DEX Volumes Surge on Fantom, Will FTM Lead The Bull Run in 2024?

A crypto data analyst at Hashed, Subin An on X, has spotted notable developments in the Fantom decentralized ecosystem. According to An, since the DeFi summer of 2020, decentralized exchange (DEX) volume on Fantom has significantly decreased. However, he observed that the monthly active addresses (MAU) during the same period remained above 400,000.

The data analyst further noted that the volume of most DEXs on Fantom nearly doubled in the past week, signifying a potential rally for the ecosystem in the coming months. He also asked if the Fantom Foundation’s layer-1 solution could champion the anticipated surge like it did in the past.

An referenced data from Dune Analytics while making his point. He highlighted the impressive performance of Fantom-based DEXs, with SpookySwap claiming the top position in terms of 7-day volume. The novel DEX attracted an $81.8 million volume in the last seven days, reflecting a 163.3% surge.

Many DEXs on Fantom recorded over 200% volume increase in the past week, including Equalizer, Beethoven_x, and Curve. Such returns prompted An to ponder whether the Fantom network will stage a repeat performance of the last bull run.

Increased activity in the Fantom ecosystem has seen its native coin, FTM, rally from $0.3871 at the end of February to $1.1530 in less than one month. With this rally, FTM gained 200% and broke above multiple resistances to initiate a bull run. The recent surge mimics the early stages of FTM’s rally during the last bull run when the layer-1 solution surged nearly 2,500% in less than four months.

FTM traded for $1.0571 at the time of writing, with the price showing signs of more upside potential, according to data from TradingView. An thinks the resurgence in volume could support the developing bull run and position Fantom as one of the leading solutions in the 2024 bull cycle.