In the past few days, over 3.6 million new addresses have been generated on the Fantom network as per data from FTMScan revealed. With 87 validators managing the network, Fantom processed upward of eight transactions per second (tps) as of Wednesday.
Reality Behind Fantom’s Rise
DeFi projects on Fantom have emerged as the top performers in recent months and have been the primary reason for the boom in unique daily addresses. SpookySwap & Geist Finance are the top two Fantom projects with a combined TVL of $185 million. As per DefiLlama, the total value locked in Fantom is around $500 million and currently ranks on the top 100 list of DeFi projects.
The number of #Fantom unique addresses surpassed 7 million !$FTM pic.twitter.com/xDFYy72DtH
— Fantom News (@fantomnews) November 3, 2022
Fantom’s Price Skyrockets
In other news, rumors of a comeback from Andre Cronje, the project’s core DeFi architect, have spiked Fantom’s price by 25% within 24 hours.
Fantom lost $3.62 billion in market capitalization while Andre was away, but even without its core architect, it has remained true to its tokenomics. As in recent months, some of its supply has been burned, staking rewards have increased and grants from Gitcoin have been distributed to contributors.
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