Fantom Surpasses Ethereum in Transactions & Achieves $5.1 Billion Market Cap

Fantom, currently with a market cap of $5.1 billion, recorded more transactions in February than Ethereum. One of the factors working in its favor includes its environment-friendly and faster Bitcoin transactions. When it comes to concerns about environmental impact, cryptocurrency and blockchain projects have been at the receiving end of criticism. Fantom, a nonprofit blockchain and crypto project, claims it is cleaner compared to the rest.

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Fantom’s popularity has increased significantly over the past year. At a time when the broader crypto world has been going through a downturn for many months, Fantom has done well. The digital currencies gained momentum in 2020 and the technology behind Fantom provided to be unique and followed a strong price action. Investors soon realized the power behind the network.

What is Fantom?

Fantom was first developed in 2018 and launched in South Korea. It was developed with the goal of providing an alternative to the slow-performing, yet popular Ethereum blockchain. While other platforms developed issues of efficiency when they were scaled. Fantom was designed to remain unaffected by these issues that were faced by other projects.

The blockchain also features a series of decentralized apps. Most of them are related to decentralized finance. Currently, it is the 34th most valued digital currency and has a market cap of $5.1 billion. It is not just the stats. The platform’s growth is a testimony to how passionate investors are about it.

The team behind Fantom doesn’t have a major marketing budget or any massive venture capital backing. However, the ‘from the ground-up’ approach has made the blockchain unique. It was formed during a bear market, but made the most of the market trends. The team put in a lot of time and effort into development.

Greater Efficiency than Ethereum

Fantom is more environment-friendly and efficient than Ethereum.Its blockchain uses a special directed acyclic graph that speeds up its transactions. Some of the key features of this platform are as follows:

It takes 1 second for money transfers. Ethereum takes 15 seconds on average.
Transactions are much cheaper on Fantom.
It has been running for 4 years without any major security lapse
It is one of the most commonly used platform soutside of Ethereum
So far, Fantom has raised $40 million in funding
According to the Fantom Foundation, the blockchain consumes less power annually than an average US household

Besides, Fantom follows a different version of proof of stake than most other blockchains.

Fantom’s Transactions Surpass Ethereum’s

Today, Fantom has emerged as among the fastest-growing digital currencies. At the start of 2021, there were 5,000 unique fantom wallet addresses. At the end of the year, this number rose to 1.5 million. During the year, the volume of transactions per day increased from 4,000 to a staggering 0.75 million.

At the start of February 2022, Fantom had 2 million unique addresses and it was processing 1.1 million transactions per day. These transaction stats were similar to those for Ethereum. When the month concluded, it had 300,000 more transactions per day compared to Ethereum.

Low transaction cost is considered a major factor in its growth. Gas fees that get charged against each transaction are just a few cents. As already mentioned, each transaction takes only a second. As Fantom keeps scaling and growing, it is expected that its dominance will keep growing too.

A Nonprofit Cryptocurrency

Fantom’s status as a nonprofit crypto is also expected to help it continue growing. This status can help the blockchain maintain itself as a low-cost platform. Its environment-friendly profile will further help attract investors who seek alternatives to the bigger but energy-intensive platforms.

Fantom’s eco-friendliness, scalability, and nonprofit status, all combine together to make it a strong competitor to Ethereum and Solana.The blockchain is efficient, offers cheap transactions, and is ecological. All these factors make it an attractive investment proportion for institutional investors. Fantom is currently trading at $1.84 per coin. A year ago, it was priced at around $0.52 a coin. It has continued to maintain its price during the period most other cryptos kept losing their value after the peak of November 2021. Given the amount of interest it is generating, it is expected to continue its uptrend on every altcoin and Bitcoin Trading Platform in the long term.

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