Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, saw significant gains and notable achievements in the first quarter (Q1) of 2024.
According to comprehensive performance analysis Led by Messari, amidst the emerging cryptocurrency market, Fantom has emerged as a key beneficiary, showing significant growth in key metrics and market capitalization.
FTM market capitalization rises 101% in the quarter
By the numbers, FTM is circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from $1.3 billion to $2.6 billion, moving up ten spots to 48th among all tokens (currently 58th). The token’s rally has spanned two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.
![Fantom (FTM) Bull Run: 8% Price Rise and Robust Double-Digit Growth in Key Metrics 1 Ghost](https://thegurumedia.com/wp-content/uploads/2024/05/Screenshot_119.jpg)
While Fantom experienced a 53% quarter-over-quarter decrease in revenue measured in FTM, totaling 1.8 million FTM, US dollar-denominated revenue exhibited a 4% quarter-over-quarter increase, reaching US$ 1.2 million.
According to Messari, the revenue decline was mainly due to reduced sign-up activity across all smart contract platforms in the first quarter.
Despite this, Fantom maintained a upward trend in average daily transactions, excluding activity related to registrations, exceeding the 3rd quarter average and reaching 247 thousand daily transactions. Daily active addresses also recovered, increasing 24% QoQ to 40,500.
In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 square feet, aiming to increase accessibility. However, the number of active validators remained unchanged at 55.
Notably, the total value of FTM staked increased 17% quarter-over-quarter, from 1.1 billion to 1.3 billion FTM, resulting in a 135% quarter-over-quarter increase in the total dollar value of FTM staked , reaching US$1.2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in dollar value of funds staked at the end of the first quarter.
Memecoin Mania Increases Fantom On-Chain Activity
During the first quarter of the year, the total value locked (TVL) denominated in US dollars experienced a substantial increase of 59% compared to the previous quarter, rising from US$810.8 million in the fourth quarter to US$1.28 billion.
On the other hand, FTM-denominated TVL decreased by 21% from the previous quarter, indicating that the increase in US dollar-denominated TVL was partially attributed to FTM price appreciation.
Fantom daily average decentralized exchange Volume (DEX) increased 64% in the quarter, from $10.2 million to almost $176.8 million. In the first quarter, the “Memecoin Mania” trend contributed to increased on-chain activity on several networks, including Fantom.
![Fantom (FTM) Bull Run: 8% Price Rise and Robust Double-Digit Growth in Key Metrics 2 Ghost](https://thegurumedia.com/wp-content/uploads/2024/05/Screenshot_118.jpg)
Fantom’s monthly DEX volume surpassed $1 billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 at the end of the first quarter, with no single DEX dominating more than 30% of the market share. Marketplace.
Finally, after exploring the Multichain: Fantom Bridge, which affected stablecoins on Fantom in the third quarter of 2023, the Fantom Foundation has taken steps to increase the liquidity of stablecoins.
In the first quarter of 2024, two independent third-party bridge solutions emerged, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT). USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% increase in the quarter.
The FTM token is currently trading at $0.7037, reflecting an 8.7% increase in price over the last seven days. However, it suffered a drop of almost 20% in the monthly period.
Featured image from Shutterstock, chart from TradingView.com
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