed momentum.”

“Should FTM successfully find support and bounce from this level, it could potentially form a double bottom pattern, with the neckline acting as resistance around the 0.798 mark,” the crypto analyst said, highlighting the importance of finding support.

In the event of a breakout, the analyst expects at least a 100% move from here. The first major level to break it the $1 level, and then after that, the crypto analyst sees the price going as high as $1.2 as long as the trend is confirmed.

FTM price chart from Tradingview.com (Fantom)

FTM Could Break Down Further

On the flip side of this, the crypto analyst also identifies a scenario where the Fantom price could continue to break down. In the event that the altcoin is unable to find support above $0.56 and breaks through it instead, the bloodbath could continue.

The bearish continuation which the analyst sees in a situation like this will send the price below $0.5 eventually. The support for the FTM price then lies at the next Bullish OB area, which the crypto analyst identifies to be around $0.449.

“💎 Reclaiming the support at 0.568 would be crucial for FTM to maintain its bullish momentum,” the analyst said. “Should FTM fail to bounce even after reaching the Bullish OB area, it would signal a bullish invalidation, indicating a continuation of the bearish trend.”

Presently, the Fantom price is trending above support at $0.6641. However, it is down 3% in the last day with 10% losses in the last week.

Fantom price chart from Tradingview.com

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Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm?

The Fantom (FTM) supply on exchanges has been rising in recent times, leading to speculations for what this might mean for the price of the cryptocurrency. Going by trends in the crypto market of when the exchange balances of a particular coin goes up, there might be some pain ahead for FTM investors.

Fantom Supply On Exchanges Rise By 16 Million

The Fantom price had increased over the last month to reach a new three-year high above $1.2. However, this rally was only short-lived and the altcoin has begun to eliminate its gains from the month of March gradually in the past week.

One culprit for this decline in price is the high level of selling that have been taken place among FTM holders, majority of which have been holding their coins for a rather long time. As a result, the available supply of Fantom on centralized exchanges continued to balloon as investors rush to sell off their tokens and capitalize on gains.

Data from the on-chain tracking website Santiment shows that in the last week of March, there was a considerable number of FTM flowing into centralized exchanges. This saw their available balance go from around 654 million to over 670 million in the space of a week, with over 16 million flowing into exchanges.

This inflow trend coincides with the drop in the Fantom price from above $1.1 to $0.84, suggesting that it is indeed the selling pressure from these FTM investors that is responsible for the price decline. Given this, there would have to be a reversal in this selling trend is the FTM price is to recover from here.

Bullishness On FTM Not Dead

The inflow of millions of FTM into centralized exchanges is bearish, but this could only last for the short term. As a rule of crypto, eventually, these sellers will run out of coins to sell, leaving room for demand to catch up with the available supply. At this point, the FTM price will begin to see a reversal in the trend.

There is also the fact that adoption has been increasing on the Fantom chain as founder Andre Conje has been actively talking about it on X (formerly Twitter). Santiment’s data shows that the FTM holder base also grew alongside the price in March. In the week of March 17 and 28 alone, the chain’s holder BASE jumped from 109,000 to over 111,000.

This shows that while the trends are bearish right now, there could be a change soon as the price could resume another leg up. The Fantom price has also established support at $0.8 which could serve as the bounce point for another rally.

Presently, the FTM price is sitting at $0.84, with a 5.48% and 18.2% decline on the daily and weekly charts, respectively. Its market cap is at $2.37 billion, making it the 51st largest cryptocurrency in the space.

Fantom price chart from Tradingview.com

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Fantom Launches Recovery Plan For Funds Lost In Multichain’s $200M Exploit, FTM Soars

The Fantom (FTM) Foundation has taken decisive steps to recover assets lost in the Multichain exploit that devastated various chains, including its own, resulting in a staggering $210 million loss.

After failed attempts to engage with the Multichain Foundation, the Protocol has announced that it filed a lawsuit for “breach of contract” and “fraudulent misrepresentations.” 

Fantom Foundation Takes Legal Action Against Multichain

The exploit, which occurred in July 2023, targeted the Multichain bridge and affected multiple chains, including Fantom, Ethereum (ETH), Binance’s BNB, Cronos (CRO), Polygon (MATIC), Arbitrum (ARB), zkSync, Optimism (OP), and Moonbeam (GLMR). 

Fantom’s ecosystems suffered losses of approximately one-third of the total damage. In addition, the Fantom Foundation claims that the recovery process has faced numerous challenges due to legal complexities, jurisdictional issues, uncooperative former directors, and ongoing police investigations.

