Fantom DeFi Users Aren’t Spooked by Rocky Market

Key Takeaways

  • Fantom’s DeFi ecosystem has soared to new all-time highs in total value locked, trailing only Ethereum and Terra.
  • The boom has been fueled in part by Andre Cronje and Daniele Sestagalli’s forthcoming Solidly project.
  • Several DAOs have formed in the lead-up to Cronje and Sestagalli’s project launch.

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Fantom, one of the leading Ethereum-compatible smart contract platforms, is experiencing rapid growth in its DeFi ecosystem despite shaky market conditions.

Fantom DeFi Ecosystem Soars

Fantom is on a tear.

The Layer 1 smart contract blockchain’s DeFi ecosystem is growing despite uncertainty following a selloff across the broader crypto market.

According to DeFi Llama, Fantom’s 129 DeFi platforms have attracted $12.35 billion in total value locked, placing the Layer 1 chain third in total value locked behind Ethereum and Terra.

Fantom is an outlier to other leading Layer 1 blockchains as its total value locked has jumped over 50% over the last week. The total value locked for other networks like Ethereum, Avalanche, Solana, and Harmony has plummeted in the same period. The DeFi dip can be attributed partly to market volatility; ETH and other assets have followed Big Tech stocks into the red over the last week amid fears over the

Fantom’s DeFi ecosystem has also been boosted by the upcoming launch of a new project from Andre Cronje and Daniele Sestagalli. Solidly, is it’s been dubbed, is set to launch imminently. The project will feature an automated market market that will prioritize compatibility with other protocols. It will also utilize a “ve(3,3)” tokenomics model, operating a vote escrow model popularized by Curve Finance, as well as a (3,3) staking mechanism that OlympusDAO pioneered in 2021.

The project will let users deposit a base token in exchange for a non-transferable token in order to receive transferable token rewards. Users who lock up tokens will receive an NFT.

Similar to other projects Cronje has been involved with, Solidly is taking a “fair launch” strategy. Two million tokens will be distributed as incentives per week, and the rewards will be distributed to the top 20 projects on Fantom by total value locked until voting weight can determine token distribution (there will initially

Two million new tokens will be distributed as incentives per week, and these rewards will be distributed to the top 20 DeFi projects by total value locked on Fantom until voting weight can determine token distribution (no voting will exist initially).

Solidly might be the most anticipated DeFi launch of 2022 so far. In the lead-up, several new projects have emerged on Fantom. veDAO, for example, formed with the specific goal of making it into the top 20 projects on Fantom in order to receive Solidly’s token rewards. DeFi users looking to acquire veDAO’s WEVE token had to engage in yield farming; the protocol now holds over $174 million in locked value.

Going against veDAO’s hyper-focused mission to acquire Solidly’s tokens, another DAO called 0xDAO has formed. 0xDAO bills itself as a “community-centered” project that hopes to bring “long-term value for the entire Fantom ecosystem.” Its fundamental goal is to build decentralized infrastructure that will create a liquidity “free market” on Fantom. 0xDAO already has a total value locked of nearly $4.3 billion after launching this month.

FTM has also fared well relative to the rest of the market over the last 24 hours. Despite suffering from the recent market decline, it’s up 20.5% today, far outpacing every other leading Layer 1 coin.

Disclosure: At the time of writing, the author of this feature owned BTC, ETH, and several other cryptocurrencies. Andre Cronje is an equity holder in Crypto Briefing. 

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Here’s What’s Ahead for Ethereum Rivals Cardano (ADA), Fantom (FTM) and Harmony (ONE), According to Analyst Michaël van de Poppe

Popular crypto strategist Michaël van de Poppe is mapping out what he thinks is in store for Ethereum competitors Cardano (ADA), Fantom (FTM) and Harmony (ONE).

The crypto analyst and trader tells his 564,600 Twitter followers that smart contract platform Cardano must reclaim a key level to ignite a 25% rally.

“This one made a fake breakout above $1.50. Dumped back towards the range. If it wants to retest the $1.50 area, then I’d be looking at a flip and reclaim of $1.20 first.”

Source: Van de Poppe/Twitter

At time of writing, Cardano is exchanging hands at $1.04.

Next up is Fantom, a highly scalable blockchain platform for decentralized finance (DeFi), decentralized applications (DApps) and enterprise applications. Trading against Bitcoin (BTC), Van de Poppe says the FTM/BTC pair managed to hold support at 0.00005 BTC ($1.81) and must now take out resistance at 0.000068 BTC ($2.48) to launch a breakout rally.

“Crucial area to hold to avoid a nuke was the 6800 sats zone. Didn’t hold, nuke towards support and a strong bounce from that region already. Support between 5100-5400 sats (0.00005 BTC – 0.000054 BTC), resistance at 6800 (0.000068 BTC) sats. If that breaks -> new impulse wave.”

Source: Van de Poppe/Twitter

At time of writing, the FTM/BTC pair is trading at 0.00006 BTC or $2.17.

