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Fantom Network’s TVL Shoots to New Highs amidst major Network Growth

fantom
fantom

The Fantom network has been enjoying major gains over the past few weeks, just like most networks that support decentralized finance and non-fungible tokens. The crypto market is currently very competitive, and networks have to work round the clock to ensure they have an edge in the market.

Despite the challenges that the Fantom network has faced in recent months, it has remained strong, and it is working towards establishing a strong network for its users and the broader crypto space.

Fantom Network Enjoys Major Growth

The Fantom network has been enjoying notable growth over the past few days. One of the areas where this network is making major gains is in the total value locked (TVL). The network has enjoyed major growth by this metric, with its TVL now higher than that of Polygon.

The other area where the network is also gaining is in the number of wallets. The number of wallets on this platform has increased from around 50,000 wallets to 1 million wallets. The rising number of wallets has contributed to the rising TVL numbers. The network has added more than $600 million to the DeFi TVL, and this progress has enabled the network to surpass Polygon.

The TVL has continued to increase, with the network’s scalability in fast transaction speeds fuelling more adoption. The network can process more than 750,000 transactions daily, and this number is not expected to reduce, which could lead to expansion in the network and prices.

More Networks Joining FTM

The Fantom network has been enjoying increased adoption from different networks and features. The network recently added the Kyber DEX on the platform to boost liquidity for token swaps.

The network also recently added TrueUSD on the platform to enhance transactions on the network. The addition of TrueUSD will act as a bridge between traditional finance and decentralized finance.

The developments taking place across the Fantom network have attracted investors to the platform, and the price of the Fantom token has been on an upward trajectory. Over the past week, the crypto’s price has increased by more than 30%, showing that it performs extremely well.

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