Fantom (FTM) has been one of the best performing tokens of 2023, posting a series of impressive gains in recent weeks. Following the market crash at the end of 2022, FTM started the new year trading as low as $0.2007, which is a 94.19% decline from its all-time high value of $3.46.
However, with the entire crypto market trying to rally, FTM has been a particular token with a lot of investor attention, as its price has risen more than 136% since the beginning of 2023.
Fantom posts a 39% gain in seven days
According to data from CoinMarketCap, Fantom (FTM) gained 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC).
While FTM has been on an uptrend since the first week of the year, its price rally in the past week can be attributed to Fantom’s recent integration with Axelar Network. On January 24, the Fantom Foundation Announced a partnership with Axelar, which will introduce cross-chain communication to the Fantom Network.
As of this writing, FTM is trading at $0.4724, having risen 1.98% in the last 24 hours. According to more data from CoinMarketCap, FTM’s daily trading volume is currently $240.7 million, while its total market capitalization is $1.312 billion.
FTM trade at $0.4790 | Source: FTMUSD chart from Tradingview.com
What does the Axelar integration mean for Fantom users?
According to a Fantom blog post, “the Axelar network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar works as a means of communication and value transfer between various blockchains.
Upon integration with the Axelar network, Fantom automatically becomes part of an ecosystem consisting of more than 30 different blockchains capable of seamlessly interacting with each other.
Using the General Message Passing Protocol (GMP), developers on the Fantom network will be able to easily access smart contact codes on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across the multiple chains of the Axelar ecosystem.
Another benefit of Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s largest decentralized exchange, SpookySwap. Using Squid, an Axelar-based protocol that redirects liquidity between chains, SpookySwap users will seamlessly swap native tokens from different chains with a single click.
For each transaction, the Axelar network will process cross-chain gas conversions from the source chain token to the destination chain token, ensuring that users do not need to have crypto wallets on multiple chains or have native tokens from other chains to pay gas rates.
That being said, other chains on the Axelar Network besides Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc.
Featured Image: Zipmex, Chart from Tradingview.com
This post Fantom (FTM) gains 39% in 7 days after its integration with the Axelar network
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