To pursue justice, the Fantom Foundation initiated several measures. They filed a police report in Singapore, where the Multichain Foundation is incorporated, and in Kunming, China, where Multichain and its founder are under investigation. 

Legal counsel was engaged in the United States, China, Hong Kong, and Singapore to navigate the diverse jurisdictions involved. Additionally, Fantom partnered with the blockchain intelligence firm TRM Labs to conduct a comprehensive forensic analysis of the asset flow. As a decisive move, legal action against the Multichain Foundation for losses incurred by Fantom was commenced in Singapore.

Empowered To Liquidate Multichain

The Fantom Foundation has also disclosed that a recent default ruling by Judge Tan Boon Heng of the General Division of the High Court of Singapore has ruled in favor of the Protocol’s claim.

According to the foundation’s blog post, the ruling paves the way for the protocol to petition the court to dissolve the Multichain Foundation and appoint a court-appointed liquidator.

The liquidator, equipped with specialized expertise, legal powers, and authority to act on behalf of Multichain, will reportedly assist in the tracing, recovering, and distributing of missing or frozen assets.

However, it is worth noting that while the current ruling addresses explicitly the Fantom Foundation’s losses, it sets an important precedent for all affected users to pursue their claims against Multichain.

Ultimately, the Foundation intends to use this legal victory to facilitate the appointment of “suitably qualified” experts to recover and distribute assets on behalf of all creditors. This milestone marks a significant step forward in the ongoing legal saga and underscores the team’s approach to righting the wrongs caused by the exploit.

Riding The Bull Market

Despite the ongoing legal battle faced by the protocol, its native token, FTM, has experienced significant gains across all time frames, taking advantage of the current bullish sentiment in the overall market.

In the year-to-date period, the FTM token has recorded a remarkable increase of 67%, followed by gains of over 92% in the past thirty days. Furthermore, in the past seven and fourteen days alone, the token has seen gains of 50% and 57%, respectively.

Fantom

This continuous upward trend propelled FTM to reach a 20-month high of $0.751 on Monday. However, it has since retraced and is trading for $0.681, with a modest recovery of 1.8% in the past few hours.

Featured image from Shutterstock, chart from TradingView.com

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Q4 Triumph For Fantom (FTM): Circulating Market Cap Outpaces All Cryptos With 140% Surge

In the fourth quarter of 2023, the cryptocurrency market experienced a notable resurgence, accompanied by the anticipation of a potential Bitcoin ETF approval. Among the standout performers during this period was Fantom (FTM), a Layer-1 protocol launched in 2018. 

According to a recent report by Messari, Fantom witnessed significant growth, with its circulating market cap soaring by 140% quarter-over-quarter, from $0.5 billion to $1.3 billion.

This performance surpassed all cryptocurrencies’ overall market cap growth at 54% in Q4. Additionally, Fantom climbed up the market cap rankings, ascending five spots from 63 to 58 by the end of the quarter.

FTM’s Potential For Future Growth

The circulating supply of FTM remained relatively stable quarter-over-quarter, with changes in supply dynamics between Q4 2022 and Q1 2023. 

Notably, Fantom introduced the Ecosystem Vault and Gas Monetization program during Q4 2023, reducing the burn rate of transaction fees and reallocating a portion of fees to the Gas Monetization program and Ecosystem Vault. 

The number of daily active addresses on the Fantom network experienced a 27% decline quarter-over-quarter, averaging 32,700 in Q4’23. However, a steady increase in daily active addresses throughout December indicates potential future growth as the crypto market emerges from the bearish phase. 

Average daily transactions on Fantom reversed their declining trend, surging by 126% to 531,000. This increase was primarily attributed to the emergence of Fantom Inscription FRC20s, with November 25 marking an all-time high of 5.11 million transactions, including 4.99 million inscriptions. 

Fantom

In terms of new addresses, Q4’23 saw a 10% increase to an average of 21,100 daily new addresses. Messari suggests that the surge in daily new addresses can be attributed to the launch of Estfor Kingdom, a popular blockchain-based game on Fantom that gained traction in late Q3’23. December also witnessed an uptick in daily new addresses, likely influenced by improved market conditions.

Fantom DeFi Ecosystem 

Per the report, Fantom’s Total Value Locked (TVL) denominated in USD increased by 58% quarter-over-quarter, from $51 million in Q3 to $81 million in Q4. However, TVL denominated in FTM decreased by 29% in the same period, primarily due to asset price fluctuations. 

