Fantom growth in high ‘triple digits’ despite crypto winter Fantom growth in high ‘triple digits’ despite crypto winter
In a yearly review, Andre Cronje said that Fantom's growth has slowed in 2022 compared to previous years, but it's still '"very high."
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Updated: Aug. 17, 2023 at 4:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On Dec. 24, Andre Cronje, who rejoined the Fantom Foundation as an architect in November, posted a performance review of Fantom (FTM) in 2022. Cronje had left the crypto and decentralized finance (DeFi) world in March, sparking an uproar at the time.
As per the data from FTMScan shared by Cronje, the yearly growth of daily transactions on the Fantom network reached 131% between 2021 and 2022. This is far behind the network’s annual growth of 12,998% in 2020-2021. Daily transactions indicate the amount of activity users conduct on-chain, Cronje noted.
The yearly growth of average block size on the Fantom network reached 163% in 2022, compared to 25% in 2021. According to Cronje, the increase in block space equates to users paying more to include their transactions.
Daily gas used, which indicates how much users are willing to pay to add their transactions on the network, grew by 86% over the last year. Comparatively, daily gas used on Fantom surged by 9425% in 2020-2021.
The daily verified contracts measure the number of new contracts verified on Fantom. While “its a bit of a jump to translate this to developer activity, however, it is a proximity thereof,” wrote Cronje. Daily verified contracts on Fantom increased by 70% in 2022 compared to 1400% in 2021, as per FTMScan data.
Citing data from DefiLlama, Cronje noted that Fantom’s total value locked (TVL) jumped by 216% in 2021-2022. This growth, however, pales in comparison to the 49,089% yearly TVL growth achieved in 2020-2021.
Daily active users (DAU) on Fantom surged 41% in 2021-2022 compared to 5589% the previous year. In addition, the monthly average active developers on the network increased by 41% in 2022 compared to 50% in 2020-2021.
Lastly, Cronje said the price of FTM grew by 18% in 2021-2022 compared to the yearly growth of 2025% in 2020-2021. At the time of writing, FTM was trading at $0.203, down 94.21% from its all-time high of $3.526, according to CryptoSlate data
Cronje concluded that despite a slowdown in growth amid the crypto winter, Fantom’s growth metrics remain in the “high double and triple digits,” which is very high for “any tech or growth industry.” He added:
“We can see that Fantom has been able to achieve this growth with very low incentives and can continue to achieve this sustainable growth.”
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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In this article
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
Andre Cronje is the founder and architect of popular DeFi platform iEarn Finance..