Social Media Metrics Show Fantom’s August Price Increase is Likely Influenced by New Users
Social media metrics offer insights into the on-the-ground adoption of a cryptocurrency project and the interests of the average cryptocurrency investor.
One project that has seen a recent significant increase in various social media metrics, including mentions, engagements, and average daily social contributions, is Fantom. A rapidly growing layer-1 smart contract platform, Fantom utilizes a directed acyclic graph architecture to achieve unparalleled speed and scalability.
According to data from LunarCrush, over the month of August, the social media mentions for Fantom saw an impressive 34.08% increase compared to July, with a total of 67,305 mentions.
Numerous factors have driven engagement with the project, including the bridge to the widely used Ethereum network and the many NFT projects that have begun to develop on the platform to take advantage of its low costs and speed.
Further evidence of Fantom’s gains in 2021 can be found by looking at on-chain data, which shows that the community now boasts 677,430 unique addresses that regularly complete more than 1.5 million transactions a day.
Another factor in Fantom’s explosive growth has been the launch of multiple decentralized finance (DeFi) protocols on the network, such as SpiritSwap, SpookySwap, and the multi-chain, stablecoin-focused automated market maker Curve.
As a result of the rapid expansion of the Fantom network and its growing DeFi ecosystem, the total value locked on the protocol reached a new record high of $1.4B on September 9, 2021, according to data from DeFi Llama.
Together, these factors have helped lead to a nearly 96% rise in monthly social engagements with an average of 1,660 unique daily social contributors.
With a strong and growing community supporting a team of passionate developers focused on building the next generation of blockchain protocols, the future is looking bright for the Fantom network as it establishes its place in the expanding blockchain universe.
Image by Gerd Altmann from Pixabay