Social Media Metrics Show Fantom’s August Price Increase is Likely Influenced by New Users
September 17 2021 - 3:53AM
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Social media metrics offer insights into the on-the-ground adoption
of a cryptocurrency project and the interests of the average
cryptocurrency investor. One project that has seen a recent
significant increase in various social media metrics, including
mentions, engagements, and average daily social contributions, is
Fantom. A rapidly growing layer-1 smart contract platform, Fantom
utilizes a directed acyclic graph architecture to achieve
unparalleled speed and scalability. According to data from
LunarCrush, over the month of August, the social media mentions for
Fantom saw an impressive 34.08% increase compared to July, with a
total of 67,305 mentions. Numerous factors have driven engagement
with the project, including the bridge to the widely used Ethereum
network and the many NFT projects that have begun to develop on the
platform to take advantage of its low costs and speed. Further
evidence of Fantom’s gains in 2021 can be found by looking at
on-chain data, which shows that the community now boasts 677,430
unique addresses that regularly complete more than 1.5 million
transactions a day. Another factor in Fantom’s explosive growth has
been the launch of multiple decentralized finance (DeFi) protocols
on the network, such as SpiritSwap, SpookySwap, and the
multi-chain, stablecoin-focused automated market maker Curve. As a
result of the rapid expansion of the Fantom network and its growing
DeFi ecosystem, the total value locked on the protocol reached a
new record high of $1.4B on September 9, 2021, according to data
from DeFi Llama. Together, these factors have helped lead to a
nearly 96% rise in monthly social engagements with an average of
1,660 unique daily social contributors. With a strong and growing
community supporting a team of passionate developers focused on
building the next generation of blockchain protocols, the future is
looking bright for the Fantom network as it establishes its place
in the expanding blockchain universe. Image by Gerd
Altmann from Pixabay
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