Crypto research firm Delphi Digital thinks a blockchain platform designed for decentralized finance (DeFi) could be the next major player among layer-1 scaling solutions.
In its Delphi Daily tweets offering updates and insights about the crypto space, the firm tells its 103,700 followers that Fantom (FTM) is defying an industry-wide downtrend by racking up an additional $1.2 billion in total value locked (TVL).
[adinserter block="1"]“While the TVLs across crypto have stagnated, @FantomFDN’s ecosystem has been vibrant.
Fantom has gained $1.2B (+20%) in TVL over the past week.”
The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
The Fantom Foundation also took to Twitter to celebrate surpassing the $10 billion TVL milestone.
Fantom just passed $10B in TVL!
A huge thank you to the community and all the builders!
Fantom ?? you pic.twitter.com/0OTwOzk2Ab
— Fantom Foundation (@FantomFDN) January 12, 2022
Just over a year ago, Fantom said in a blog post that it envisioned itself as an “Ethereum helper, a solution to transfer some of the load off Ethereum to Fantom’s high-performance network.”
At that time, FTM was valued at $0.02 while Ethereum (ETH) had a price of $638.
Today Fantom is valued at $2.96, marking a 148x increase, whereas Ethereum at $3,315 has pulled slightly more than a 5x.
Delphi Digital wraps up its cryptocurrency analysis by reporting on findings that suggest optimistic horizons for Bitcoin (BTC) after a rough two months.
“On-chain data shows that throughout January’s price slump, long-term holders have accumulated Bitcoin after months of offloading Bitcoin at the end of last year.
Coupled with the correlation data shown yesterday, it illustrates a transference from shorter-term ‘weak hands’ to long-term ‘strong hands.’
A rise in long-term holder accumulation could be a positive indicator for Bitcoin price.”
At time of writing, Bitcoin is moving sideways and trading at $43,709.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Shaiith/andregric
