Why Fantom Is Going To Explode In 2023

Find out why this is the best time to buy Fantom, one of the fastest, most affordable, and efficient smart contract platforms.

Last Updated January 5th 2023

7 Min Read

Several scalable blockchains have been in the limelight recently for their tremendous surge in the market. Although Ethereum remains the market leader among blockchains that support dApps, its congestion and high gas fees have paved the way for numerous third-generation blockchains with advanced mechanisms. A unique cryptocurrency that has gained colossal popularity and attention with its growing DeFi ecosystem is Fantom (FTM).

The price of FTM has been on a constant rise since the middle of 2021. But why is Fantom going to explode in 2023? Let us take a deeper look.

Looking At 2023: Is Fantom Price Set For A Massive Year?

Thanks to the recent DeFi expansion and significant upgrades, FTM could explode in 2023.

Fantom is an advanced blockchain project that aims to address some of the serious issues faced by networks like Bitcoin and Ethereum. The crypto has a dedicated development team, led by CEO Michael Kong, including engineers, scientists, researchers, designers, and entrepreneurs.

As NFTs rise in popularity, Fantom’s NFT capabilities could be a significant driving force behind its recent price rise. Apart from this, several other vital factors drive Fantom to explode in 2023. Here are some of them.

#1: Fantom - A Decentralized Scalable Blockchain

Fantom has its fair share of the bullish trend in 2021, growing its value by more than 1,410% from July to October when it hits its current all-time high of $3.48. It is a high-performance, EVM-compatible blockchain platform that plays a significant role in the decentralized finance space. Thanks to its cheap network fees and one-second transaction finality, Fantom has received strong support from projects like Curve, C.R.E.A.M, and SushiSwap.

Moreover, Fantom has a thriving ecosystem. For example, the Total Value Locked (TVL) on Fantom DeFi protocols has seen a whopping surge of 2600% since the beginning of May, marking a total of $850M.

#2: FTM’s Tremendous Rally

The FTM price is slowly approaching full recovery after its record price of $0.94 in May 2021, before the crypto market crashed. On August 27, FTM was priced at $0.43, and in less than four days, the price almost doubled, hitting $0.81 on August 31. Moreover, thanks to its latest network upgrade, the Go-Opera, and significant partnerships, the price of FTM has surged even higher, marking a new all-time high of $1.93 on September 9, which almost doubled in a month to reach $$3.48.

The expansion of its DeFi ecosystem and continuous support from companies like HyperChain Capital has bolstered the investability quotient of Fantom, making it a good buy now.

#3: Significant Features That Sets Fantom Apart

Fantom’s purported goal is to make advanced technologies more accessible and seamlessly integrated for a wider audience. The token has several significant features that make it one of the top altcoins to buy now.

FTM, the native token of the Fantom network, plays a crucial role in the blockchain ecosystem. The coin secures the network through staking, governance, payments, and fees. It can also be deployed to mint fUSD and access DeFi tools.

The token holders can stake their tokens on the network and mint an equal amount of sFTM. The minted tokens can be then used as collateral on the Fantom Finance DeFi platform.

Moreover, Fantom offers its users a DeFi stack that is based on its Asynchronous Byzantine Fault Tolerant (aBFT) consensus, which makes it much faster, cheaper, and scalable than Ethereum. It also enables users to develop highly customized decentralized applications and non-fungible tokens (NFTs). As a result, NFT projects have multiplied with creators leveraging the network’s low fees and super-fast transaction speeds for creation, customization, and trading.

#4: Unique Network Fundamentals

What makes Fantom such a unique project in the market is its advanced aBFT consensus mechanism, Lachesis. The mechanism allows digital assets to operate quickly and claims to offer dramatic improvements over the current system.

Therefore, the Fantom blockchain is much faster and cheaper, and at the same time, highly secure and decentralized. This will significantly boost the network’s adoption rate and drive Fantom to explode in 2023.

#5: Why Fantom Is Going To Explode This Year: Expert Predictions

Crypto analysts and experts predict that Fantom has a bright future ahead. The token will continue to maintain its bullish rally in the coming decades, with its new coalitions, developments, and network updates. Some of the predictions are:

Wallet Investor:

“Based on our Fantom (FTM) price predictions, a long-term increase is expected, the price of Fntom prognosis for 2027 is $18.7. With a 5-year investment, the revenue is expected to be around +790.48%.”

