Journalist
- Fantom’s activity was limited to 30 days, even after the co-founder released an interesting update.
- Press time data suggested that the Solana memecoin may not be as good as Solana’s if deployed.
Fantom [FTM]Andre Cronje revealed that the network would be open to any user who wanted to use a memecoin.
Cronje stated this in an a blog postPublished on April 9th. He said that the aim is to provide a “safer environment” for investors and communities.
It’s time to save your chain!
Cronje has recently been defended by Cronje. Solana [SOL] After the project received some criticisms, he set up certain conditions. He stated that 10% of all tokens approved would be blocked, while 5% of them would go towards the team’s costs. He said that,
The remaining 85% will be placed in the FTM/token-LP foundation multisig. A total of 100,000 FTMs will be given.”
Fantom has decided to open its doors after a successful memecoin campaign. Solana has remained dominant despite some other blockchains having their day.
There was a big difference between Fantom’s activity and the Solana Memecoins. The emergence of such projects as Bonk [BONK]” Dogwifhat [WIF], Activity Solana’s performance was impressive.
AMBCrypto, however, found that the DeFi blockchain was different. Santiment data revealed that Fantom’s 24-hour active address count was at its lowest level in 30 days.
Santiment
Fewer active addresses indicate less Demand for FTM. It could become difficult to get the public interested in memecoins if this trend continues.
Challenges lie ahead
The network also grows in the same way as the addresses. Dropped. As shown in the chart above, Fantom is struggling to recruit new members.
It is reasonable to expect that things could change. If, for example, one memecoin is launched and it’s deemed worthwhile by the community, then FTM demand could improve as well.
The Total Value Locked can tell you if a proposal will be successful or not.
DeFiLlama claims that the Project’s TVL The total value of the transaction was $140.53 million. We noticed that the TVL was up but still a long way off its peak value of $5 billion at the end of 2021’s bull market.
Source: DeFiLlama
The increase in the number of participants is a reflection of improving health and a reluctance to invest large amounts of money, hoping for a high return.
Here’s a list of realistic and not-so-realistic images. FTM’s Market Cap in SOL Terms
The current state of the metrics doesn’t mean the memecoin will perform poorly if/when deployed.
As a result, it is likely that they will not be as effective as the multitude of tokens used under Solana. It is also possible that it’s too soon to make a prediction.