— FTX – Built By Traders, For Traders (@FTX_Official) January 18, 2022
Fantom is an alternative blockchain of Ethereum, founded by The Fantom Foundation in 2018, which launched the Fantom Opera mainnet in December 2019.
“Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps,” The Fantom Foundation says on their official website.
FTM is the native token of the Fantom network, it is used for staking, governance, payments, fees, and it is the 25th largest cryptocurrency by market capitalization, according to CoinMarketCap.
What Is FTX, and Why Is It Important That FTX Support FTM’s Mainnet?
I’m sure you have heard about FTX before, especially because of the big partnerships they made in 2021, like with the MLB and the naming rights of the Miami Heats arena.
FTX is one of the most known cryptocurrency exchanges, founded in 2018 by co-founder and CEO of the exchange Sam Bankman-Fried. One of FTX’s unique features is the “Tokenized Stocks”, where you can trade at any time a stock, for example of a giant tech company like Amazon.
The exchange uses its official token FTT in order to give you benefits if you hold it and trade it within the exchange, like for example having less trading fees.
FTX supporting the FTM opera mainnet is a big thing because you can now deposit and withdraw Fantom network tokens to/from the exchange, for example using Fantom’s fWallet.
Will This News Push FTM’s Price Up?
FTM has been on a pretty good run in the last week, having +20% gains in the last seven days and reaching a new all-time high of $3.30.
Today, FTM is trading at $2.86, being down 13% of its ATH, at the time of this writing. FTX supporting Fantom’s mainnet appears to not be reflecting on FTM’s price but is finding support at $2.80.
Usually, when a new ATH is reached, it comes after a correction phase which is where FTM is, but if good news keeps coming surrounding its ecosystem, probably the uptrend rally will continue.