Simon Dedic The Co-founder of Blockyre:

“FTM has the potential to reach a $2.908 high someday, even though in the short term, it may float at $1.850.”

Trading Beasts:

“The Fantom price is forecasted to reach $2.04 by the beginning of December 2023. The expected maximum price is $2.55, the minimum price is $1.73. The Fantom (FTM) price predictions for the end of the year are $2.55.”

Don't Miss: Why Fantom Will Skyrocket

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Significant Updates and Developments Of Fantom Ecosystem

With numerous ongoing developments, releases, and updates in the Fantom blockchain, FTM seems to be a good buy now.

Besides the token's massive rally and the network's fundamental features, several other factors will also drive FTM to explode in 2023. Let us see some of them.

1. Coinbase Wallet Adds Support For Fantom Mainnet

The announcement of support for the Fantom network on Coinbase wallet has significantly raised FTM’s price to new highs. With the integration of FTM, wallet users can conduct transactions in just one second with almost near-zero fees.

Moreover, Fantom has also extended Coinbase Wallet support within the Fantom fWallet. This will allow users to sync their Coinbase Wallet account to their Fantom fWallet and manage several activities like stake FTM and earn rewards. However, the integration will bring more users to the Fantom network, boosting the adoption of FTM tokens.

2. AnySwap’s NFT Bridge Connecting The Ethereum And Fantom Blockchains

The cross-chain swap protocol AnySwap has announced the first NFT bridge of its kind. The alpha Testnet version of its NFT cross-chain bridge connecting the Ethereum and Fantom blockchains will facilitate fast and seamless cross-chain NFT transfers.

By using AnySwap, users holding NFTs minted on the Ethereum network can now easily port their NFTs to Fantom. This will help them leverage the near-zero transaction fees that the network offers. This unique connection has placed Fantom in an excellent position to receive a new wave of DeFi engagement, boosting FTM’s investability quotient.

3. The Release of Artion

Fantom has launched a dedicated NFT marketplace and platform with 0% commission, named Artion. The advanced, no-code platform is intended to bring more activities to Fantom blockchain. With the use of this advanced platform, even inexperienced users could mint sophisticated NFTs.

Moreover, the Foundation already has plans to combine Anyswap’s bridge into Artion. This will eventually open up multiple incredible opportunities to NFT creators seeking to access wider audiences across the Ethereum and Fantom chains.

The NFT landscape is evolving rapidly, and by uniquely meeting the needs of new emerging use cases, Fantom has positioned itself as one of the top altcoins to buy now for future returns.

4. Fantom Liquidity Incentives Program

The launch of Fantom’s unique Incentive Program has sparked a significant rally in the TVL. The total value locked in the smart contract chain’s DeFi projects has nearly doubled within just three days after offering token rewards.

The FTM foundation has announced 370 million FTM incentives for developers who can maintain more than $5M in TVL on the blockchain. With the new incentive programs in the ecosystem, several successful projects will switch to Fantom’s lightning-fast network.

With more users deploying FTM to ensure their presence on the ever-growing DeFi ecosystem, the price of Fantom is bound to shoot up in 2021.

Check Out: Could Fantom (FTM) Be A Millionaire-Maker Coin?

Why Fantom Is Going To Explode In 2023

Fantom has gained massive popularity and adoption over the past few months, making FTM a good buy now.

However, since the launch of the Go Opera update, FTM has been on a bullish ride. The blockchain now records over 3000 transactions per day. Thanks to the developments in its network, Fantom’s superfast blockchain is now used to modernize government and business technologies in Uzbekistan, with a unique partnership.

Fantom is an innovative and sustainable blockchain seeking to build its decentralized finance (DeFi) ecosystem. As a result, several creators and brands have started migrating to Fantom to leverage the platform’s offerings. Moreover, this tremendous popularity has seen a marked increase in user adoption of the Fantom network over the past few months, driving FTM to skyrocket in 2023.

The Bottom Line

These are a few among the many reasons why Fantom is going to explode in 2023. However, with decentralized finance becoming the major talk in the market, blockchain-based cryptocurrencies like Fantom are gaining immense popularity.

Going above the mark of $1 to a new record high, Fantom has made a unique position in the market, making it one of the top cryptocurrencies to buy now.