Q4’23 also witnessed shifts in the top DeFi applications on Fantom, with new entrants such as Equalizer Exchange, WigoSwap, and SpiritSwap gaining market share. Notable protocols by TVL included Spookyswap, Beethoven X, Equalizer Exchange, WigoSwap, Tomb Finance, and SpiritSwap. 

Fantom

These protocols collectively gained $29 million in TVL, accounting for nearly 100% of Fantom’s TVL growth in Q4. Equalizer and WigoSwap experienced the most significant market share increases.

The average daily decentralized exchange (DEX) volume on Fantom declined by 10% to $10.2 million in Q4 2023. Still, emerging new DEXs like Equalizer Exchange and WigoSwap contributed to the ecosystem’s overall growth.

In summary, Fantom’s performance was notable in the fourth quarter of 2023. The protocol experienced a surge in market cap, robust revenue growth, and an expanding DeFi ecosystem. However, its native token has declined significantly. 

Fantom

Despite the recent sharp correction across the cryptocurrency market, Fantom’s native token FTM has not been an exception. Presently, the token is trading at $0.3306, reflecting a decline of over 3% within the last 24 hours, 37% over the past 30 days, and a year-to-date decrease of 18%.

Featured image from Shutterstock, chart from TradingView.com

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Bullish Trend Ahead: Fantom (FTM) Rise Signals Potential For Powerful Rally Towards $0.65

Fantom (FTM) has recently displayed remarkable performance, surpassing several leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) among others. 

Over the past 24 hours, FTM has experienced a notable surge of 9%, propelling its price to the $0.4950 level. This upward momentum has sparked optimism within the market, with the potential to drive FTM towards its yearly high of $0.65.

Fantom Poised For Upward Surge?

Crypto analyst Ali Martinez has shared insights into the promising outlook for Fantom. Martinez emphasizes that FTM trading above the critical resistance level of $0.47 signifies a significant bullish turning point. 

Furthermore, the analyst notes that there are no major obstacles in sight until the $0.65 level. As long as FTM remains above this crucial level, Martinez predicts a strong rally for the token.

Fantom

With FTM’s breakthrough above the $0.47 resistance level, the stage is set for further gains. The absence of significant barriers until the $0.65 mark provides an encouraging backdrop for FTM’s potential upward trajectory. 

Analyst Ali Martinez’s assessment reinforces the belief that as long as FTM maintains its position above $0.47, investors should prepare for a robust rally in the token’s price.

Social Media Buzz Surrounding FTM

In recent weeks, Layer 1 (L1) blockchain protocols have taken center stage in the cryptocurrency community. Tokens such as Injective (INJ), Kaspa (KAS), Avalanche (AVAX), and Solana (SOL) have outperformed major cryptocurrencies. 

However, amid this L1 surge, Alpha Scan highlights that Fantom has emerged with impressive sentiment strength, capturing the attention of market participants and further bolstering the protocol’s native token price surge.

According to a recent post on X (formerly Twitter) by the sentiment analytics firm, an analysis of social media conversations reveals that a staggering 61% of all monthly mentions of FTM have occurred within the last seven days. 

Fantom

This sudden surge in mentions commenced on December 9th, indicating a heightened interest and positive sentiment surrounding the token.

Over the past 30 days, 28 key accounts have actively discussed FTM, further emphasizing its growing significance. 

Notably, 20 of these key accounts have specifically highlighted FTM within the last seven days, reflecting a heightened level of attention and engagement within a relatively short period. This ratio of key account engagement during the past week indicates a distinct rise in interest and potential market influence.

Annualized Increase Reinforces Positive Outlook

According to Token Terminal data, in addition to the social media buzz surrounding the protocol and its native token, Fantom’s market capitalization has reached approximately $1.38 billion, with a remarkable increase of 18.47%. This surge reflects the growing demand for FTM and its expanding market presence. 

In terms of revenue, the token has witnessed substantial growth, with a 30-day revenue increase of 734.11% to $171.73k. Moreover, the annualized revenue has surged to $2.09 million, representing a significant rise of 813.75%. 

Moreover, Fantom’s fully diluted market capitalization stands at around $1.57 billion, indicating a substantial increase of 43.39%. This growth further reinforces the market’s confidence in the protocol’s prospects. 

When considering performance ratios, the P/F ratio (fully diluted) is calculated at 203.80x, while the P/S ratio (fully diluted) is reported at 679.33x. Although both ratios have dipped by 82.8%, they still suggest a strong valuation for Fantom relative to its performance.

