Fantom surpasses Ethereum on daily transaction volume

With a market cap rank on CoinGecko of only 32, Fantom is now starting to do more daily volume than Ethereum which is ranked 2 in market capitalisation. Fantom’s market cap stands at $4.7 billion, compared with Ethereum’s $350 billion.

Ethereum is perceived as the blockchain where most transactions are happening. Much investment has gone into the blockchain, even though it has massive scalability issues. Eth 2.0, while not guaranteeing to fix the problems, is still a long way off.

Therefore, such a comparatively small ranked competitor, which is doing a similar amount of transaction volume, and is now beginning to even surpass the volume transacted on Ethereum, needs to be recognised as a serious contender for more investment.

The above chart shows the Fantom daily transactions on FTMScan. As well as a nice increase since May 21, we can also see that recently on 25 February, daily transactions peaked at 1.48 million.

At the same time, if we look at the Ethereum daily transactions taken from Etherscan.io, then we can see that the transactions were actually less over the last few days.

It cannot be argued that Fantom, which is a Directed Acyclic Graph (DAG), rather than a blockchain, can be superior to Ethereum, which has much better stability and security. However, it does look like Fantom and its ecosystem have a lot of upside considering the comparatively tiny market cap compared with Ethereum and other layer one blockchains.

With Bitcoin starting to consolidate the break of the downward trend, altcoins such as Fantom, and many others in its ecosystem, could well be facing a lot of growth, especially if we do see another leg up for the bull run.

Source: DeFi Llama

DeFi activity on Fantom is booming over the last months. Developers of the calibre of Andre Cronje have made Fantom their home, and the likes of Tomb Finance, Liquid Driver Finance, and now Cronje’s Solidly project being recently launched, all eyes are on this ecosystem, alongside the Terra Luna ecosystem, as they look to dominate the yield farming space.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.