The good contract platform Fantom and its FMT token stood out as the massive winner within the crypto market at present, after a large weekend worth rally fuelled by progress within the decentralized finance (DeFi) and non-fungible token (NFT) buying and selling. In the meantime, the Solana community’s native token SOL additionally shot greater, breaking by way of the necessary USD 100 degree for the primary time in its historical past.
On the time of writing (09:08 UTC), Fantom’s FMT token was up by 43% over the previous 24 hours to commerce at a worth of USD 0.7259. The value is additional up 30% for the previous 7 days, though it has not but managed to regain its all-time excessive of USD 0.9587 from Might this yr.
Equally, Solana’s SOL token was up markedly at present, buying and selling 7.5% greater over the previous 24 hours to a worth of simply over USD 99.65. The break of the numerous USD 100 degree for SOL first occurred between 2 and three am UTC, which means it occurred within the early hours of Monday buying and selling in Asia and late Sunday night time within the US, earlier than it retraced barely later.
The expansion for each platforms comes because the NFT house is continuous to warmth up, with NFT-related exercise accelerating on each Solana and Fantom.
Fantom, on its finish, reported a surge in NFT buying and selling final week, whereas the overall worth locked (TVL) in DeFi-related protocols on the community has additionally accelerated over the previous month, according to information from Defi Llama. Because the time of writing, Fantom’s TVL stood at practically USD 600m, greater than doubling in a month.
On the similar time, the creator of the main DeFi protocol Yearn.Finance (YFI), Andre Cronje, has stepped up his shilling of the Fantom venture with a collection of tweets in latest days, whereas receiving praise from the group in return:
Meanwhile, the much larger Solana network has also seen massive growth in the total value locked on the platform, moving from USD 1.22bn on August 1 to more than USD 3bn today, per Defi Llama. Not surprisingly, the rise in DeFi utilization on the platform has additionally pushed the worth of SOL greater, rising greater than 170% from about USD 35 firstly of the month.
The expansion for Solana additionally comes because the group teased an “Ignition” occasion set to start on Tuesday this week. It’s nonetheless unclear what precisely “Ignition” refers to, with some customers speculating it’s a token burn occasion, and others believing it to be a kind of launch occasion for decentralized software (dapp) builders.
And whereas followers should wait and see what the Solana group is planning, the worth of SOL has remained sturdy out there, regardless of a suspected “rug pull” earlier within the month. The token has saved the highest 10 place that it secured two weeks again, at the moment rating because the eighth most beneficial cryptoasset, per CoinGecko’s rating.