Fantom (FTM) has been one in all the ideal-performing tokens of 2023, pulling off a chain of impressive features within the outdated couple of weeks. Following the market rupture in boring 2022, FTM began the unusual 365 days trading as minute as $0.2007, representing a 94.19% decline from its all-time excessive rate of $3.46.
However, alongside with your total crypto market attempting to drag off a restoration, FTM has been one particular token with a total bunch investor consideration, as its impress has surged by over 136% for the explanation that initiate of 2023.
Fantom Records 39% Profit In Seven Days
In step with records from CoinMarketCap, Fantom (FTM) received by 38.77% within the final seven days alone, outperforming main cryptocurrencies akin to Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
Whereas FTM has been on an upward fashion for the explanation that first week of the 365 days, its impress rally within the final week would be attributed to Fantom’s contemporary integration with the Axelar Network. On Jan. 24, the Fantom Foundation launched a partnership with Axelar, that would possibly perchance perchance introduce interchain verbal replace to the Fantom Network.
As of the time of writing, FTM is trading at $0.4724, having long gone up by 1.98% within the final 24 hours. Essentially basically based on extra records from CoinMarketCap, the on every day basis trading volume of FTM is within the period in-between $240.7 million, whereas its total 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 step with a blog post by Fantom, “Axelar network is a blockchain that connects blockchains, enabling neatly-liked Web 3 interoperability.” Mainly, Axelar functions as a medium for verbal replace and transfer of rate between several blockchains.
Following the integration with the Axelar network, Fantom mechanically becomes phase of an ecosystem that consists of over 30 a bunch of blockchains in a position to seamlessly interacting with one one other.
The usage of the Frequent Message Passing (GMP) protocol, builders on the Fantom network will seemingly be ready to with out problems win admission to fine-contact codes on any chain connected to Axelar. The GMP protocol can even allow dApps and customers to send and catch records and function calls across the extra than one chains in Axelar’s ecosystem.
One more profit of Axelar’s integration with Fantom is the introduction of one-click contaminated-chain swaps on the platform’s biggest decentralized alternate, SpookySwap. The usage of Squid, an Axelar-basically based protocol that reroutes liquidity between chains, SpookySwap customers will seamlessly swap native tokens of a bunch of chains in a single click.
In every transaction, the Axelar network will process the contaminated-chain gasoline conversions from the source-chain token to the holiday blueprint-chain token, making certain that customers need no longer have crypto wallets on extra than one chains or get rid of native tokens of a bunch of chains for gasoline charges,
That acknowledged, a bunch of chains on the Axelar Network other than for Fantom contain Arbitrum, Moonbeam, Polygon, Osmosis, and loads of others.
Featured Image: Zipmex, chart from Tradingview.com
