State of Fantom Q2 2024

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Key Insights

Financial Overview

Market Cap and Revenue

After an outperformance during Q1, FTM cooled off in Q2 alongside the broader crypto market. The circulating market cap decreased 41% QoQ from $2.8 billion to $1.7 billion. Despite this correction, FTM’s circulating market cap is 94% higher YoY ($0.9 billion at the end of Q2’23). By the end of Q2’24, FTM’s market cap among all tokens fell

The FTM token underwent a series of supply dynamic changes between Q4’22 and Q1’23. During Q4’23, the Ecosystem Vault

Usage

In Q2’24, Fantom had an average of over 223,000 daily transactions, down 10% QoQ from 247,000. This downtrend was likely due to the broader crypto market slowing down after a highly active

Average daily new addresses decreased by 47% QoQ, from 9,500 to 5,000. Q2’24 averaged the lowest amount of daily new addresses since Q3’22

In Q1, the staking requirement to operate a Fantom validator was reduced

DeFi

Fantom TVL denominated in USD decreased from $127.1 million in Q1 to $91.2 million, a 28% QoQ decrease. By the end of the quarter, Fantom ranked

Fantom remained one of the most diverse DeFi ecosystems amongst all smart contract platforms in Q2. Fantom’s DeFi Diversity Score, which measures the number of protocols that make up the top 90% of TVL, remained flat at 16.

The average daily DEX volume on Fantom slightly decreased by 2% QoQ from $16.9 million to $16.6 million. However, looking at volumes on a monthly basis, each month of Q2 was higher than every month in Q1’24 and Q4’23 except for March.

In Q3’23, Fantom was affected by the Multichain exploit

One of Fantom’s main growth initiatives for its ecosystem is the Gas Monetization program

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