Fanton (FTM-USD) has been making some big moves in the crypto space lately. According to Fantom’s official X account and research by on-chain analytics firm Messari, Fantom’s Q1 financial performance was spectacular. In the first quarter of 2024, FTM’s market cap rocketed by 101%, surging from $1.3 billion to an impressive $2.6 billion. That jump vaulted FTM up ten ranks to 48th place. This marks the continuation of a bullish trend that began with a fourfold increase since the end of Q3 2023. Despite a 53% drop in Fantom’s revenue, the USD figures tell a brighter story, with a modest 4% rise to $1.2 million.
Daily transactions held strong, averaging 247,000, with a 24% increase in active addresses. On the staking front, there has been a significant uptick in activity, with staked FTM volumes increasing by 17%, amounting to a dollar value surge of 135% to $1.2 billion.
DEX Dynamics and Memecoin Mania
The Total Value Locked (TVL) in USD terms swelled by 59% to $1.28 billion. A good chunk of that spike was due to memecoin activity that spiked on-chain activity. Additionally, Fantom’s DEXs saw monthly volume cross the billion-dollar mark for the first time since March 2023. Furthermore, Fantom has maintained a diversified ecosystem of 31 DEXs, preventing market dominance by any single entity.
The Fantom Foundation has also addressed concerns that shored up its defenses and stablecoin liquidity through bridges like Axelar and LayerZero.
The Fantom Foundation encountered significant challenges following a breach on the multi-chain bridge in July 2023, resulting in substantial losses. After failed attempts to engage with former directors and personnel of the Multichain Foundation, Fantom initiated legal action, leading to a default judgment by the High Court of Singapore in Fantom’s favor on January 30, 2024.
The judgment addressed Fantom’s immediate financial losses while also setting a precedent for asset recovery through the appointment of a liquidator. This legal milestone marks a pivotal victory for Fantom, enhancing its credibility and reassuring FTM hodlers that the foundation won’t tolerate any further shenanigans.
According to TipRanks’ Summary of Technical Indicators, Fantom is a Buy.
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