Fantom Token Surges 35% Amid Coinbase Wallet Support Announcement

Fantom announced on September 1 that its network is now supported on Coinbase Wallet, which means users can access and interact with the decentralised applications (DApps) available on the Fantom mainnet. The price of Fantom token (FTM) surged by over 35 percent amid the announcement.

Fantom’s Transaction Count Up 2400% Since May 

Given the high performance and scalability of the Fantom network, it has attracted lots of decentralised projects, including Sushiswap, Curve and C.R.E.A.M (aka Cream Finance). The transaction count and value of digital assets locked on the network have also increased by 2,400 percent to over US$750 million since May. 

With Coinbase Wallet, users are provided more options to easily participate with the fast-growing Fantom DeFi ecosystem. Additionally, the wallet can be synched with Fantom fWallet to enable users to stake and earn FTM rewards. 

To set up the Coinbase Wallet, users need to:

• Select Fantom Opera as Active Network on Coinbase Wallet mobile app.
• Download Coinbase Wallet extension on desktop and scan the QR code using the mobile app.
• Deposit FTM or supported coins to the extension. 
• Connect the extension to Fantom fWallet or supported DApps to explore the opportunities.   

Following the announcement, the price of FTM surged from A$0.9638 to A$1.3035, which represents a +35 percent increase. 

What is Fantom Token About?

Fantom is a Directed Acyclic Graph (DAG) platform that aims to address the scalability issues facing smart contract platforms. The Fantom token makes up a significant part of the network. FTM serves as the governance, staking and transactional currency of the Fantom network.

The price and market capitalisation of FTM has more than doubled over the past seven days, following a series of announcements from the team. Recently, Fantom declared a US$370 million incentive program for developers to build and grow DeFi protocols on the network.