Fantom has registered good figures in the third quarter of 2023, setting a nice tune for the concluding quarter of the same year. For instance, there has been an increase of 106% on a quarter-to-quarter basis for average daily new addresses. Similarly, average daily active addresses have gone up by 3% from the same perspective.
The boost in activity on the network is largely credited to the introduction of incentive programs. This pertains to the Ecosystem Vault, the Gas Monetization Program, and Fantom Sonic. The community has expressed its optimism toward Fantom, with many speculating that it could raise the trading value of the native token.
Circulating Market Cap has fallen to $544.4 million (35.2%) compared to the previous quarter. The number peaked in the opening quarter of 2023, reflecting sentiments worth approximately $1251.5 million. Revenue has dropped unexpectedly to $0.7 million against $1 million for the previous quarter. That was also the highest in the last four sets.
While new and active addresses were taken into account from the very beginning, it is crucial to note that the number of active validators has come down to 57 from 61, with only Q2 and Q3 data available in the report. Total $FTM staked on the network has remained consistent at $1.4 billion for the fourth consecutive period.
The only factor to have changed continuously is the total USD staked on the network. That has dropped to $266.5 million, a fall of 35.1%. The opening quarter is again the duration when the ecosystem peaked, except this time it refers to total USD staked. That was worth $649.8 million, a 149.3% increase compared to the concluding quarter of 2022.
The trend does not precisely align with Fantom’s objectives, but the community remains optimistic. This is predicated on the rising trend of FTM, a token whose price has fallen by 1.33 percent in the last 24 hours to $0.2439. It has increased by 4.10 percent in the past week. Fantom forecast estimates that the token has the potential to end in 2023 at $0.70. It has also stated that an alternate level of $0.30 will instill a sense of confidence among buyers and holders alike.
The recent introduction of Fantom Sonic Upgrade, which incorporates FVM (short for Fantom Sonic Virtual Machine), supports Fantom’s growth and potential for a prosperous future.
The overall metrics of the Fantom ecosystem paint a picture of a fall. DeFi TVL dropped to $74.9 million, the average daily DEX volume dropped to $6.8 million, and the average daily NFT volume slipped to $0.2k. The average daily contract deployed is the only factor to have risen at a macro level, for the section reflects a jump of 34.4% to touch the milestone of 559.2k.