Leveraged DeFi Coming to Fantom – Will This Turn FTM Bullish? - Forex News by FX Leaders
Fantom finding support at the 20 daily SMA

Leveraged DeFi Coming to Fantom – Will This Turn FTM Bullish?

Posted Sunday, February 13, 2022 by
Skerdian Meta • 2 min read

Fantom has become a very interesting blockchain, as it expands in the DeFi (decentralized finance) space within the crypto industry. The Fantom network is compatible with Ethereum that runs on the Java Runtime Environment (JRE) and JavaScript, which makes it more attractive for programmers. Fantom is a highly scalable blockchain platform for DeFi and crypto dApps (decentralized applications) built on a consensus mechanism through its Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake.

Fantom ranks among the top 30 cryptocurrencies by market value with a market cap of $5, while the TVL stands at around $10 billion. This is a strong sign that the DeFi sector in Fantom is very healthy. Fantom has three blockchains in reality, which take on different tasks and is the reason for the speed of transactions. So, the number of DeFi applications built on Fantom has been increasing fast. The top three decentralized apps on Fantom by TVL are Multichain (MULTI), SpookySwap (BOO) and Geist Finance with a combined TVL amount of $4.5 billion.

Stader Labs Introducing Liquid Staking Pools to Fantom

Stader Labs is a cryptocurrency staking platform with liquid staking pools and next-generation staking infrastructure. It is expanding to the Fantom network, with the implementation being complete by March. When the integration is complete Fantom users will be able to participate in liquid staking.

This means that users who have staked FTM, can mint liquid tokens on these stakes FTM and then use these minted tokens to reinvest in Fantom or on other DeFi schemes in other networks. This means that you can now leverage staking on Fantom and increase the interest collected exponentially. Stader labs will also introduce stake pools where users can easily earn staking rewards. On top of this, Stader will also increase network decentralization by spreading stake among more validators.

FTM Ready to Bounce Off Support?

The 200 SMA has caught up again with the FTM price

Fantom coin has been among the most bullish cryptocurrencies since last August. FTM/USD increased from around $0.20 to $3.48, forming support levels as buyers kept pushing higher.  Fantom had another go at the all-time high in January, despite the crypto market being in the middle of a bearish period.

FTM retreated lower again, but the support zone at below $2 is holding. Now, the 200 SMA (purple) which held as support on the daily chart during the previous pullback in November, is adding extra strength to the support zone. Yesterday the price formed a doji candlestick which is a bullish reversing signal and the stochastic indicator is indicating that the price is oversold, so this looks like a good time to buy FTM coins. We have an open buy FTM/BTC trade and might open a buy FTM/USD trade, which you can follow on our live forex signals page.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments