Ever since the commencement of the year, there has been an upsurge in demand for FTM.
On January 20, the open-source smart contract platform Fantom (FTM) for digital assets and decentralized applications (dApps) announced (1) that the Ecosystem Vault would soon launch.
The projects being developed on the Fantom blockchain would get funding from the Ecosystem Vault. According to the statement made in the news release,
"The Vault is a new fund that aims to empower builders on Fantom by providing a decentralized channel for supporting projects, ideas, and inventions through a community-driven selection process," the fund's description reads.
In July 2022, a proposal to accomplish the same thing was approved for a vote. This proposal served as the basis for the establishment of the Ecosystem Vault. It is a fund owned by the community and is financed by transferring 10% of the transaction cost from Fantom to the Vault and reducing the pace at which FTM tokens are burned.
What is Fanton up to in 2023?
According to the findings of Dune Analytics, there have been 8.58 million transactions (2) carried out on the Fantom network over the last 20 days. However, as we get closer to the end of January, it is still unknown if the total number of transactions processed over the network throughout the month would be lower than the 16.36 million transactions logged in December.
To put this into perspective, since July 2022, the total number of monthly transactions conducted on Fantom has been steadily going down. Since then, it has dropped by a staggering 68%.
In addition, according to the data from Dune analytics, there was a considerable surge in the number of active and new users on January 2. This, too, has experienced a drop since that time. As of January 20, the network had 51,490 daily active addresses in addition to the 4,900 newly generated addresses.
FTM Token Technicals
According to statistics provided by tradingview, the price of FTM has increased by 70 percent in the past month due to the bullish run that has been seen in the overall crypto currency market. As of the time publishing, one FTM cryptocurrency could be purchased for $0.3468 USD.
The FTM coin has witnessed a surge in the entire network over the previous 30 days, according to a recent on-chain data evaluation that was carried out. According to the collected information, the daily count of active wallets that trade cryptocurrency has increased by 132% during the past several months.
During the time period under consideration, the demand has been continuously increasing for the FTM token. This is evident by the enormous growth in the number of new addresses that have been formed on the FTM network on a daily chart, which has climbed by 80% since the beginning of the year.
This is encouraging news for the Fantom group, as it indicates that more individuals have been purchasing and use the Fantom token native to the platform.