Fantom Network: A Review of the Latest Milestone and Trends
On April 8th, it was announced that Fantom has recently reached a new milestone with over 50 million unique addresses on the network. However, Token Terminal data shows that the nu
On April 8th, it was announced that Fantom has recently reached a new milestone with over 50 million unique addresses on the network. However, Token Terminal data shows that the number of daily active users of FTM has decreased in the past 30 days. Dune data shows that Fantom’s online transaction volume has also decreased. （AMBCrypto）
More than 50 million addresses on the Fantom chain
Introduction
The Fantom network made headlines on April 8th, 2021, when it crossed the 50 million milestone for unique addresses on the network. This achievement marks a significant step forward for the Fantom network, which has gained significant traction in the crypto space. However, despite this impressive milestone, the network has experienced a decline in daily active users and online transaction volume in the past 30 days. In this article, we will review the Fantom network and explore the reasons behind the recent trends.
What is the Fantom network?
Fantom is a blockchain-based platform designed to offer fast and secure decentralized applications (dApps) to users. The platform was founded in 2018 and has gained a reputation as a reliable and efficient network for developers looking to create decentralized applications. Fantom uses a consensus mechanism known as Lachesis, which allows it to process transactions quickly and securely.
The Recent Milestone
With over 50 million unique addresses on its network, Fantom has reached a significant milestone in the crypto space. This achievement reflects the growing popularity of the network and its potential to become a key player in the blockchain industry. Moreover, the high number of unique addresses on the network is an indication of the growing interest in decentralized applications and the demand for fast and secure blockchain platforms.
Declining Numbers
However, despite the impressive milestone, the number of daily active users on the network has decreased in the past 30 days. According to Token Terminal, a blockchain data analytics platform, daily active users on the Fantom network have dropped by 32% in the past month. This decline is concerning, as it indicates a potential decline in interest and adoption of the platform.
Similarly, Dune Analytics, another analytics platform, shows that Fantom’s online transaction volume has also decreased by 19% in the last 30 days. These trends are significant and require further exploration to understand why there has been a decline in usage of the network.
Possible Reasons for the Decline
There are several possible reasons why the Fantom network has experienced a decline in daily active users and online transaction volume. One possible explanation could be the high transaction fees associated with using the platform. The fees on the Fantom network have been reported to be higher than those on other blockchain networks like Ethereum. This may discourage users from utilizing the network for transactions and dApps.
Another reason could be the competition from other blockchain networks. The crypto space is highly competitive, and newer blockchain networks like Polkadot and Binance Smart Chain are gaining popularity. This competition may be drawing users away from the Fantom network.
Conclusion
The Fantom network has made significant strides in the past year, culminating in the recent milestone of 50 million unique addresses on the network. However, the decline in daily active users and online transaction volume in the past 30 days is a cause for concern. While there are possible explanations, more research is needed to understand why these trends are occurring.
Despite the recent decline, the Fantom network remains a promising platform in the blockchain industry. Its fast and secure consensus mechanism and efficient dApps make it attractive to developers and users alike. With further development and improvement, the network has the potential to become a major player in the crypto space.
FAQ
Q: What is the Fantom network?
A: The Fantom network is a blockchain-based platform that offers fast and secure decentralized applications (dApps) to users.
Q: What is the Lachesis consensus mechanism?
A: The Lachesis consensus mechanism is the technology that Fantom uses to process transactions quickly and securely.
Q: Why has the Fantom network experienced a decline in daily active users and online transaction volume?
A: There are several possible reasons for the decline, including high transaction fees and competition from other blockchain networks.
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