Fantom (FTM) has seen a strong surge in price, with an 8% increase over the past week. Alongside this, the protocol has achieved robust double-digit growth in key metrics during the first quarter of 2024. According to an analysis by Messari, Fantom has emerged as one of the major beneficiaries of the bull market in the crypto industry.
One notable achievement is the significant increase in FTM’s market capitalization, which has soared by 101% quarter-over-quarter (QoQ). This jump has propelled Fantom up the rankings to 48th among all tokens. The token has experienced a fourfold increase in market capitalization since the end of Q3 2023.
While FTM’s revenue measured in FTM saw a decrease of 53% QoQ, revenue denominated in USD actually increased by 4% QoQ. This revenue decline can be attributed to reduced inscription activity across all smart contract platforms in Q1.
Despite the revenue decline, Fantom’s average daily transactions have continued to show an upward trend, surpassing the Q3 average and reaching 247,000 daily transactions. Additionally, daily active addresses have increased by 24% QoQ to 40,500.
In Q1, Fantom made staking more accessible by significantly reducing the staking requirement for validators from 500,000 FTM to 50,000 FTM. The total amount of FTM staked increased by 17% QoQ, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion. Among proof-of-stake networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1.
The surge in on-chain activity on Fantom can be partly attributed to the “Memecoin Mania” trend in the crypto industry. Fantom’s average daily decentralized exchange volume increased by 64% QoQ, and the monthly DEX volume surpassed $1 billion in March.
To increase the liquidity of stablecoins on the platform, the Fantom Foundation introduced two independent third-party bridging solutions in Q1. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap, while USDT experienced an 86% QoQ increase.
Overall, Fantom’s performance in Q1 reflects its success in capitalizing on the crypto bull market and achieving significant growth in key metrics. However, it is important to conduct thorough research and consider the risks before making any investment decisions.