Fantom (FTM) has been one of the best performing tokens of 2023, pulling in some impressive results in the past few weeks. After the market crash at the end of 2022, FTM started the new year trading at $0.2007, representing a 94.19% decline from its peak price of $3.46.
However, with the entire crypto market trying to pull back, FTM has become one of the tokens with investors’ attention, as its value has increased by more than 136% since the beginning of 2023.
Fantom Records 39% Profit In Seven Days
According to data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
While FTM has been on an upward trend since the first week of the year, the price rally in the past week can be attributed to the new integration of Fantom with Axelar Network. On January 24, Fantom Foundation declare partnership with Axelar, which will introduce interchain communication to the Fantom Network.
At the time of writing, FTM is trading at $0.4724, up 1.98% in the last 24 hours. Based on other data from CoinMarketCap, the daily trading volume of FTM is currently $240.7 million, while the total market cap is $1.312 billion.
FTM is trading at $0.4790 | Source: FTMUSD chart from Tradingview.com
What Does Axelar Integration Mean For Fantom Users?
According to a blog post by Fantom, “The Axelar Network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar functions as a medium for communication and value transfer between several blockchains.
After integration with the Axelar network, Fantom automatically becomes part of an ecosystem consisting of over 30 different blocks that can seamlessly interact with each other.
Using the General Message Passing (GMP) protocol, developers on the Fantom network will be able to easily access smart contact code on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across multiple chains in 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 drives cross-chain liquidity, SpookySwap users will seamlessly exchange native tokens from different chains in one click.
In each transaction, the Axelar network will process cross-chain gas conversion from source-chain tokens to destination-chain tokens, ensuring that users do not need to have crypto wallets on multiple chains or hold original tokens from other chains for gas fees,
That said, other chains in the Axelar Network besides Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc.
Featured Image: Zipmex, chart from Tradingview.com