Fantom (FTM) has been one of many best-performing tokens of 2023, pulling off a collection of spectacular positive aspects in the previous couple of weeks. Following the market crash in late 2022, FTM started the brand new 12 months buying and selling as little as $0.2007, representing a 94.19% decline from its all-time excessive worth of $3.46.
Nonetheless, with all the crypto market making an attempt to drag off a restoration, FTM has been one specific token with a lot of investor consideration, as its worth has surged by over 136% because the begin of 2023.
Fantom Information 39% Revenue In Seven Days
In response to knowledge from CoinMarketCap, Fantom (FTM) gained by 38.77% within the final seven days alone, outperforming main cryptocurrencies reminiscent of Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
Whereas FTM has been on an upward development because the first week of the 12 months, its worth rally within the final week may be attributed to Fantom’s current integration with the Axelar Community. On Jan. 24, the Fantom Basis announced a partnership with Axelar, which is able to introduce interchain communication to the Fantom Community.
As of the time of writing, FTM is buying and selling at $0.4724, having gone up by 1.98% within the final 24 hours. Based mostly on extra knowledge from CoinMarketCap, the each day buying and selling quantity of FTM is at present $240.7 million, whereas its whole market cap is $1.312 billion.
FTM buying and selling at $0.4790 | Supply: FTMUSD chart of Tradingview.com
What Does Axelar’s Integration Imply For Fantom Customers?
In response to a weblog submit by Fantom, “Axelar community is a blockchain that connects blockchains, enabling common Internet 3 interoperability.” Principally, Axelar features as a medium for communication and switch of worth between a number of blockchains.
Following the combination with the Axelar community, Fantom mechanically turns into a part of an ecosystem that consists of over 30 totally different blockchains able to seamlessly interacting with each other.
Utilizing the Common Message Passing (GMP) protocol, builders on the Fantom community will have the ability to simply entry smart-contact codes on any chain related to Axelar. The GMP protocol will even enable dApps and customers to ship and obtain knowledge and performance calls throughout the a number of chains in Axelar’s ecosystem.
One other good thing about Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s greatest decentralized change, SpookySwap. Utilizing Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap customers will seamlessly swap native tokens of various chains in a single click on.
In each transaction, the Axelar community will course of the cross-chain gasoline conversions from the source-chain token to the destination-chain token, making certain that customers needn’t personal crypto wallets on a number of chains or maintain native tokens of different chains for gasoline charges,
That stated, different chains on the Axelar Community other than Fantom embody Arbitrum, Moonbeam, Polygon, Osmosis, and many others.
Featured Picture: Zipmex, chart from Tradingview.com
