On Tuesday (November 23), the price of $FTM, the native asset of Ethereum competitor Fantom got as high as $2.4435 at 16:22 p.m. UTC on crypto exchange Binance thanks to a steady stream of good news over the past several days.
What is Fantom ($FTM)?
Here is a little introduction by the Fantom team to this exciting crypto project:
“Fantom is a high-performance, scalable, and secure smart-contract platform. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless, decentralized, and open-source. Lachesis, its revolutionary aBFT consensus mechanism, allows Fantom to be much faster and cheaper than older technologies, yet extremely secure.“
As for the $FTM token, as Binance Research noted in June 2019, this is “required for staking, on-chain governance and as payment for network fees”. Of course, it can also be used “to transfer FTM-denominated value”.
$FTM’s Price Action
According to data by TradingView, on crypto exchange Binance, currently (as of 4:50 p.m. UTC), $FTM is trading around $2.3588, up 19.06% in the past 24-hour period.
What is even more impressive is $FTM’s return-on-investment (ROI) vs USD figures of the three-month and year-to-date periods, which are roughly +380% and +13940% respectively.
What Crypto Analysts, Influencers, and Traders Saying About $FTM
Pseudonymous crypto analyst and influencer “The Crypto Dog” appears bullish on $FTM:
An even more bullish crypto analyst is Alex Krüger who seems to think as long as the $BTC price does not collapse, $FTM should outperform the native tokens of other L1 blockchains:
Also, in a recent video, Crypto analyst and influencer “Guy,” who hosts the popular YouTube channel “Coin Bureau”, his YouTube channel’s 1.66 million subscribers that $FTM has “a lot more room to the upside,” despite the price surge it has seen this year.
As reported by The Daily Hodl, Guy stated:
“This is because Fantom’s market cap is medium-sized and its fundamentals are significantly stronger than most of the cryptocurrencies that currently outrank it.
“FTM’s tokenomics are also seriously robust. All FTM coins allocated to Fantom’s early investors, founders and advisers finished vesting last November.“
What’s Behind $FTM’s Huge Price Appreciation
Over the past three months, the most important piece of news about Fantom was the announcement of a $370m $FTM incentive program on August 30.
In this blog post, the Fantom team said:
“Over the past few months, we’ve seen a lot of exciting things going on in regards to liquidity mining. So exciting, that even other foundations behind their respective chains started to provide rewards to users of protocols willing to deploy on top of their chain.
“We’ve been asked to do the same, but we believe that playing by the book doesn’t warrant different results. Therefore we have decided to introduce a different kind of program to better align incentives between users, builders, and the network.
“We believe that builders are the best ones to judge where funds should be allocated, whether they should be provided to build the protocol, or if they need to be used for liquidity mining.
“Rather than playing favorites and providing a majority of our resources to a handful of protocols, we’re opening this up to every dev team that will deploy on Fantom.
“From today on, protocol teams will be able to apply for rewards from the Fantom Foundation based on their total value locked (TVL), scaling from 1,000,000 FTM up to 5,000,000 FTM in its first iteration, and to be changed accordingly depending on the needs of builders.”
Then, last Tuesday (November 16), the Fantom team announced an update to the requirements for the Incentive Rewards Program; more specifically, they “adjusted both the reward tiers and minimum TVL requirements to align rewards with the dollar values represented when the program was announced and accurately reflect ecosystem growth.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.