Featured image from Shutterstock, chart from TradingView.com 

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Is Fantom (FTM) About To Explode Like Solana (SOL)? This Analyst Thinks So

FTM, the native currency of the Fantom ecosystem, might be the next coin to follow and perhaps outperform Solana (SOL). This optimistic preview is by one technical analyst, “Magnate,” who, in an X post on October 3, said traders who missed the SOL rally may have a chance with FTM. 

FTM likely to rally| Source: Magnate on X

Solana Is Exploding: Reverses Post-FTX Losses

At press time, SOL is trading at new 2023 highs and has reversed all post-FTX losses. Changing hands at $39 as of writing on November 3, the SOL uptrend remains, looking at the candlestick arrangement in the daily chart. Specifically, SOL is up 125% from September lows and 190% from June 2023 highs. 

Solana price trending upwards on the daily chart| Source: SOLUSDT on Binance, TradingView

At this pace, SOL has outpaced Bitcoin (BTC) and Ethereum (ETH), two of the world’s largest cryptocurrencies. This is despite Bitcoin, buoyed by the broader crypto’s optimism of the United States Securities and Exchange Commission (SEC) approving the first spot Bitcoin exchange-traded fund (ETF) in the coming weeks. The general confidence is despite the SEC laying out a potential timeframe for when this product will go live.

Looking at the SOL daily chart, primary support is around the November 2022 high at around $36–a key reaction line traders are closely monitoring. As it is, there has been a cool-off, but traders are confident of a pullback, pushing the coin back higher in a bullish breakout formation. 

Is Fantom (FTM) Preparing For A 100% Surge?

Magnate, sharing the daily and weekly charts of FTM, noted that the coin appears to be bouncing off a critical support zone. In the weekly chart, the uptrend is defined. FTM is picking momentum, edging higher as confidence, partly due to fundamental events and the recovery across the board, is changing sentiment, propping bulls. 

From the daily chart, FTM found support at 2022 lows before edging higher to spot rates. This leg up has catalyzed demand, lifting the coin 35% from October lows. Still, FTM is down approximately 65% from February 2023 highs.

Fantom price trending upwards on daily chart| Source: FTMUSDT on Binance, TradingView

Even so, only time will tell if FTM will track SOL, lifting off by over 100%, as the technical analyst predicts. Although there have been some challenges, there are also some positive developments taking place. One such development is that Messari, an analytics platform, recently observed a surge in Fantom’s on-chain activity. 

According to their findings, the average number of new addresses added to the network daily increased by 106% in the last quarter. In comparison, the average number of active addresses per day rose by 3% in the same period.

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Fantom Foundation Wallets Drained, More Pain For FTM Holders As Prices Tank

Two Fantom Foundation wallets on Ethereum and the Fantom Network have fallen victim to a phishing attack, losing over $650,000, according to reports from CertiK, a blockchain security firm. Another report by “Spreakaway” on X alleges that one of Fantom’s team members also lost $3.4 million.

Fantom Foundation Falls Victim To Phishing Attack

Fantom Foundation is a non-profit organization dedicated to supporting the growth and development of the Fantom ecosystem. On the other hand, Fantom is a scalable, layer-1 blockchain that is compatible with Ethereum. Like the world’s most valuable network, the platform supports the deployment of smart contracts. For clarity, Fantom’s network was not hacked; the foundation’s wallets were compromised.

According to CertiK, the Fantom Foundation lost $470,000 on Fantom and at least $187,000 on Ethereum. Following the attack, Etherscan data show that the scammers consolidated funds into one account, holding at least $7 million of various coins. The address has already been marked and identified as a facilitator of multiple phishing campaigns impacting crypto and decentralized finance (DeFi) projects. 

Fantom Foundation stolen funds| Source: Etherscan

Reports on Reddit show that Fantom Foundation fell victim to a “zero day” exploit on Chrome, a web browser, resulting in the loss of hundreds of thousands worth of FTM. In a screenshot of a Telegram conversation said to have been shared by a Fantom admin, the foundation acknowledged that “some” of their wallets were “drained.” They are actively tracking the movement of stolen funds. 

Telegram communication| Source: Reddit

Zero Day Exploit, FTM Sinks Even Lower

 A zero-day exploit is a vulnerability unknown to the developer or its tech team, who might be able to fix it. Because the flaw isn’t known to the team, the threat actor can exploit it until it is patched. This is why zero-day exploits can be consequential, especially for DeFi protocols whose infrastructure relies on flawed software.

In the same screenshot shared on Reddit, a representative of Fantom Foundation said they didn’t update their browser to the latest version. The latest Chrome browser update, version 118.0.5993.70, was released on October 11.

