News14 October 2021

Fantom Soars, Its TVL Moves Up the DeFi and NFT Charts

The Fantom Opera Platform and its FTM Tokens Soar

The Fantom Opera smart contract platform is one of the top movers and shakers in the DeFi universe this week. Its total value locked (TVL) has moved up by about 60%, from $2 billion to $4.8 billion. As more decentralized apps migrate to the platform, its TVL is poised to hit the $5 billion mark.

The Dapps on the Fantom Opera platform are also seeing boosted growth. For instance, Geist Finance, a savings and loan protocol whose users are earning profits from their crypto holdings, has $2.6 billion locked already. Geist Finance launched just a week ago - on October 6th.

The Fantom Opera platform is also a formidable contender in the NFT universe. Its marketplace, Artion, has seen insane growth over the past week as well. This sustained growth comes as the Fantom developers made the bridging from Ethereum to Fantom seamless for tokens and other digital assets.

Fantom has deployed over 30,000 smart contracts. It has consistently seen more than 750,000 transactions every day. With its TVL soaring, the Fantom Opera (FTM) token has enjoyed a price hike of 48%, hitting $2 a pop.

The secret to Fantom's massive growth in the past week can directly be attributed to Fantom's speedy transaction rates and rock-bottom prices.

Kibet Elikana
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