Fantom, the decentralized ecosystem, is witnessing a resurgence in activity, sparking speculation about its potential to lead the DeFi bull market once again. Notable developments observed by crypto data analyst Subin An indicate a significant shift in dynamics within the Fantom network.
Resurgence in DEX volume sparks optimism
Recent data analysis by Subin An, a crypto data analyst at Hashed, sheds light on a notable trend within the Fantom decentralized ecosystem. Despite declining decentralized exchange (DEX) volume since the DeFi summer of 2020, there has been a remarkable uptick in DEX volume over the past week. An’s observations indicate a potential rally for the Fantom ecosystem in the coming months.
An’s analysis, drawing from data provided by Dune Analytics, underscores the impressive performance of Fantom-based decentralized exchanges. Notably, SpookySwap emerged as the leading DEX in 7-day volume, with an astounding $81.8 million in trading volume, marking a remarkable 163.3% surge. Other DEXs on the Fantom network, including Equalizer, Beethoven_x, and Curve, recorded over 200% volume increase in the past week, further bolstering optimism within the community.
Fantom’s native coin, FTM, gains momentum
The resurgence in DEX volume coincides with a notable rally in Fantom’s native cryptocurrency, FTM. In less than one month, FTM surged from $0.3871 at the end of February to $1.1530, marking a significant 200% gain. This rally has propelled FTM above multiple resistances, initiating a potential bull run reminiscent of its performance during the last cycle.
As FTM continues to show upward momentum, reaching $1.0571 at the time of writing, Subin An speculates that the resurgence in DEX volume could support the development of a new bull run for the Fantom ecosystem. A believes that Fantom’s layer-1 solution, coupled with the surge in DEX activity, positions the network as a contender to lead the DeFi bull market again, echoing its previous performance.
The Fantom decentralized ecosystem is experiencing a resurgence in activity, marked by a notable increase in DEX volume and a significant rally in the native cryptocurrency, FTM. Data analysis conducted by Subin An highlights the potential for Fantom to reclaim its position as a leader in the DeFi space, with the recent surge in volume and price signaling optimism among investors and enthusiasts alike. As the network continues to evolve, all eyes are on Fantom to see if it can sustain this momentum and emerge as a dominant force in the 2024 bull cycle.
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