The cryptocurrency market has been on the rise recently, and several coins have followed suit. Fantom (FTM), an up-and-coming coin, is growing in an unexpected manner. Throughout 2021, FTM has been grabbing the attention of investors because of its instant transactions with zero transaction fees.
Due to its immense growth, Fantom is the latest coin to take the nickname “Ethereum killer” after Solana and Cardano.
What is Fantom?
Referencing the details from their official website, Fantom is a blockchain project created to allow users to create personalized decentralized Apps and non-fungible tokens. The foundation’s goal is to build a more democratic and efficient infrastructure as it solves the challenges faced by other Blockchains.
They aim to create solutions to the performance speed, scalability, and security issues experienced by older blockchain projects like Bitcoin.
Why Is Fantom Rising?
As already stated, Fantom has been on the rise throughout 2021. In April, the project underwent a major network upgrade that increased its efficiency and wallet functionality. After the upgrade, the system hosted up to 200 000 transactions a sec and more than 77000 FTM wallets.
It is because of this explosion that FTM takes the name the Ethereum killer. Fantom has continued to improve its scalability, with transactions completing in less than a second. This is high speed considering up to thirty-minute transactions in Bitcoin.
The high speed and efficiency are a result of the Direct Acyclic Graph (DAG) smart contract. Also, it uses Lachesis, the same blockchain system that powers Ethereum.
Talking of speed and scalability, FTM is currently able to support 300,000 transactions in a second. The speed and efficiency of this platform have attracted major blockchain projects like Band Protocol, Chainlink, and Raviton, resulting in the gush of the prices.
Is FTM Coin a Good Investment?
Fantom prices have been on the rise, and the demands keep on rising. The market value of Fantom was $47 million, with an FTM token going for $0.0182. After six months of operation, FTM took the position of the 92nd biggest Crypto. Ever since the price of the coin has been rising and now at 1.74 dollars as by Coinmarketcap.
FTM Price Prediction
According to crypto experts, the price of FTM will keep on going up. Riding under the DeFi and NFTs umbrella, the price of this coin will surge further as days go by.
FTM can cost 3 or 4 dollars, but this might never be possible because of investors booking the profits in advance. Therefore, the highest this coin could get to by 2025 is $2.5.
What’s more, there has been a prediction that it will saturate at $1.4 due to competition from other growing coins like SOL and ADA.
Fantom Starts Giving Out Grants to Support Developers
One of the greatest forces behind Fantom is their desire to give back to society. To show their appreciation, they have so far offered generous grants to SpritSwap and Spooky Swap in appreciation of the developments they have made on the FTM platform.