FTM price on October 17| Source: FTMUSDT on Binance, TradingView

Following this news, FTM fell roughly 5% and is now rocking close to multi-month lows. If bears press on, the coin may drop below 2022 lows.

As such, it will reverse all gains made in the first half of 2023. At this year’s peaks, FTM prices rose to as high as $0.65 in February 2023 before contracting to spot rates. The coin is trading at approximately $0.17 and under intense selling pressure.

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Fantom DEX SpiritSwap On The Verge Of Shutdown? Here’s What Has Changed

SpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer be shutting down its operations in September after it received a takeover offer from Power, another Fantom-based DeFi protocol. The proposed shutdown was a result of cross-chain protocol Multichain’s collapse, which had a significant impact on the Fantom ecosystem.

On August 9, SpiritSwap announced on Discord that it is “winding down” operations and is looking for a team to take over the project after its treasury was drained in the Multichain exploit. The protocol initially planned to shut down by September 1, 2023, but it appears that won’t be happening anymore after Power’s intervention.

This would come as a relief to several SpiritSwap community members, especially those who have the native token SPIRIT locked on the protocol. According to the protocol’s website, there are currently over 410 million SPIRIT tokens locked.

Power To Deposit 200,000 USDC Into The SpiritiSwap Treasury

On August 16, the SpiritSwap community approved the proposal to hand the keys of the protocol to Power, a non-fungible token platform on Fantom. Power has now proposed to deposit 200,000 USDC into the SpiritSwap treasury.

Related Reading: Stellar Breaks Free: Unleashes New Open-Source Disbursement Platform

The team behind the NFT platform stated in the proposal that the deployment of these funds into the treasury is the first phase of ensuring that SpiritSwap survives. Meanwhile, Power claims to hold more than $1 million in liquid assets across multiple chains “ready to mobilize for use”.

In the proposal, the Power team clarified that it has also been developing its own decentralized exchange, PowerSwap. Then, it laid out plans to integrate some designs of the new DEX into SpiritSwap.

It is worth mentioning that Power was also impacted by the Multichain exploit. Fortunately, the protocol’s treasury assets were not bridged to Multichain, leading to relatively small losses.

Multichain Exploit – The Impact On Fantom

The Fantom ecosystem was the biggest victim in the Multichain exploit in July, which resulted in a total loss of over $126 million. The attack seemed to have specifically targeted the protocol’s Fantom bridge, causing a drain of more than $120 million worth of assets.

As inferred earlier, the ripple effect of the Multichain hack spread across various projects on the Fantom blockchain. As a result, the total value locked (TVL) on the network has been on a steady decline. 

Fantom has seen its TVL drop by more than 61% since July 6 – the day of the Multichain exploit. As of this writing, the total value locked on the network stands at about $86.2 million, according to data from DefiLlama.

Fantom

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FUD Or Fact? Multichain Team Arrested, On-Chain Data Uncovers Fantom Exposure To Wrapped Tokens

Rumors of the arrest of the Multichain team have sent shockwaves throughout the Fantom ecosystem. Despite trading volumes of $129 million, the fear, uncertainty, and doubt (FUD) have resulted in a 5x increase in daily bridging volumes. However, upon closer examination of the on-chain data, the bridging volumes do not show a significant sign of panic.

Fantom’s Risky-Wrapped Token Exposure

According to a Twitter thread by the crypto researcher DeFi Ignas, Fantom (FTM) is the most exposed to Multichain’s wrapped tokens. This suggests that Fantom is particularly vulnerable to any negative impact that may result from the rumored arrest of the Multichain team. This is because Fantom has significant exposure to Multichain’s wrapped tokens, with 35% of its total value locked (TVL) dependent on these wrappers.

Fantom

In addition, Multichain issues 40% of non-FTM assets, which is equivalent to a sizable $650 million. This means that if anything were to happen to Multichain, it could have a significant impact on the overall value of these assets.

Furthermore, Multichain handles 81% of Fantom’s total stablecoin market capitalization. Stablecoins are digital assets that are pegged to the value of a real-world asset, such as the US dollar. They are often used as a way to hedge against market volatility. However, If anything were to happen to Multichain, it could have a significant impact on the value of these stablecoins and cause instability in the Fantom ecosystem.

Fantom Investors Stay Calm Amid Multichain Arrest Rumors

According to Ignas, there should have been a significant outflow of Total Value Locked from Fantom due to its reliance on Multichain. However, the data shows that the amount withdrawn was only 1% of its total TVL of $1.78 billion, which indicates that there is not much panic in the market.

