Hello there! As you may already know, the Contora team is engaged in analyzing crypto projects and finding beneficial insights for your investment decisions.
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Today I was just looking at our Reddit mentions data which we update on a weekly basis, and saw Fantom(FTM) project in it.
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm. It was created as an alternative to Ethereum.
FTM caught my attention because I haven't heard a thing about it since March, and it was hard to spot it in any of our tops by indirect metrics. Btw, as of late January 2022, the Fantom system was handling $12 billion of assets, making it the world’s third-largest blockchain system after Bitcoin and Ethereum.
Getting back to Reddit mentions, let's take a look at their sentiment:
The FTM's sentiment is closer to negative (0.2-0.3), and it's been on this level since February. Let's check some sample positive and negative mentions:
The main reason for negative discussion happened at the beginning of March - Anton Nell, developer for Fantom, and influential developer Andre Cronje, founder of decentralized finance (DeFi) projects like Yearn Finance (YFI), announced that they are quitting DeFi and indeed the cryptocurrency sector in general.
Tokens of the Fantom ecosystem saw a dramatic drop of more than 33% (and it keeps falling) after this breaking news. However, based on our development activity data, we see a massive drop in the number of active developers on GitHub starting from November 2021 (from 70 to 17):
Does it look like the end for FTM? Some people claim that yes, others make optimistic forecasts that it'll still reach some heights. The development activity doesn't look progressive, but they're still announcing new releases and activities on Twitter and their website's blog. One of the recent - Wallet v2 Beta Release. Still, the fact that they've lost the community's support that they had before can't be denied.
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