Increasing interest in decentralized finance (DeFi) projects has led to strong projects such as Phantom (FTM). As we have reported as Kriptokoin.com, experts expect DeFi to shape the financial world of the future. However, there is a lot of interest in Phantom due to its contributions to DeFi in its infancy. Crypto analytics platform Nansen also looked into Phantom (FTM), which plays a key role in DeFi, instead of a popular altcoin like DOGE. Here are the details..
Nansen Doge examines altcoin project, not
In his report, Nansen drew attention to the impact of negative events in the second quarter of the year. In addition, Nansen said in the report that the bearish trend in the crypto markets did not change in the third quarter. However, Nansen drew attention to an altcoin project. According to the analytics platform, projects in the Fantom ecosystem continued to develop new products. The phantom network continued to launch the developed products despite the market downturns. In the report, a special place was reserved for the amount of staked BTM, the following words were included:
The amount of FTM staked by validators to secure the phantom network increased by 2% during Q3 2022, reaching 51% (1.4 billion) of all circulating FTM. On October 5, 2022, the Phantom Foundation accepted a proposal to reduce validator rewards as fee revenue for validators and stakers increased 18x over the previous year. This put the network in a stronger position and adjusted the rewards to the market rate, signaling a longer run rate for emissions.
In his report, Nansen also talked about partnerships in the Phantom ecosystem. However, Fantom has announced several strategic financing partnerships with some venture capitalists, including Cypher Capital, Mapleblock Capital and GDA Capital in Q3 2022. These partnerships provided access to finance to early-stage projects within the ABC ecosystem. Regarding the number of daily transactions, the report included the following words:
The number of daily transactions on Fantom has fluctuated throughout the third quarter of 2022, varying between 600,000 and 1.2 million transactions, slightly higher than in the previous quarter. Gas fee on FTM experienced several spikes with a peak of over $14,000 in Q3 2022. The highest number of transactions occurred on July 19, 2022, after market speculation about the Fed’s rate hike and the announcement of the 3AC liquidation court documents.
Phantom ecosystem impacted by market sentiment
In Q3 2022, market sentiment continued to decline. Nansen said that the number of active users and transactions on Fantom was also affected by this decrease. In addition, in the last part of his report for Fantom, he drew attention to the number of active transactions per day and stated:
Daily active addresses on Fantom continued to decline further in Q3 2022, staying just above the all-time low of 33,000 addresses. At the beginning of the quarter, more than 50,000 active addresses were seen on some days, but this trend did not continue beyond August. This could be due to the general bearish sentiment in the crypto market during Q3 of 2022.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.