Fantom

Furthermore, while the TVL has dropped by 9.55% in USD, adjusting for the price of FTM shows no significant outflow of capital. The clearest and only sign of panic is the Multichain Liquidity Providers (LPs) on Fantom, with a total of $33 million being withdrawn by LPs from Fantom, and only $1.7 million in deposits.

However, what is most worrying is the lack of communication from the Multichain team. It has been reported that the current Multichain CEO Zhaojun hasn’t been online in a week. This has left many investors and traders in the cryptocurrency market feeling uncertain about the future of the project.

Additionally, Multichain has reported that some of the cross-chain routes are unavailable due to force majeure and that Kava, zkSync, and Polygon zkEVM routes were temporarily suspended. There were also 83 transactions pending for more than a day, which has raised further concerns among investors and traders.

Fantom

Featured image from Unsplash, chart from TradingView.com 

 

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Fantom (FTM) Secret Weapon: Could This Project Be The Next Big Thing In Crypto?

Fantom (FTM) is a blockchain project that has gained attention in the crypto space for its unique features and potential. Despite a recent dip in key metrics such as Total Value Locked (TVL), the project has something special that many believe is worth attention.

Is Fantom Poised To Disrupt The Crypto World?

One of the most important metrics for any blockchain project is TVL, which represents the amount of money invested or held in the network. According to the data researcher for Dune Analytics under the pseudonym “OxFinish”, for Fantom, TVL saw a massive uptrend in the autumn of 2021 during the second Bitcoin run to an all-time high (ATH) but has since fallen to its lowest point in almost two years, currently sitting at approximately $292 million.

Fantom

Interestingly, the TVL correlates perfectly with Stablecoin Market Capitalization, the easiest thing to bridge between blockchains, as seen in the chart above. 

Moreover, according to Ox, FTM’s price is highly correlated with active users, as evidenced by the recent mini “Altcoin Season” surges in network activity when the price increases. Social dominance and USD transaction volume have also fallen, indicating a complex interdependence of key metrics within the ecosystem.

The Rising Star Of Fantom’s DeFi Ecosystem

Despite the above, Fantom has a vibrant ecosystem of projects building on it, with one decentralized exchange (DEX) standing out as the backbone of the network: SpookySwap. SpookySwap currently has over 22% of TVL dominance, with only GMX on Arb having a slightly higher percentage at approximately 24%. At one point, the TVL of SpookySwap was higher than the TVL of Avalanche.

As an automated market maker (AMM), SpookySwap enables users to trade any ERC20 token on the Fantom network without needing an order book. Instead, the platform uses complex algorithms to determine the price of tokens based on supply and demand. This approach makes it easy for users to trade tokens quickly and efficiently while ensuring that prices remain stable.

Furthermore, SpookySwap offers a range of features and benefits that make it attractive to users. It leverages the high speed and low transaction fees of the Fantom network to provide a seamless and efficient trading experience for users. Additionally, it offers a range of advanced features such as limit orders, liquidity provision incentives, and a range of trading pairs.

Despite the departure of Andre Cronje, the Fantom creator, the Fantom ecosystem continues to grow and innovate, with SpookySwap leading the way. However, the rise of different Layer 2 (L2) solutions in the crypto space provides comparable benefits to Fantom, making attracting and retaining users more challenging.

However, according to Ox, Looking at the metrics and recent innovations, there is still plenty of potential for Fantom to rise in the next bull market. Although, it will require the project to continue to innovate and stay ahead of the curve to stand out in an increasingly crowded marketplace.

Fantom

Featured image from Unsplash, chart from TradingView.com 

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Fantom (FTM) Price Surge Hints At Bullish Trend, What’s Ahead?

Fantom (FTM) has been on a bearish movement since April 19, 2023, resulting in a loss of about 30%. The price decline contributed to the negative market sentiment around the asset, making it hard for any possible retracement.

However, these days, some minor green candles indicate a potential bullish trend. This is because the price of Fantom experienced rapid price action recently as the bulls took back control and increased buying pressure.

Examining The Bullish Trend of Fantom (FTM)

The recent bullish momentum has triggered a significant price action resulting in a price increase in the general FTM market. The price of FTM has increased by 5.09% in the last 24 hours trading session, taking the token to a high of $0.3885.

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Also, with an increase of 57.26% in the 24-hour trading volume, the overall market cap is currently up by 5.09%. This data confirm the bullish momentum present in the asset.

Furthermore, the current significant buying and selling activities suggest a surge in market participation, likely leading to heightened price volatility.

