The Fantom (FTM) crypto gained traction, with its price rising over 13% on Monday morning. However, its trading volume declined 19% in the last 24 hours.
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What is Fantom (FTM) crypto?
Fantom is a directed acyclic graph (DAG) smart contract platform that offers developers DeFi-related services through its bespoke consensus algorithm. Its native token, FTM, is said to provide high transaction speed and other solutions to smart contract-related issues.
Fantom is an open-source, smart contract platform for decentralized applications (DApps) and digital assets created as an alternative to Ethereum. It aims to solve the problems of the previous generation blockchains while enhancing scalability, security, and decentralization.
The project provides simplified tools to integrate decentralized applications. In addition, it offers staking solutions and built-in decentralized finance instruments.
The FTM token is tradeable on crypto exchanges like Binance, Gate.io, etc.
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Why is it gaining attention?
The project announced several updates recently, including the Snapsync upgrade going live and the pending audit of Fantom’s native stablecoin, FUSD. Fantom said that its over-collateralized stablecoin is backed by staked FTM. It also noted that Gitcoin would be deployed on its mainnet.
The FTM rally is also believed to be due to speculations over DeFi developer Andre Cronje’s return to the project. In March, Cronje and another developer, Anton Nell, said they would leave the cryptocurrency industry. The announcement triggered a sharp selloff in FTM tokens.
However, recently, Cronje was spotted on the open-source code hosting platform Github working on FMINT protocol – Fantom’s platform for minting FUSD, which witnessed significant de-pegging in the past few weeks, along with other stablecoins like TerraUSD (UST).
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Data Source: CoinMarketCap.com
Bottom line:
The Fantom (FTM) coin was priced at US$0.4936 at 11:01 am ET on May 23, up 13.71%, while its volume for the trailing 24 hours plummeted 19.17% to US$728.85 million. It has a market cap of US$1.25 billion, and its fully diluted market cap is more than US$1.56 billion.
The token has a maximum supply of 3.17 billion, a total supply of 2.54 billion, and its current circulating supply is over 2.55 billion. It returned 38.73% gains in the last seven days while increasing 44.31% over the past 12 months.
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