Fantom (FTM) crypto rises 8%; will the momentum continue?

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 Fantom (FTM) crypto rises 8%; will the momentum continue?
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Highlights:

  • Fantom (FTM) is an open-source, acyclic graph (DAG) smart-contract platform. 
  • Created in 2018, the Fantom Foundation manages the Fantom products.
  • FTM is the native utility token of Fantom, and it powers the Fantom ecosystem.

The Fantom (FTM) token rose more than 8% on Monday morning after integrating iGain Finance, a decentralized financial protocol, on its platform over the weekend.

The FTN token traded at US$0.2825 at 9:49 am ET.

iGain said it is collaborating with Fantom for its ability to process 4,000 transactions per second (TPS). It will also benefit from Fantom’s compatibility with Ethereum Virtual Machine (EVM), besides its fastness and low cost, which eliminates the need for iGain’s deployment on layer two blockchains.

Phantom is a Layer-1 blockchain where more than 200 DApps were deployed, and iGain could have easy access from their partnership.

Last week, Bondex, a decentralized fintech-enabled professional talent network, announced collaborating with Fantom to provide web3 infrastructure and applications for talent acquisition. 

Announcing another partnership on July 14, Fantom Foundation said it is cooperating with Mapleblock Capital for funds to support DeFi, GameFi, NFT, Metaverse, DAO, and Infrastructure & Middleware projects.

What Is Fantom (FTM)?

Fantom (FTM) is an open-source, acyclic graph (DAG) smart-contract platform for DApps and digital assets. It provides developers with an alternative to Ethereum for decentralized services (DeFi) using Lachesis, an aBFT consensus algorithm. Fantom also addresses the issue of low transaction speed associated with smart contract platforms.

Created in 2018, the Fantom Foundation manages all Fantom offerings. Fantom offers a processing time of 1-2 seconds per transaction at a fraction of a cent.

The Fantom Foundation was created by South Korean computer scientist Ahn Byung Ik. It is currently led by Micheal Kong.

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FTM token:

FTM is the native utility token of the Fantom ecosystem, used for various functions such as payments, including network fees and rewards, and staking and governance. 

Fantom’s current market capitalization is around US$718.9 million. Its trading volume rose 42.10% to US$220.6 million on Monday, with a circulating supply of 2.55 billion.

The token is available for trading on crypto exchanges such as Binance, FTX, MEXC, etc. 

Bottom line:

The FTM token rose 16.02% in one week. The crypto market is risky, and investors must carefully evaluate the projects before investing in digital assets.

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