Leveraged DeFi Coming to Fantom – Will This Make FTM Bullish?

Fantom has become a very interesting blockchain as it expands into the DeFi space (decentralized finance) within the crypto industry. The Fantom network is compatible with Ethereum running on the Java Runtime Environment (JRE) and JavaScript, making it more attractive to programmers. Fantom is a highly scalable blockchain platform for DeFi and crypto dApps (decentralized applications) built on a consensus mechanism through its Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake.

Fantom is among the top 30 cryptocurrencies by market value with a market cap of $5 while the TVL is around $10 billion. This is a strong sign that the DeFi sector in Fantom is very healthy. In reality, Fantom has three blockchains that perform different tasks and are the reason for the speed of transactions. So, the number of DeFi applications built on Fantom has grown rapidly. The top three decentralized apps on Fantom by TVL are Multichain (MULTI), SpookySwap (BOO) and Geist Finance with a combined TVL amount of $4.5 billion.

Stader Labs introduces Fantom Liquid Staking Pools

Stader Labs is a cryptocurrency staking platform with liquid staking pools and next-generation staking infrastructure. It will be extended to the Fantom network with implementation to be completed in March. When the integration is complete, Fantom users will be able to participate in liquid staking.

This means that users who have staked FTM can mint liquid tokens on those stakes FTM and then use those minted tokens to reinvest in Fantom or in other DeFi schemes on other networks. This means that you can now use staking on Fantom and increase the interest collected exponentially. Stader Labs will also introduce stake pools where users can easily earn staking rewards. In addition, Stader will also increase the decentralization of the network by distributing the share to more validators.

FTM ready for support?

The 200 SMA has caught up with the FTM price again

Fantom coin has been among the most bullish cryptocurrencies since last August. FTM/USD surged from around $0.20 to $3.48, forming support levels as buyers continued to push higher. Fantom made another attempt at the all-time high in January despite the crypto market being in the midst of a bearish streak.

FTM retreated back down but support zone below $2 holds. Now the 200 SMA (purple), which held as support on the daily chart during the previous pullback in November, is adding additional strength to the support zone. Yesterday the price formed a doji candlestick which is a bullish reversal signal and the stochastic indicator is showing that the price is oversold. So this seems like a good time to start buying FTM coins. We have an open buy FTM/BTC trade and may open a buy FTM/USD trade which you can follow on our live forex signals page.

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