Nansen Analytics Platform Expands to Fantom, Highlighting Emerging DeFi Ecosystem
Popular blockchain analytics platform Nansen extended coverage to the Fantom blockchain today, highlighting a growing decentralized finance (DeFi) ecosystem.
The hedging comes at a time when Fantom is becoming a popular DeFi sidechain – a non-ETH Layer 1 sporting faster settlement times, lower fees and often a higher upside, if riskier. yield farms and investments. The string represents $ 5 billion in total locked value (TVL), by DeFi Lama.
Nansen is a popular tool among traders and yield farmers, allowing users to analyze and often copy the trading activities of well-known portfolios. Nansen currently supports Ethereum and Polygon, and CoinDesk noted that recently released Fantom dashboards appear to have significantly fewer ‘tagged’ addresses – a sign that team and community analysts haven’t cast a net also thorough in identifying individuals and funds on the channel, one of Nansen’s best features.
Fantom is one of a growing number of Layers 1 competing to attract cash and DeFi users with massive incentive programs worth hundreds of millions of dollars in tokens. In the case of Fantom, the Fantom Foundation has committed $ 314 million in tokens for teams that meet certain TVL thresholds.
In a statement to CoinDesk, Nansen CEO Alex Svanevik praised Fantom’s efforts to solve the “trilemma” – a design theory claiming that blockchains can only ever be optimized for two of decentralization, of scalability and security – while noting that the DeFi blockchain ecosystem is already showing promise. signs of growth.
“This is still the start of Fantom, with just over 30 protocols on the blockchain,” he wrote, “but I’m very excited to see what’s to come.”
In a report accompanying the new cover, Nansen’s research team discovered that Fantom is a burgeoning channel.
Compared to Ethereum, the number of new contract and transaction deployments per day has increased, with both briefly exceeding Ethereum’s at various times over the past month.
Likewise, the chain has large amounts of stablecoins – essential for ensuring the liquidity of a chain – mainly consisting of USDT. However, the report noted that “at the end of September, when the crypto market as a whole saw a downturn, stablecoin activity on Fantom also followed the downward trend.”
Perhaps most promising, however, is the growing number of sophisticated Nansen-tagged addresses migrating to the channel. Nansen tags certain addresses that have successfully passed different stages: the “Flash Boys” label, for example, is awarded to addresses that have carried out several decentralized exchange transactions in a single transaction that have been profitable.
Nansen’s report notes that Fantom is currently very popular with the Flash Boys – likely arbitrage traders profiting from volatility and low fees – as well as “Smart LPs” or high performing liquidity providers.
The influx of sophisticated ecosystem players could be a sign of growing adoption of the channel, the Nansen report notes.