As Fantom Continues to Grow, Will Other EVM Chains Outpace the BSC?

The market cap of Fantom ($FTM) has exceeded $2 billion with expectations of reaching its previous high of $0.8444 per $FTM any day. The Ethereum Virtual Machine (EVM)-compatible blockchain allows transactions to be completed in 1 second, meaning that it is a premier choice for developers. The question now is: will this growth be continued across other EVM projects?

A Brief Look at Fantom 

With its growing popularity in the Asian and Middle Eastern market, Fantom has recorded significant growth, with hundreds of thousands of transactions now recorded each day compared to just a few thousand transactions daily earlier this year. As of the time of writing, Fantom price is $0.830634 with a 24-hour trading volume of $524,705,942, a circulating supply of 2.5 Billion FTM coins and a max supply of 3.18 Billion. 

Binance and Ethereum: Neck-and-Neck

In the past month, the Binance Smart Chain (BSC) Decentralized Exchange (DEX) has enjoyed a surge in activity and volumes; unfortunately, the increase in demand led to an 87% increase in TX fees in April. However, this has not stopped DeFi projects from flocking to the side of the BSC; since the BSC’s largest project became the extremely successful Automated Market Maker (AMM) PancakeSwap, the network has seen such an influx of users that it has suffered several overloads. This is in no way deterring the BSC network from scaling forward, however. In February 2021, while Ethereum gas fees were hitting the roofs at $100, BSC transaction fees were as low as $0.37. In April, a report by derivatives exchange Deribit, revealed that PancakeSwap’s average 24-hour volume surpassed Uniswap by over $1 billion and SushiSwap by $2 billion in a week. 

Source: Bscscan

On the other hand, where Fantom is concerned, the platform has surpassed 3 million transactions taking over 200,000 daily transactions and a 15X increase in unique mainnet wallets in 2021. Fantom has also experienced a 10X increase in gas fees since the beginning of April. However, the BSC is still carrying out more transactions and on May 3rd 2021, the BSC carried out over 9 million transactions and doesn’t seem to be slowing down. While Fantom is still a bit behind the top DEX, their growth has been impressive nonetheless.

Fantom’s Growth as a Blockchain Platform 

Hyperchain Capital was one of Fantom’s first investors in 2018 and recently, the company has poured another $15 million into Fantom. Fantom is also positioning its blockchain as the go-to for decentralised use in the Middle East through a series of partnerships. For instance, the Afghani government aims to use Fantom in a variety of fields, including integrating with the body responsible for issuing the country’s official certifications, the Afghanistan National Standard Authority. Currently, Fantom is being used by the body responsible for generating the most revenue in Afghanistan, the Afghanistan Railway Authority. 

Fantom is also partnered with select other organizations: Royal Star, one of Afghanistan’s biggest pharmaceutical distributors; Nabros Pharma, a privately-owned pharmaceutical producer in India; and Bliss GVS, a public company listed on the National Stock Exchange of India. The Fantom blockchain will be used to track four products, including a new hand sanitizer to combat COVID-19 that is endorsed by the World Health Organization.

 Aside from Asia and the Middle East, other nations in Europe are also partnering with Fantom. For instance, the Ukrainian Government has partnered with Fantom to facilitate the nation’s intellectual property database. These solutions are built on Fantom’s Opera mainnet and the healthcare system will be provided with a fast & secure consensus that will help the system scale high transactions. 

About Fantom

Source

Fantom is a smart contract platform that enables scalable transactions and eliminates existing scalability issues on the blockchain. The FANTOM platform utilises the “Lachesis Protocol”, a new consensus protocol that will be integrated into the Fantom OPERA Chain. With the integration, applications built on the OPERA Chain will enjoy instant and near-zero transactions. The OPERA mainnet is also compatible with the EVM and provides full smart contracts support through Solidity making it a choice for EVM chains.

Source : bsc.news

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