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Tuesday, October 17, 2023

Ethereum rival Avalanche, Fantom TVL hits ATH amidst September blues

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by Chayanika Deka

Despite significant drawdowns in the market, Ethereum’s rival platforms such as Avalanche and Fantom have managed to garner traction. The market blues this month has not been kind to the decentralized finance [DeFi] ecosystem of Ethereum, which took a significant hit as part of a broader market meltdown.

However, Avalanche and Fantom are two names that have continued to mount higher. After a brief slump, the two platforms recorded a fresh all-time high with respect to total value locked in USD. According to DeFi Llama ↗, Avalanche’s TVL surged to $3.62 billion on the 26th of September, while that of Fantom neared a whopping $2 billion. Ethereum’s TVL, on the other hand, fell from a high of $144 billion to $123 billion this month.

Ethereum lay low as Avalanche metrics flip bullish

For Avalanche, the metrics have depicted high optimism. As per the above charts in the tweet, the blockchain activity is near the highest levels, as depicted by the daily fees burned. Contracts deployed on the network have been gradually rising, indicating growing confidence in the Avalanche ecosystem. The daily transaction count and monthly active addresses were high, further evidencing heightened participation.

The latest push in TVL figures comes amidst the long-awaited launch of Avalanche Rush incentives, which will kick off next week. The program includes a $700 million incentives program led by DeFi platforms Aave and Curve, according to Avalanche, and is expected to rake in more growth to the TVL as well as yields available to DeFi users.

The Avalanche ecosystem saw explosive growth after the first announcement of a $180 million liquidity mining incentive program backed by Aave and Curve Finance. Its native AVAX went on a massive rally after decoupling from the broader market price action.

Fantom’s Growth Trajectory

Despite being the leader in the blockchain industry, the Ethereum ↗ network’s congestion and high gas fees have paved the way for viable alternate projects. Fantom happens to be one such layer one smart contract platform that has enjoyed attention off late. It uses a directed acyclic graph architecture to fix issues concerning slow transaction speeds and high transaction fees.

The platform first gained its biggest momentum boost after the announcement of a 370 million FTM incentive program, made to lure new protocols and liquidity to the Fantom ecosystem. But the latest ATH comes after the launch of its much-anticipated NFT platform and marketplace Artion.io.

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