Fantom Token Up 64% in a Week After Announcing Aave Support

Fantom blockchain is continually gaining ground in the decentralised finance (DeFi) space, given more projects are launching on the network on account of its cheap and fast transaction processing time. This has sustained the market price of the native cryptocurrency FTM on the upside, even when the altcoin market seems to be in a lull. 

FTM Soared Over 64% After ATH

While Ether (ETH) and major altcoins lost out on Bitcoin price movements this past week, FTM soared over 64 percent to an all-time high of US$2.45 on October 8, a day after the announcement that analytics platform Nansen would include Fantom on its blockchain coverage.

After a brief correction from the ATH, FTM began soaring again as Fantom disclosed that one of the biggest Ethereum-based DeFi lending protocols, Aave, could launch on the network if it passes the governance proposal. The voting ended on October 11 and an overwhelming majority of voters (99.73 percent) supported the proposal.

Aave v2 will launch on Fantom Opera blockchain. In doing so, it extends its lending services to Fantom’s DeFi ecosystem and will, in turn, tap more TVL growth from the Fantom community.  

Fantom DeFi Now Worth +$5.7 Billion

In April, Fantom passed a milestone of three million transactions, with the daily record around 200,000. However, the numbers have grown to over 800,000 daily by dint of its inherent scalability property, which is drawing in more project launches on the network. Popular Ethereum protocols such as C.R.E.A.M., Curve, Yearn and SushiSwap have also launched on Fantom. 

As of October 13, the Fantom DeFi ecosystem had a combined TVL of US$5.06 billion.