- FTM has exploded by over a 100% in the past two weeks.
- The recent surge is because of new developments in the Fantom ecosystem.
- Its Liquidity Incentive Program, Social Media Engagement Rise, and DeFi growth contributed to this.
FTM has exploded by over a 100% in the past two weeks and is showing no signs of slowing down. With a 24-hour growth rate of 23.95%, the crypto seems to be on a mission to make it to the top 50 crypto.
So far, its ascent to the top has been steep. Its market cap over the last day has grown by over 20%, and at news time its price stood at $0.8336.
This recent surge is not just a crypto space fluke, as is the case many times, but rather is the result of new developments in the Fantom community. A layer one smart contract platform, it uses a directed acyclic graph architecture as a means to solve the problems of slow transaction speeds and high transaction costs.
First and foremost, let’s talk about the launch of its 370 million FTM incentive program.
The FTM Liquidity Incentive Program
On Monday, Fantom announced on its official Twitter page an exclusive incentive program for builders:
Announcing a 370 million FTM incentive program for builders!
If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom.
— Fantom Foundation (@FantomFDN) August 30, 2021
370 million FTM, that’s equal to about $320 million, or so much more considering its rapid growth. The incentive program is designed to attract new protocols and liquidity to the Fantom ecosystem.
As per the program details, only Fantom developers are eligible to apply. To specify, those who launch on the Fantom network can apply for rewards from the Fantom Foundation, receiving between 1 million to 5 million FTM. This is based on the total value locked (TVL) in the protocol.
To qualify, a protocol needs to maintain a TVL above a time-weighted average of $500,000 or $100,000 for an extended period of time. If it falls below the limit, reward distribution will be paused until it’s at its required minimum again.
Social Media Activity Surge
In the past month, FTM has been building its online community’s momentum. According to Lunar Crush metrics, the platform showed a 34% increase in social media mentions compared to the last month. Engagement for it is also up by nearly 96%.
Other than this, the platform has garnered a total of 415,000 unique addresses, and conducts more than 300,000 transactions per day.
Growth of the FTM DeFi Ecosystem
Finally, one more reason for its monumental surge is the increase in total value locked in DeFi on FTM. With $192 million TVL, ts DeFi ecosystem is led by the SpookySwap exchange.
As per DeFi Llama, TVL on the Fantom Blockchain has surpassed $657 million.
According to data from DeFi Llama, the total value locked on the Fantom blockchain has now surpassed $657 million with a 19.52% increase coming over the last 24-hours.
Considering these developments, it makes sense that just this week, FTM has risen by more than 50%. In fact, since hitting a low of $0.15 on July 20, the price of FTM skyrocketed 500% high. Not just this, but its 24-hour trading volume also exploded by 1,250% to a record $1.26 billion.