Fantom (FTM) has been one in every of the completely-performing tokens of 2023, pulling off a series of impressive beneficial properties in the closing few weeks. Following the market shatter in unhurried 2022, FTM began the novel yr trading as minute as $0.2007, representing a 94.19% decline from its all-time excessive tag of $3.46.
On the different hand, alongside with your entire crypto market attempting to pull off a restoration, FTM has been one train token with hundreds investor attention, as its tag has surged by over 136% since the open of 2023.
Fantom Records 39% Revenue In Seven Days
In accordance with data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the closing seven days alone, outperforming most foremost cryptocurrencies comparable to Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
While FTM has been on an upward style since the first week of the yr, its tag rally in the closing week would perhaps also be attributed to Fantom’s present integration with the Axelar Network. On Jan. 24, the Fantom Foundation provided a partnership with Axelar, which is ready to introduce interchain verbal exchange to the Fantom Network.
As of the time of writing, FTM is trading at $0.4724, having long past up by 1.98% in the closing 24 hours. According to more data from CoinMarketCap, the each day trading quantity of FTM is currently $240.7 million, whereas its entire market cap is $1.312 billion.
FTM trading at $0.4790 | Source: FTMUSD chart of Tradingview.com
What Does Axelar’s Integration Mean For Fantom Customers?
In accordance with a blog submit by Fantom, “Axelar network is a blockchain that connects blockchains, enabling accepted Web 3 interoperability.” On the entire, Axelar functions as a medium for verbal exchange and transfer of tag between several blockchains.
Following the mix with the Axelar network, Fantom robotically turns into segment of an ecosystem that includes over 30 various blockchains capable of seamlessly interacting with each and each other.
Using the General Message Passing (GMP) protocol, developers on the Fantom network will in all probability be ready to without concerns procure correct of entry to orderly-contact codes on any chain linked to Axelar. The GMP protocol will moreover enable dApps and customers to ship and obtain data and feature calls across the a pair of chains in Axelar’s ecosystem.
Yet every other support of Axelar’s integration with Fantom is the introduction of 1-click on imperfect-chain swaps on the platform’s excellent decentralized alternate, SpookySwap. Using Squid, an Axelar-primarily based mostly mostly protocol that reroutes liquidity between chains, SpookySwap customers will seamlessly swap native tokens of various chains in one click on.
In every transaction, the Axelar network will course of the imperfect-chain gas conversions from the provision-chain token to the destination-chain token, ensuring that customers need now now not dangle crypto wallets on a pair of chains or retain native tokens of alternative chains for gas expenses,
That said, other chains on the Axelar Network rather then Fantom encompass Arbitrum, Moonbeam, Polygon, Osmosis, and heaps others.
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