Messari: Fantom FTM Market Cap Declined 36% in Q2 2023

blockchain.news:

According to a report released by Messari, Fantom faced a decline in daily active addresses by 18% QoQ, while new unique addresses grew by 146% QoQ, coinciding with increased activity on LayerZero and Galxe. Daily transactions decreased by 24.4% QoQ.

The market cap declined 36% QoQ after the SEC took regulatory actions against Coinbase and Binance.US. Total Value Locked (TVL) in USD dropped 46% QoQ, and revenue in FTM increased by 35% (+22% in USD terms), while network value decreased by 36.1% QoQ.

Proposal 34 was passed to reduce the minimum stake required to validate from 500,000 FTM to 50,000 FTM, aiming to increase staking participation and decentralization. Active validators were 61, with a total staked of 1.3 billion FTM (~$400 million).

Several ecosystem growth initiatives were established, including the Ecosystem Vault, which amassed ~530,000 FTM by Q2 2023, and the Gas Monetization Program, launched in beta in Q2 2023, with over a dozen applications joining.

In the DeFi space, there was a significant decline in TVL due to concerns about Multichain in May. NFT secondary sales volume increased by 26% QoQ. Gaming is in its early stages, with several developer tools rolled out. Galxe emerged as a leading social application, growing its quarterly total of UAWs from 966,000 in Q1 to 3.4 million (+255%) QoQ.

Development activity saw unique smart contracts grow by 155% QoQ. Full-time developers decreased from 25 to 21 QoQ, while part-time developers increased from 44 to 56 QoQ.

Looking ahead, Fantom plans to introduce a new StateDB storage system, Fantom Virtual Machine (FVM), and account abstraction. These technological advancements are part of Fantom's commitment to remain competitive through continuous building