Fantom had its transactions surpassing Ethereum’s on Monday for the first time. That comes as market players find new platforms to accrue value and farm yield.
Fantomscan, a blockchain tracker, showed Fantom network processed more than 1.2 million transactions within the last 24 hours. The figure was slightly high than ETH’s 1.1 million (data from Etherscan, Ethereum’s tracker.
Data indicated that Fantom’s 55 validators had the network processing an uptick of 8th transactions every second on Monday. On the other hand, ETH’s transactions currently stand at the 2021 August level and way beneath the 2021 May peak at 1.7M daily transactions.
Fantom has recorded more than 170M transactions since the 2019 December launch. That is a fraction compared to Ethereum’s 1.4B transaction since ETH joined the market in 2015.
Nevertheless, Monday’s numbers on the FTM network remained low than ATH transactions figures of around 1.8 million in 2021 September, one month before Fantom token touched its ATH of $3.46.
Meanwhile, FTM has been among the leading performers within the past months as market players bet on Layer1 projects – platform owning native blockchains, including Solana and Fantom (Ethereum alternatives).
The weekend session had Fantom rising to be the 3rd-largest DeFi ecosystem as far as TVL is concerned. The project began this year at the 8th rank, but increased user interest in Fantom products and developer activity saw it jumping to third place.
DeFi means financial services like borrowing, lending, and trading, relying on smart contracts, not third parties. 129 Fantom-based decentralized finance apps had a TVL worth more than $12.2 billion as of Yesterday.
Why The Transaction Surge?
Analysts attribute Fantom’s platform growth to high yield rewards and newer products. Projects such as veDAO, 0xDAO, and Radial arrived with liquidity mining that conquered other networks for increased total value locked.
The projects resemble those of the 2020 DeFi summer projects, according to a Tuesday note from Delphi Digital, a cryptocurrency research firm. Liquidity mining means supplying liquidity to Decentralized Finance apps. Moreover, users receive rewards after liquidity supply.
For now, Fantom investors are rejoicing. FTM was one of the top gainers during Tuesday’s Asian hours, gaining 8% in 24 hours to $2.30. Nevertheless, the crypto saw slight profit-booking, dropping 7% at this publication.
Editorial credit: Ira Lichi / shutterstock.com