The current market sentiment of Fantom (FTM) is Neutral, while the Fear & Greed Index is showing 50, meaning Neutral. This indicates that the market is stable, with no pressure from bears or bulls. 

The recent development and partnerships with SUPA Foundation also contribute to the bullish sentiment among investors and traders. 

As more individuals and institutions recognize the potential and value of the Fantom ecosystem, it’ll drive up buying pressure and support an upward price movement.

Fantom (FTM) Technical Analysis

Fantom currently trades above the 200-Day Simple Moving Average but below the 50-Day Simple Moving Average. This may indicate a mixed or transitional phase in Fantom’s price action.

The asset trading below the 50-Day SMA suggests a short-term weakness or a corrective phase in the price of FTM. Traders may use the 50-Day SMA as a resistance level preventing the FTM from moving higher.

The asset is trading above the 200-Day Simple Moving Average, indicating a potential long-term bullish price movement.

In general, the asset trading above the 200-Day SMA but below the 50-Day SMA suggests a phase where there’s a conflict between buyers and sellers. The Relative Strength Index confirms the present market indecision as Fantom is currently at the 44.53 region, which signifies neutral pressure.

The Moving Average Convergence Divergence (MACD) is slightly below the signal line, indicating a low pressure from the bears.

FTM trades between its support level of $0.3585 and resistance level of $0.4498, respectively. With increased bullish sentiment and buying pressure, FTM might hit the next significant resistance level of $0.5499.

Fantom (FTM) Price Surges Hinting A Bullish Trend, What's Ahead?

Conversely, if the bears increase selling pressure and the bulls fail to hold their positions, FTM might change the trend and drop sharply to the next support level of $0.3034.

Featured image from Pixabay and chart from Tradingview.com

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Fantom Price Rises 20% In One Week Due To This Rumor

The Fantom price is moving against the general sentiment in the market, while large cryptocurrencies trend to the downside, FTM is reclaiming lost territory. The token is trending to the upside due to speculations about its founder Andre Cronje. 

At the time of writing, the Fantom price trades at $0.2 with a 17% profit in 24 hours and a 20% profit over the previous seven days. In the meantime, Bitcoin and Ethereum are recording losses and are at risk of returning to their range after seeing the bullish momentum exhausted. 

Fantom FTM FTMUSDT

FTM’s price rallied on the daily chart. Source: FTMUSDT Tradingview

Fantom Price Makes A Comeback, Andre Cronje Too?

According to a report from Wu Blockchain, the popular and controversial developer Andre Cronje changed his LinkedIn biography to “Memes at Fantom Foundation.” This change has led to rumors about its potential comeback as a key project member. 

Cronje is the so-called “DeFi Godfather”; he is behind some of the biggest protocols in the space, including Yearn Finance (YFI), Keep3r Network (KP3R), Fantom, and others. Earlier this year, Andre Cronje and other decentralized finance (DeFi) developers announced their departure from crypto. 

The developer cited a need for maturation in the industry and regulatory uncertainty. Cronje’s departure hurt the Fantom price and the valuation of projects associated with his name. 

Over the past months, Cronje has hinted at his return to the Fantom Foundation. On May 23, the developer introduced a proposal to improve fUSD, Fantom’s native stablecoin. 

At that time, the Terra collapse wreaked havoc across the industry and hurt stablecoins. The Fantom Foundation issued the following statement: 

Following Cronje’s proposal, the Fantom price saw significant appreciation rallying over 45% in a single trading session. However, the rally was short-lived as the developer remained on the sidelines. 

Will History Repeat?

FTM’s price current bullish momentum is more conservative than in past occasions when there was speculation about Cronje’s comeback. Nevertheless, his influence on the DeFi space remains strong, as evidenced by the token’s price action. 

In the coming days, if the rumors are not confirmed, Fantom might run out of gas leading to another massive crash into previous support levels. In that sense, traders should watch for sudden spikes in volatility. 

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TA- The Price Of Fantom Shows Strength – Eyes $0.70

The price of Fantom (FTM) shows strength and could be set for a major run against Tether (USDT) with eyes set on $0.7. 

Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market. As a consequence, the price of Fantom was able to try and break out of its range.

The consumer price Index measures inflation in the economy, due to market sentiments this affects the prices of assets. (Data feeds from Binance)

Fantom Price Analysis On The Weekly Chart
Weekly FTM Price Chart | Source: FTMUSDT On Tradingview.com

From the chart, the price of FTM saw a weekly low of around $0.2, which bounced from that area and rallied to a price of $0.4.

