Both Avalanche and Fantom ecosystems have encountered volatility of late. The announcement of Fantom’s incentive program may have helped its ecosystem out just a little, but not by much.
A Tough Day
After announcing that Fantom was to launch a major incentive scheme, both Avalanche and Fantom have performed poorly on a tough day for both ecosystems. Avalanche has been all over the news lately, and the latest event is testing the mettle of the token.
One Twitter user named icebergy_ shared their horror on Tuesday, August 31st, as projects including Joe (-43.8%), Penguin Finance (-50.9%), Pangolin (-20.1%), Ape-X (-84.7%), Snowball (-45.8%), and Yield Yak (-50.1%) all suffered heavy corrections.
“I got absolutely slaughtered on these,” icebergy_ wrote.
“I can see why they call it Avalanche,” added another in reference to the fall.
Another said, “Being down 60% in a day on these solidifies my decision to stop buying shitcoins and focus almost exclusively on nfts.”
Since then token prices have slightly recovered with 10-20% gains across the AVAX ecosystem according to CoinGecko.
While the Fantom ecosystem was encountering heavy losses, Fantom tokens may have fared just slightly better. There were still some significant losses to be found, however, as Scream (-42.6%), SpiritSwap (-44.6%), and Tomb (-17.7%) all performed poorly.
Onwards and Hopefully Upwards
Fantom (FTM) is a Layer 1 EVM platform that rivals the Avalanche system. With the Fantom incentivization program, the growing Avalanche platform may not be as attractive anymore. Avalanche itself benefited from a similar program and now faces the test of a rival doing the same.
While the start of the week may have been tough, both Avalanche and Fantom are performing well on the month: Avalanche is up 193.3%, while Fantom is up by 176.9%. Traders on both ecosystems will undoubtedly be hoping that the latest dip is just a temporary setback.
The ability of Avalanche is certainly on display this past month. As token saw a continual soar through August, we’ll see how they maintain the momentum as the new month approaches.
What is Avalanche?
Avalanche is a blockchain network that has become increasingly popular with Decentralized Finance users for its low costs, high transaction speeds, and eco-friendly approach. The Avalanche blockchain network also claims to provide developers with very easy-to-use smart contracts, allowing for rapid building at low costs. The platform takes aim at the Ethereum network, hoping to give a better user experience not only for crypto investors but also developers. The Avalanche network was built for decentralized apps (dapps).
Where to find Avalanche:
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