Smart contract platform Fantom (FTM) was one of the strongest performing altcoin projects of the year in terms of network growth. Compared to industry giants like BNB Chain, Ethereum, and others, Phantom’s growth of 2,108 percent was truly extraordinary. Here are the details…
What is Phantom?
Fantom, as we have also reported as Kriptokoin.com, is a smart contract platform that provides DeFi services to developers with the help of its own bespoke consensus algorithm. Fantom solves problems and provides solutions associated with smart contract platforms, including transaction speed, scaling, and more. It has succeeded in presenting a strong vision by providing DeFi services for developers using its own consensus algorithm and having features such as acyclic diagram. In addition, the main target in the emergence of the project is to solve the problems related to smart contract platforms with its native token, FTM.
Phantom was created as an alternative to Ethereum to overcome the limitations of the original network and create a next-generation blockchain that solves the famous blockchain trilogy. Scalability, security and decentralization. Despite the depressing state of the cryptocurrency market and the industry in general, Phantom has continued to grow rapidly throughout the year. The network has gained more than 2,000 percent in unique address count since January 2022.
Price performance of the phantom altcoin project (FTM)
Despite the network’s core growth, FTM as a financial asset continues to struggle in the market, losing as much as 93 percent of its value since hitting an all-time high in January. The result of such a performance is clear: most investors are abandoning the asset. Also, new investors are not comfortable buying a token that has lost almost all of its value in 2022. However, nothing stands out in this performance: the asset behaves similarly to the rest of the market and could start to rally as soon as a fresh wave of funds returns to the industry.
FTM has lost approximately 21.5 percent in value in the last month. Looking at the performance of the last 14 days, it is seen that the altcoin has experienced a decrease of about 4 percent. Altcoin price has lost approximately 2.3 percent in the last week. Looking at its performance in the last 24 hours, it is seen that it has experienced a price increase of about 0.3 percent. However, its price is currently trading at $0.199684.