Cryptocurrencies

Fantom Sees Strongest DeFi Growth Since September

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Written By: Kevin George

Nov 15, 2021, 15:22 GMT 15:22

Summary:

The Fantom project has continued to attract attention as the fastest-growing DeFi project since September.

The Fantom project has continued to attract attention as the fastest-growing DeFi project since September.

Fantom has seen strong adoption within the crypto community in recent months. It is now even seen as a rival to Ethereum. Developers can deploy smart contracts, just like on Ethereum, whilst it is EVM compatible and uses the same tools and programming language.
The fee structure is the big difference as $120 is the current Ethereum gas fees for a token swap on Uniswap, whilst it costs a fraction of a cent ($0.001) to carry the same operation on Fantom.

Since September, Fantom has see 553% growth in DeFi Total Value Locked (TVL) since September 1, which is better than Avalanche and Solana which are both above 300%.

Fantom Price Analysis

The price of FTM now trades at $2.50 after seeing resistance near the $3.40 figure recently. The coin could find support at the 50-day moving average which is around $2.35 and the October high. Continued adoption in the DeFi space will provide the floor for traders.

Fantom Price Chart

This post was last modified on Nov 15, 2021, 15:23 GMT 15:23

Written By: Kevin George

Kevin George has over twelve years' experience in financial markets trading, which included stints in London and New York, trading equities and currencies. He has also traded in commodities, equities, futures and options. He has extensive technical-experience and combines this with a fundamental overview. He has published for SeekingAlpha, where he runs his own subscriber newsletter and graduated with an MSc in finance in 2017.