Fantom (FTM) has been one of many best-performing tokens of 2023, pulling off a collection of spectacular beneficial properties in the previous few weeks. Following the market crash in late 2022, FTM started the brand new 12 months buying and selling as little as $0.2007, representing a 94.19% decline from its all-time excessive worth of $3.46.
Nevertheless, with your complete crypto market trying to drag off a restoration, FTM has been one specific token with a number of investor consideration, as its value has surged by over 136% for the reason that begin of 2023.
Fantom Information 39% Revenue In Seven Days
In keeping with knowledge from CoinMarketCap, Fantom (FTM) gained by 38.77% within the final seven days alone, outperforming main cryptocurrencies equivalent to Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
Whereas FTM has been on an upward development for the reason that first week of the 12 months, its value rally within the final week could be attributed to Fantom’s latest integration with the Axelar Community. On Jan. 24, the Fantom Basis introduced a partnership with Axelar, which can introduce interchain communication to the Fantom Community.
As of the time of writing, FTM is buying and selling at $0.4724, having gone up by 1.98% within the final 24 hours. Primarily based on extra knowledge from CoinMarketCap, the day by day buying and selling quantity of FTM is at the moment $240.7 million, whereas its complete market cap is $1.312 billion.
FTM buying and selling at $0.4790 | Supply: FTMUSD chart of Tradingview.com
What Does Axelar’s Integration Imply For Fantom Customers?
In keeping with a weblog put up by Fantom, “Axelar community is a blockchain that connects blockchains, enabling common Net 3 interoperability.” Principally, Axelar capabilities as a medium for communication and switch of worth between a number of blockchains.
Following the combination with the Axelar community, Fantom robotically turns into a part of an ecosystem that consists of over 30 completely different blockchains able to seamlessly interacting with each other.
Utilizing the Normal Message Passing (GMP) protocol, builders on the Fantom community will be capable to simply entry smart-contact codes on any chain linked to Axelar. The GMP protocol can even permit dApps and customers to ship and obtain knowledge and performance calls throughout the a number of chains in Axelar’s ecosystem.
One other good thing about Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s largest decentralized trade, SpookySwap. Utilizing Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap customers will seamlessly swap native tokens of various chains in a single click on.
In each transaction, the Axelar community will course of the cross-chain fuel conversions from the source-chain token to the destination-chain token, making certain that customers needn’t personal crypto wallets on a number of chains or maintain native tokens of different chains for fuel charges,
That mentioned, different chains on the Axelar Community other than Fantom embrace Arbitrum, Moonbeam, Polygon, Osmosis, and so on.
Featured Picture: Zipmex, chart from Tradingview.com