Tuesday, January 25, 2022
HomeDaily Hodl NewsOne Ethereum Rival Eyes Major Breakout After Gaining $1,200,000,000 in Total Value...

One Ethereum Rival Eyes Major Breakout After Gaining $1,200,000,000 in Total Value Locked: Delphi Digital

Crypto research firm Delphi Digital thinks a blockchain platform designed for decentralized finance (DeFi) could be the next major player among layer-1 scaling solutions.

In its Delphi Daily tweets offering updates and insights about the crypto space, the firm tells its 103,700 followers that Fantom (FTM) is defying an industry-wide downtrend by racking up an additional $1.2 billion in total value locked (TVL).

“While the TVLs across crypto have stagnated, @FantomFDN’s ecosystem has been vibrant.

Fantom has gained $1.2B (+20%) in TVL over the past week.”

Source: Delphi Digital/Twitter

The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

The Fantom Foundation also took to Twitter to celebrate surpassing the $10 billion TVL milestone.

Just over a year ago, Fantom said in a blog post that it envisioned itself as an “Ethereum helper, a solution to transfer some of the load off Ethereum to Fantom’s high-performance network.”

At that time, FTM was valued at $0.02 while Ethereum (ETH) had a price of $638.

Today Fantom is valued at $2.96, marking a 148x increase, whereas Ethereum at $3,315 has pulled slightly more than a 5x.

Delphi Digital wraps up its cryptocurrency analysis by reporting on findings that suggest optimistic horizons for Bitcoin (BTC) after a rough two months.

“On-chain data shows that throughout January’s price slump, long-term holders have accumulated Bitcoin after months of offloading Bitcoin at the end of last year.

Coupled with the correlation data shown yesterday, it illustrates a transference from shorter-term ‘weak hands’ to long-term ‘strong hands.’

A rise in long-term holder accumulation could be a positive indicator for Bitcoin price.”

Source: Delphi Digital/Twitter

At time of writing, Bitcoin is moving sideways and trading at $43,709.

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Featured Image: Shutterstock/Shaiith/andregric

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