Crypto research firm Delphi Digital believes that blockchain platforms designed for decentralized finance (DeFi) have the potential to become the next major player in Layer 1 scaling solutions.
In a tweet from Delphi Daily providing updated information and insights into the crypto space, the company Tells Fantom (FTM) faced the downside across the industry with 103,700 followers earning an additional $1.2 billion in closed totals (TVL).
“While the entire cryptocurrency TVL has stagnated, the @FantomFDN ecosystem is buzzing with energy.
Fantom has earned $1.2 billion (+20%) in TVL over the past week. “
DeFi’s TVL represents the total capital held in the smart contract. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the asset.
The Fantom Foundation also used Twitter to celebrate the $10 billion worth of TVL.
Fantom has crossed $10 billion in TVL!
A big thank you to the community and all the builders!
Phantom ❤️ You pic.twitter.com/0OTwOzk2Ab
– The Phantom Foundation (FantomFDN) January 12 2022
A little over a year ago, Phantom said in a blog post that it envisioned itself as an “Ethereum assistant, a solution that shifts some of the burden from Ethereum to high-performance Fantom networks.”
At the time, FTM was trading at $0.02, while Ethereum (ETH) was trading at $638.
Today, Fantom is valued at $2.96, showing a 148x increase, while Ethereum at $3,315 is just over 5x.
Delphi Digital summarizes the analysis of cryptocurrency as follows: Transfer About results indicating an optimistic outlook on Bitcoin (BTC) in about two months.
“On-chain data shows that long-term bitcoin holders amassed bitcoin several months after dumping bitcoin at the end of last year through a January price drop.
Combined with yesterday’s correlation data, it shows the transition from a short-term ‘weak move’ to a long-term ‘strong move’.
An increase in stockholder accumulation in the long run can be a positive indicator for bitcoin prices. “
At the time of writing, Bitcoin is moving sideways and is trading at $43,709.
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