The last coin on the trader’s radar is Harmony, a blockchain focused on powering a decentralized economy. According to Van de Poppe, Harmony may be positioning for a bounce against Bitcoin (ONE/BTC) after respecting support at 0.000005 BTC or $0.18.

“If you’d want to enter ONE, this is probably the region you’ve been looking for.”

Source: Van de Poppe/Twitter

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Bitcoin Rebounds 10% From Yesterday’s Bottom, Crypto Markets Gain $120B (Market Watch)

The past 24 hours were quite turbulent throughout the cryptocurrency field, but this time around, bulls managed to catch a break and recovered some of the previous losses. The total market capitalization increased by about $120 billion since yesterday’s bottom as many coins managed to bounce back.

Bitcoin Price Bounces 10%

Right off the bat, it’s worth looking into Bitcoin’s price, which went on a massive roller coaster throughout the past 24 hours.

Yesterday, the cryptocurrency plunged in a vicious downwards spiral and ended up hitting a price slightly below $33K (on Binance). This was followed by the entire market. However, bulls stepped in and defended the level with multiple consecutive hourly candles, which ultimately led the price to reach $37,550.

Source: Binance

At the time of this writing, Bitcoin’s price hovers around $36K, which is an estimated 10% increase since yesterday’s bottom. Whether or not this is some sort of a relief rally or the beginning of a recovery, we have yet to see.

Total Market Cap Gains $120 Billion

With the bounce in BTC came the overall market recovery as the total capitalization increased by about $120 billion throughout the past 24 hours.

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This came on the back of considerable gains coming from leading altcoins such as Solana, which is up 9% in the past 24 hours, much like Polkadot (DOT).

Source: Coin360

As seen in the above heatmap, the majority of the market is in the green today, trying to patch the wounds from the past few days. Some of the more notable gainers include Fantom, which is up over 16%, ATOM – up 18%, and so forth.

On the other hand, there are cryptocurrencies like DASH, as well as CVX, which failed to chart any considerable increases and are slightly down or breakeven compared to 24 hours ago.


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Cryptocurrency charts by TradingView.


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Fantom Network’s DeFi Ecosystem Is Now Crypto’s Third-Largest

With over $12.2 billion is total value locked (TVL) across its ecosystem, Fantom has overtaken the Binance Smart Chain (BSC) to become the third-largest crypto protocol in decentralized finance (DeFi), according to data from DefiLlama.

Fantom belongs to the new generation of proof-of-stake blockchains looking to compete with Ethereum by solving scalability problems like the cost of transactions, throughput, and time to finality.

For example, Fantom’s distinguishing feature is that a transaction needs just a single confirmation, meaning that as soon as a block is written to the chain, it is final and irreversible. Bitcoin needs six confirmations and Ethereum 12.

Of the total $194 billion across all of DeFi, the Fantom Network controls over 6.19%, compared to BSC’s 6.04%. It is also not too far behind the second-placed Terra, which covers 8.40% of the DeFi space.

Ethereum, the industry’s largest smart contract platform, continues to dominate market share, however, making up roughly 60% of all DeFi activity.

Source: DefiLlama.

Amid the overall market slump, which saw the price of Bitcoin tank below $35,000, Fantom’s native token FTM is down 15% over the last day and as much as 37% in the past seven days, per CoinGecko.

Still, one can’t deny the growing activity on the network.

The network’s TVL is up 53% over the past seven days, making Fantom the only distinguished major network to post positive numbers over the span.

Over the last day, Fantom’s TVL has increased by 16%, outperforming Ethereum, which is up 13% over the same period of time.

What’s behind Fantom’s rise

There’s a flurry of activity happening on the Fantom network at the moment, with several projects utilizing its blockchain all posting gains in terms of TVL.

These include the newly launched 0xDAO, a decentralized exchange (DEX) protocol created by Fantom builders, which is already boasting over $4 billion in TVL, and Multichain, a cross-chain router protocol that allows users to swap tokens between different blockchains using a bridge.

With about $9.5 billion in TVL, Multichain is currently the largest DeFi project on the Fantom blockchain.

Laying up an exciting foundation for future advancements, there’s also Solid Swap, the recently announced automated market maker (AMM) built on the Fantom network.

Built by Andre Cronje and Daniele Sestagalli, Solid Swap is expected to implement a novel tokenomics model called ve(3.3), potentially opening up new opportunities for the broader DeFi space.


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Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTM

Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.

It is not only the crypto markets that are facing selling by investors. The S&P 500 has also plummeted 8% year-to-date. However, gold has outperformed and risen about 1.76% during the period, cementing its billing as a safe haven asset.

Crypto market data daily view. Source: Coin360

Several retail traders who purchased Bitcoin near its all-time high are voicing their concerns on social media. However, El Salvador’s President Nayib Bukele does not seem to be worried by the recent fall as he recently announced a purchase of 410 Bitcoin at an average price of roughly $36,585 per coin.

Could Bitcoin and altcoins witness a bounce after the recent carnage? Let’s study the charts of the top-5 cryptocurrencies that may outperform if a relief rally starts.