Fantom (FTM) market cap soars 101% in Q1 2024

Fantom (FTM), a Layer-1 (L1) protocol, has experienced remarkable growth in the first quarter (Q1) of 2024.

According to a performance analysis by Messari, FTM has been a major beneficiary amid the emerging crypto bull market, with significant increases in key metrics and market capitalization.

FTM market cap jumps 101% quarter-over-quarter

FTM’s circulating market capitalization saw a substantial 101% increase quarter-over-quarter (QoQ), rising from $1.3 billion to $2.6 billion.

This surge elevated FTM ten spots to 48th among all tokens.

The token’s rally extended over two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.

Despite a 53% QoQ decrease in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD showed a 4% QoQ increase, reaching $1.2 million.

Messari attributed the revenue decline to reduced inscription activity across all smart contract platforms in Q1.

However, Fantom maintained an upward trend in average daily transactions, surpassing the Q3 average and reaching 247,000 daily transactions.

Daily active addresses also rebounded, rising by 24% QoQ to 40,500.

Staking and validator updates

In Q1, Fantom significantly reduced the staking requirement for validators from 500,000 FTM to 50,000 FTM to increase accessibility.

Despite this reduction, the number of active validators remained unchanged at 55.

The total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM.

This resulted in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion.

By the end of Q1, Fantom ranked 22nd among proof-of-stake (PoS) networks in terms of the dollar value of funds staked.

Memecoin mania boosts on-chain activity

During Q1, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from $810.8 million in Q4 to $1.28 billion.

Conversely, TVL denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly due to FTM’s price appreciation.

Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from $10.2 million to nearly $176.8 million. The “Memecoin Mania” trend contributed significantly to elevated on-chain activity across various networks, including Fantom.

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