Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network
29 Gennaio 2023 - 02:15PM
NEWSBTC
Fantom (FTM) has been one of the best-performing tokens of 2023,
pulling off a series of impressive gains in the last few weeks.
Following the market crash in late 2022, FTM began the new year
trading as low as $0.2007, representing a 94.19% decline from its
all-time high value of $3.46. However, with the entire crypto
market attempting to pull off a recovery, FTM has been one
particular token with lots of investor attention, as its price has
surged by over 136% since the start of 2023. Related Reading:
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Fantom Records 39% Profit In Seven Days According to data from
CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days
alone, outperforming major cryptocurrencies such as Ethereum (ETH),
Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself. While FTM
has been on an upward trend since the first week of the year, its
price rally in the last week can be attributed to Fantom’s recent
integration with the Axelar Network. On Jan. 24, the Fantom
Foundation announced a partnership with Axelar, which will
introduce interchain communication to the Fantom Network. As of the
time of writing, FTM is trading at $0.4724, having gone up by 1.98%
in the last 24 hours. Based on more data from CoinMarketCap, the
daily trading volume of FTM is currently $240.7 million, while its
total market cap is $1.312 billion. FTM trading at $0.4790 |
Source: FTMUSD chart of Tradingview.com Related Reading: AAVE Seeks
Proposal To Clear Itself Of Bad Debt – Can It Overcome These
Obstacles? What Does Axelar’s Integration Mean For Fantom Users?
According to a blog post by Fantom, “Axelar network is a blockchain
that connects blockchains, enabling universal Web 3
interoperability.” Basically, Axelar functions as a medium for
communication and transfer of value between several blockchains.
Following the integration with the Axelar network, Fantom
automatically becomes part of an ecosystem that consists of over 30
different blockchains capable of seamlessly interacting with one
another. Using the General Message Passing (GMP) protocol,
developers on the Fantom network will be able to easily access
smart-contact codes on any chain connected to Axelar. The GMP
protocol will also allow dApps and users to send and receive data
and function calls across the multiple chains in Axelar’s
ecosystem. Another benefit of Axelar’s integration with Fantom is
the introduction of one-click cross-chain swaps on the platform’s
biggest decentralized exchange, SpookySwap. Using Squid, an
Axelar-based protocol that reroutes liquidity between chains,
SpookySwap users will seamlessly swap native tokens of different
chains in one click. In every transaction, the Axelar network will
process the cross-chain gas conversions from the source-chain token
to the destination-chain token, ensuring that users need not own
crypto wallets on multiple chains or hold native tokens of other
chains for gas fees, That said, other chains on the Axelar Network
aside from Fantom include Arbitrum, Moonbeam, Polygon, Osmosis,
etc. Featured Image: Zipmex, chart from Tradingview.com
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