Sonic News
Fantom Starts Trading at the Poloniex Exchange
Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Poloniex, a leading cryptocurrency exchange platform, has announced the listing of Fantom (FTM). Fantom will now be among the over 250 crypto assets listed on the exchange.
Fantom listing on Poloniex
Poloniex announced that wallets for trading Fantom are open, and users on the exchange can now start depositing tokens into their accounts. The exchange stated that FTM trading with different trading pairs such as FTM/USDT, FTM/ USDC and FTM/BTC will commence on February 8 at 06.00 am UTC.
In the announcement, Poloniex stated that Fantom was a “directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.”
The Fantom token has gained in value over the past year. At the time of writing, it was trading at $2.19 with a market cap of $5.55 billion. Fantom ranks as the 32nd largest cryptocurrency in the market.
The token has not made a major bounce following this listing. During the past 24 hours, it has retraced back by around 4.4% after a slight dip across the broader cryptocurrency market. While this coin has been affected by the volatility in the broader cryptocurrency market, it has gained over 1300% over the past year, and it has been one of the best-performing tokens in the market.
On October 28, 2021, FTM hit an all-time high of $3.46, following a major uptrend across the crypto market and the growing adoption of its network by developers. At its current price, FTM is 36.6% below this ATH.
To celebrate the listing of FTM on Poloniex, the exchange will be unveiling a giveaway campaign for new and existing users. 6,600 FTM tokens will be awarded to users during this campaign. New users who trade 500 USDT in FTM qualify for a 5 FTM airdrop. Existing users who trade 200 USDT in FTM will receive a share of the 5,000 FTM prize pool depending on their trading volume.
Fantom as the second-largest blockchain network
The gains made by FTM over the past year have stemmed from the growing adoption of the Fantom network by DeFi and DApp projects. Data from DeFiLlama ranks Fantom as the second-largest blockchain network after Ethereum. At the time of writing, Fantom’s total value locked (TVL) stood at $8.74 billion.
On September 1 2021, Fantom’s TVL stood at around $823 million, showing that it has grown by around ten times in around five months. It has also surpassed giant networks such as Binance Smart Chain and Solana.
The projects on Fantom’s blockchain have been steadily expanding, which could be why the network’s TVL is shooting up. The network supports around 129 protocols that have seen major growth over the past few months.
Newer blockchains are being favoured by developers because they are more scalable and charge low fees. For instance, Fantom charges transaction fees of $0.2, which is even lower than BSC, which charges $0.32. This fee is also significantly lower than what is charged on the Ethereum blockchain.
The Fantom development team has also stated that the network is the fastest one in the sector. Unlike the other blockchains that use transactions per second (TPS) to gauge speed, Fantom uses Time to Finality (TTF), which is believed to be a more accurate metric. Fantom’s TTF stands at less than one second.
To learn more about this token visit our Investing in Fantom guide.
