Phantom (FTM) saw a consistent price increase throughout 2021, making it among the cryptocurrencies that stole the attention of investors.
However FTM failed to hold on to a daily high for 2022, $ 3.4 on January 17 before slipping to a daily low of $ 0.24 on May 12, a record low since August 5, 2021.
Observations today found FTM had jumped over 115%, touching a daily high, $ 0.52 on May 23rd.
At the time of writing, FTM is slightly down from yesterday’s record, trading at 0.45, maintaining a jump of over 86% since May 12th.
The positive change in the price of FTM is apparently driven by several factors:
The first Stablecoin in Fantom
The Phantom Foundation has announced the presence of its first stablecoin, fUSD in this network.
For now fUSD is not marketed on leading crypto platforms but is already traded on SpiritSwap, SpookySwap, and Tombswap.
According to the Phantom Foundation, fUSD does not have the same characteristics as UST instead it resembles DAI.
The yield of fUSD depends on the amount of FTM entered for staking.
New collaboration
Phantom has partnered with Unmarshal and XP.Network
Unmarshal - a provider of Web 3.0 infrastructure that makes it easy for developers to organize data on a network.
XP-Network-supports non-fungible token (NFT) link between Ethereum (ETH), BNB Smart Chain (BNB), Elrond (EGLD), Aurora (AURORA), Tron (TRX), Avalanche (AVAX), and Velas ( VLX).
The integration between Phantom and Snapsync will also help sustainability, improve network stability, and create more freedom.
Phantom is also in the process of launching Gitcoin for the purpose of facilitating grant applications for ecosystem growth.
Will DeFi builders return?
There is speculation that DeFi's chief developer, Andre Cronje, will return to Phantom.
The speculation began on May 20 when Cronje submitted an optimization proposal for the stablecoin depegging issue.
Following the news, the price of FTM recorded a jump of almost 40%.
The three factors mentioned earlier are the main factors that support the increase in FTM prices.
At the same time, there were also purchases of more than 100 million FTMs in the last two weeks. This adds further support to the FTM price spike.
If interest in FTM is on the rise, it is not impossible that this coin exhibits bullish for the long term.