The price has built more momentum as it faces resistance at $0.4.

If the price of FTM on the weekly chart continues with this bullish structure, it could quickly revisit  $0.7.

Weekly resistance for the price of FTM – $0.4.

Weekly support for the price of FTM – $0.2.

Price Analysis Of FTM On The Daily (1D) Chart
Daily FTM Price Chart | Source: FTMUSDT On Tradingview.com

The price of FTM found strong support at around $0.2, with what seems to be an area of interest on the daily chart.

FTM bounced from its support and rallied as it faces resistance to break above a ranging channel and has continued to move in range.

At the time of writing, the price of FTM is at $0.39, above the 50 Exponential Moving Average with a price at $0.33 trying to break above a ranging channel to the upside.

FTM is facing a resistance of $0.4 to break the channel, If the price of FTM breaks above the $0.4 resistance with good volume the price of FTM could rally to a high of $0.7.

The Relative Strength Index (RSI) for the price of FTM on the daily chart is above 65, indicating healthy buy bids for FTM.

The volume for FTM indicates buy bids, this shows bulls would want to push the price higher.

Daily (1D) resistance for FTM price – $0.4.

Daily (1D) support for FTM price – $0.33, $0.3.

Price Analysis OF FTM On The Four-Hourly (4H) Chart
Four-Hourly FTM Price Chart | Source: FTMUSDT On Tradingview.com

The price of FTM has continued to maintain its bullish structure despite facing resistance at $0.4 trying to break out of a ranging channel.

FTM is trading above the 50 and 200 EMA with prices of $0.372 and $0.33 acting as its support on the 4H chart, as the price faces resistance at $0.4.

If the price of FTM breaks above the channel with a good volume we could see prices trending to $0.7, In case FTM is unable to break and experience a sell-off, 50 and 200 EMA prices would act as support for FTM prices.

Four-Hourly (4H) resistance for FTM price – $0.4.

Four-Hourly (4h) support for FTM price – $0.372, $0.33.

Featured image from zipmex, Charts from TradingView.com 

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Fantom Announces 335M Incentive In FTM, Price Reacts To The Upside

The Fantom Foundation announced an extension of its Incentive Program. The initiative was successful, it received 100 applications to support the ecosystem and disbursed 35 million FTM. Thus, the organization is ready to increase it by ten-fold.

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This extension will disburse 335 million in FTM to continue to provide financial aid to developers building “unstoppable applications on the most accessible and user-friendly blockchain”. The organization has partnered with Gitcoin Grants.

Projects will be able to submit their applications and receive funds depending on the Fantom community. The users will decide the allocation, as the foundation clarified, projects with more support from the users will receive “greater FTM matching rewards”.

The foundation aims at providing financial aid to a “wider variety of project types”. Therefore, anyone building on Fantom, regardless of their sector or use case, will be “treated equally and consistently”.

In addition, the foundation attempts to provide its community with more power. As mentioned, they will take center stage when deciding the projects that will be rewarded. The foundation expects to encourage developers to create applications with users as a focus.

Even projects with small total value locked (TVL) or low usage metrics will be allowed to participate and could receive part of the 335 million in FTM. The foundation claims that they will make this initiative “accessible to builders targeting smaller and more niche audiences”.

The Fantom Foundation also announced that they will be participating in the upcoming Gitcoin Grants round. Expected for June 2022, the foundation will match user donations with 3 million in FTM during the first round. Subsequent rounds will be matched with 1.5 million in FTM.

The foundation added the following:

As of today and effective immediately, we’re sunsetting the previously announced incentive programs, both for DeFi and Games. We encourage current and pending applicants to apply for Gitcoin grants in the forthcoming rounds.

Fantom After Andre Cronje’s Retirement From Crypto

As NewsBTC reported, Fantom saw a negative impact when Andre Cronje announced its departure from the project. The price of its native token trended to the downside as pessimism grew amongst some holders.

However, FTM’s price has recovered, and the project seems able to carry on without Cronje. At the time of writing, FTM trades at $1.56 with a 5% profit in the last hour and a 19% profit in the past week.

FTM’s price with small gains on the 4-hour chart. Source: FTMUSDT Tradingview

As the foundation announces more initiatives aimed at supporting the Fantom ecosystem, the projects seem poised to continue on their current trajectory. Data from Material Indicators shows FTM’s price broke above a large wall of asks orders below its current levels.

Source: Material Indicators

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Still, there is some resistance at $1.6 with little support or bid orders below FTM’s current price. In case of further downside action, $1.50 will be critical support.