Fantom (FTM) price soars after a partnership deal with 123swap

Fantom (FTM) price has been on the rise since Monday November 22 after it unveiled a partnership with 123swap decentralised exchange.

Today, the price of FTM is up 10% to trade at $2.38 with a 24-hour trading volume of $1,212,936,814.

What is Fantom

Fantom (FTM) is a decentralized and scalable platform that plans to overcome the limitations of the current blockchain networks. The Fantom token holders can stake their holdings and earn staking rewards from the Fantom network.

Fantom works by recognizing the limitations of the current blockchains in the crypto world and planning on how to overcome them. The FTM platform is decentralized, scalable, permissionless, and open-source with an advantage over other major blockchains.

Fantom lowers the cost while increasing the performance of decentralized apps (DApps) via Lachesis, a directed cyclic graph (DAG)-based deterministic algorithm that runs the Opera mainnet of Fantom.

The main purpose of the Opera mainnet is to enable the use of smart contracts through Ethereum’s EVM (Ethereum Virtual Machine), this can be seen as an evolution from the standard blockchain.

Fantom network is completely independent therefore there is one traffic congestion that does not affect any other part of the network. This high level of scalability provides every application with a personalized blockchain with custom governance rules, tokens, and tokenomics.

Why is Fantom (FTM) price rising?

Fantom and 123swap had announced a new partnership earlier today to raise the visibility of Fantom in the 123swap ecosystem.

The integration will make Fantom more attractive as a potential asset involved in swaps. 123swap is one of the many platforms that allow cryptocurrency holders to swap their assets easily.

Currently, this ecosystem is experiencing a substantial growth spurt since the platform is adding one or two outside blockchains weekly. However, it is still at an early stage after its recent funding.

The positive news from Fantom is encouraging. In the bi-weekly operational update on Monday, Fantom said that its total locked values have risen by over 600% to $5.1 billion since the launch of its Incentive Rewards program for developers. However, last week it was revealed the total daily transactions hit a new record of over 1.8 million.