Will Solana repeat its 2021 rally this year, or will it be another blockchain that could truly emerge as the so-called “Ethereum killer”?
here is a crypto which bears at least two similarities to the 2021 Solana. Solana started last year with a very modest price tag, but it quickly surpassed US$100 and ended the year with gains of over 10,000 percent . Solana’s blockchain has been increasingly adopted by DApps developers.
Fantom is currently trading at a very modest price, and when it comes to its blockchain, Fantom surpassed Ethereum in 24-hour transaction count for the first time on January 24, 2022.
The Fantom Blockchain
Without going into technical details, Fantom can be understood as a blockchain for the development of decentralized applications. See also: Crypto news: new cryptocurrency crash, top 10 cryptocurrency prices today.. Smart contracts, which are at the heart of decentralized blockchain ledger technology, can be built and deployed using Fantom services.
Fantom uses Proof of Stake, with enhanced features, as the preferred consensus algorithm. The network claims to have higher transaction speed and cost advantages over the Ethereum blockchain.
Also read: Is crypto dead and what does blockchain have in store for us in 2022?
Fantom’s recent progress
As mentioned earlier, Fantom recently overtook Ethereum in terms of the number of transactions. This may interest you: Price of Ripple (XRP), Solana (SOL) and Ethereum Classic (ETC) – Analysis of the cryptos of the day. During this 24-hour period, Fantom saw around 1.2 million transactions, while Ethereum saw 1.1 million, according to tracker Etherscan.
Fantom was a late entrant to the blockchain having started only in December 2019. Since then, Fantom has recorded nearly 170 million transactions. Ethereum leads with nearly 1.4 billion transactions to date.
It has also been reported that Fantom is now the third largest DeFi by value locked. DeFi refers to the trading of cryptocurrencies, in addition to lending and borrowing functions. DeFi is one of the strongest cryptocurrency subsectors.
Lately the stock Exchange Cryptocurrency Nexo has added support for the FTM crypto, which serves as Fantom’s native token.
Also read: “Crypto is for virgin” trend sheds light on “virgin” bitcoins.
Fantom Price Prediction
First of all, it is complex to predict the price of any cryptocurrency. This may interest you: What is Kadena Blockchain and KDA Crypto Price Prediction?. Cryptocurrencies are volatile, and most major assets, including bitcoin, lost value in 2022.
That said, Fantom has emerged as a major player in DeFi lately. The FTM token is used on the platform, and demand for FTM is very likely to drive its value up. At present, FTM has a market capitalization of nearly US$4.9 billion, and it ranks among the top 30 crypto assets. Its price is almost 1.9 USD.
Fantom is yet to enter the double-digit price path. This could happen by the end of the first quarter. But for that, Fantom will have to maintain its lead over other DeFi service providers. The low price per token can also be an advantage for Fantom.
Data provided by CoinMarketCap.com
Point of view
Fantom is in a crowded space, and many DeFi platforms claim to be an enabling ecosystem with high speed and low costs. Fantom can rise if it can maintain its lead in blockchain network services.
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