The Fantom Daily Transaction (FTM) Is Skyrocketing, This Is Proof!

Fantom Foundation generalizes transaction growth in Fantom networks. (Photo; Doc. Crypto Gurusu)

JAKARTA The foundation behind the development of the FTM, the Fantom Foundation, recently reported significant growth in daily transactions on the Fantom blockchain during 2022.

According to the official Fantom Foundation blog post, transactions on the Fantom network penetrate 500 thousand to 1 million per day. This is a positive thing for Fantom's development which is predicted to be a competitor to Ethereum.

"Throughout 2022, the Fantom network averages around 500 thousand - 1 million daily transactions, which is a huge and consistent difference compared to 2021," wrote the Fantom Foundation.

The announcement also showed healthy growth in decentralized applications (DApps) on the Fantom network.

"In 2022, we see a lot of DApps and exciting projects launched in Fantom. Applications like, 1inch, Premia, and UniDex empower users to control their finances in a standalone way, whether it performs simple swaps or takes advantage of derivatives. And with the various crypto tax software available, users can now outsource tedious tax reporting from this trade to Crypto Tax Calculators, Blockpit, and ZenLedger," the announcement added.

In addition, the Fantom Foundation has approved a governance proposal to reduce inflation of FTM coins. It doesn't stop there, the developer has also adjusted the staking prize.

"We have passed a governance proposal that reduces FTM inflation to 6% by adjusting the staking prize, which means it will take several more years for the FTM to reach its full supply. By 2023, FTM inflation will be 1.87%," wrote the Fantom Foundation.

Furthermore, they outlined priorities for monetizing transaction fees or gas fees. This is intended to provide sustainable income to the DApps team.

Then, the Fantom Foundation plans to provide subsidies for the gas fee to allow users to transact without having to pay their own transaction fees. Even so, transactions on DApps do not mean they are free, but these costs will be borne by other parties who aim to attract more people to Fantom.

At the time of writing, Fantom (FTM) is trading at IDR 3,404 per coin. FTM has increased prices by 7.7 percent in the past week based on Coingecko data. Now FTM ranks 61 based on market capitalization according to Coinmarketcap.