Fantom: FTM's performance is ready to explode but not working?
Fantom [FTM], an EVM-compatible smart contract blockchain platform, made several headlines in 2022. In fact, out of all the L1, Fantom had the most impressive performance during the quarter. The first of 2022. Approximately 4,677 deployed verified contracts represent a 42x increase over February 2021.
But when second-quarter reports hit the scene, will they reveal a similar fate?
Up and down let's go
Fantom's most significant change to the ecosystem is the launch of fUSD, the network's first stablecoin. The Fantom Foundation also released an update on May 20 that includes information on the highest collateral multiplier and collection limits for each supporting collateral type.
Furthermore, the update also boasts a thriving ecosystem of dApps, such as Automated Market Maker's SpookySwap and the Beethoven X Balancer fork .
However, despite a significant step forward, the ecosystem seems to have lost a significant part, as seen in Nansen's Q2 update . Both daily active addresses and daily transactions see the red image and the former more flowing.
The DAA chart records a downtrend in addresses actively using Fantom since April. From around 60-80k to about 50-65k at press time. This could be due to the crypto market crash that has been going on since May.
Also, daily transactions range between 500k and 1.1 million transactions per day. These transactions showed signs of a slight decrease until early May and increased significantly in mid-May. This is a consequence of the UST delink event and the collapse of LUNA.
In June, daily transactions stabilized considerably, but not enough to sustain the losses that have already occurred.
Trust the flow
Fantom's native token, FTM, is slaughtered in 2022 when the price barely rises above current resistance. At press time, FTM is trading at $0.22 after suffering a 3% price correction. This, along with the aforementioned developments, really creates a sense of panic.
However, the token also indicates some important sights to be excited about. FTM saw a spike in its social metrics last week. According to data from Lunarcrush, alt has increased its galactic score to as high as 74 out of 100. An indication of an upbeat perception in social and market activity for the coin.
With that said, the possibility of a potential drop later this month can never be ruled out.
Sep 22, 2022
