Fantom Q2 Performance: Financial Metrics React To Sonic Blockchain Anticipation
10 Août 2024 - 4:00AM
NEWSBTC
The Fantom blockchain saw mixed performance in the second quarter
(Q2) of the year, with key financial metrics cooling amid the
broader cryptocurrency market downturn and the Fantom Foundation’s
announcement to rebrand as Sonic Labs, according to a new report
from data intelligence firm Messari. FTM Market Cap, Revenue, And
Token Economics After outperforming in Q1, Fantom’s
circulating market cap decreased 41% quarter-over-quarter (QoQ)
from $2.8 billion to $1.7 billion. However, the token’s market cap
is still 94% higher year-over-year (YoY) compared to Q2 2023.
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What Needs To Happen Revenue, which measures gas fees collected by
the network, fell 42% QoQ from 1.8 million FTM to 1.0 million FTM.
In USD terms, revenue decreased 38% QoQ from $1.2 million to $0.8
million. This decline follows a spike in Q3 2023 due to
activity around non-fungible token (NFT) inscriptions, but
according to Messari, revenue is expected to rebound as on-chain
activity picks up across the broader crypto space. The report also
highlights changes to Fantom’s token economics during the second
quarter. The Ecosystem Vault and Gas Monetization program were
introduced in Q4 2022, reducing the burn rate of transaction fees
from 30% to 5% and reallocating the remaining 25%. By the end
of the second quarter, the circulating supply of the protocol’s
native token FTM reached 2.8 billion, with an annualized inflation
rate of 3% – up 25% quarter-over-quarter. Fantom On-Chain Activity
Slows Fantom’s on-chain activity also trended lower in Q2. Daily
transactions averaged over 223,000, down 10% QoQ from 247,000.
Daily active addresses fell 21% QoQ to 31,900, though the report
notes a reversal of this trend towards the end of the
quarter. New address growth also slowed, dropping 47% QoQ to
5,000 per day on average. However, the report highlighted some
positive developments, including an increase in the number of
active validators on the network. Related Reading: OKX Takes
Action: Accounts Involving Tornado Cash To Be Banned After a
governance proposal reduced the staking requirement from 500,000
FTM to 50,000 FTM, the number of active validators grew 6% QoQ to
58, with 14 having less than 500,000 FTM self-staked. Staked FTM
also saw inflows for the second straight quarter, increasing 5% QoQ
to 1.3 billion tokens. But the total dollar value of staked FTM
decreased 39% QoQ to $780.4 million due to the token’s price
depreciation. Fantom’s total value locked (TVL) in decentralized
finance (DeFi) applications decreased 28% QoQ to $91.2 million,
ranking it 42nd among blockchain networks. However, TVL denominated
in FTM increased 22% QoQ, suggesting capital inflows despite the
token’s price decline. At the time of writing, FTM was trading at
$0.3345, up just 1% over the past 24 hours. In the monthly time
frame, the coin is down 27% over the past month amid the broader
market decline. Featured image from Shutterstock, chart from
TradingView.com
Fantom Token (COIN:FTMUSD)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Fantom Token (COIN:FTMUSD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024