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Fantom (FTM) is a blockchain project that has gained attention in the crypto space for its unique features and potential. Despite a recent dip in key metrics such as Total Value Locked (TVL), the project has something special that many believe is worth attention. Related Reading: Avalanche Breaks $14 Price Level, Yet Remains Hinged On Crucial Resistance Is Fantom Poised To Disrupt The Crypto World? One of the most important metrics for any blockchain project is TVL, which represents the amount of money invested or held in the network. According to the data researcher for Dune Analytics under the pseudonym “OxFinish”, for Fantom, TVL saw a massive uptrend in the autumn of 2021 during the second Bitcoin run to an all-time high (ATH) but has since fallen to its lowest point in almost two years, currently sitting at approximately $292 million. Interestingly, the TVL correlates perfectly with Stablecoin Market Capitalization, the easiest thing to bridge between blockchains, as seen in the chart above.  Moreover, according to Ox, FTM’s price is highly correlated with active users, as evidenced by the recent mini “Altcoin Season” surges in network activity when the price increases. Social dominance and USD transaction volume have also fallen, indicating a complex interdependence of key metrics within the ecosystem. The Rising Star Of Fantom’s DeFi Ecosystem Despite the above, Fantom has a vibrant ecosystem of projects building on it, with one decentralized exchange (DEX) standing out as the backbone of the network: SpookySwap. SpookySwap currently has over 22% of TVL dominance, with only GMX on Arb having a slightly higher percentage at approximately 24%. At one point, the TVL of SpookySwap was higher than the TVL of Avalanche. As an automated market maker (AMM), SpookySwap enables users to trade any ERC20 token on the Fantom network without needing an order book. Instead, the platform uses complex algorithms to determine the price of tokens based on supply and demand. This approach makes it easy for users to trade tokens quickly and efficiently while ensuring that prices remain stable. Furthermore, SpookySwap offers a range of features and benefits that make it attractive to users. It leverages the high speed and low transaction fees of the Fantom network to provide a seamless and efficient trading experience for users. Additionally, it offers a range of advanced features such as limit orders, liquidity provision incentives, and a range of trading pairs. Despite the departure of Andre Cronje, the Fantom creator, the Fantom ecosystem continues to grow and innovate, with SpookySwap leading the way. However, the rise of different Layer 2 (L2) solutions in the crypto space provides comparable benefits to Fantom, making attracting and retaining users more challenging. Related Reading: Is Cardano Poised for A Price Surge? A Look At Its Tight Consolidation However, according to Ox, Looking at the metrics and recent innovations, there is still plenty of potential for Fantom to rise in the next bull market. Although, it will require the project to continue to innovate and stay ahead of the curve to stand out in an increasingly crowded marketplace. Featured image from Unsplash, chart from TradingView.com