{"id":355053,"date":"2023-11-01T10:00:13","date_gmt":"2023-11-01T04:30:13","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=355053"},"modified":"2023-10-31T15:24:08","modified_gmt":"2023-10-31T09:54:08","slug":"fantoms-q3-performance-takes-a-hit-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/fantoms-q3-performance-takes-a-hit-heres-why\/","title":{"rendered":"Fantom&#8217;s Q3 performance takes a hit; here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em>In July, Multichain\u2019s Fantom bridge suffered a hack.<\/em><\/li>\n<li><em>This resulted in a decline across the Fantom ecosystem in Q3.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In July 2023, the cross-chain router protocol Multichain was <\/span><a href=\"http:\/\/ambcrypto.com\/fantom-following-multichain-bridge-hack-tvl-falls-to-a-two-year-low\/\"><span style=\"font-weight: 400;\">hacked.<\/span><\/a> This <span style=\"font-weight: 400;\">resulted in the loss of $126 million worth of cryptocurrency on its Fantom [FTM] bridge, which had a significant impact on the network&#8217;s performance in Q3.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/fantom-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Fantom\u2019s\u00a0 [FTM] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On-chain data provider Messari, in a new <\/span><a href=\"https:\/\/messari.io\/report\/state-of-fantom-q3-2023\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, found that due to the hack, Fantom witnessed a series of declines in some of its ecosystem metrics.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Firstly, its native token FTM experienced a large selloff in mid-August. This resulted in a 15% decline in the altcoin\u2019s value between 16 and 18 August and a 35% fall in its circulating market capitalization during the quarter under review.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, a quarter-over-quarter (QoQ) assessment of Fantom\u2019s network activity revealed a slight decline in usage in Q3. According to Messari, the protocol\u2019s average count of daily transactions totaled 235,000 between July and September, falling by 15%.<\/span><\/p>\n<figure id=\"attachment_355058\" aria-describedby=\"caption-attachment-355058\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/25517d7854a116d59b5b19029e4dae69e1a03b04-960x540-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-355058\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/25517d7854a116d59b5b19029e4dae69e1a03b04-960x540-1.webp\" alt=\"\" width=\"960\" height=\"540\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/25517d7854a116d59b5b19029e4dae69e1a03b04-960x540-1.webp 960w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/25517d7854a116d59b5b19029e4dae69e1a03b04-960x540-1-300x169.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/25517d7854a116d59b5b19029e4dae69e1a03b04-960x540-1-768x432.webp 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-355058\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<h4>September brings slight cheer<\/h4>\n<p><span style=\"font-weight: 400;\">Interestingly, while the first half of the quarter was marked by a fall in the transactions count on the protocol, its daily count of new addresses trended upward in September. This led to a 106% QoQ increase in daily new addresses on Fantom.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Messari:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe increase in daily new addresses coincides with the late-August launch of Estfor Kingdom, a blockchain-based game on Fantom. According to DappRadar, Estfor Kingdom hit a peak of 16,500 unique users on September 4, 2023. On the same day, there were 31,000 new addresses on Fantom. While Estfor Kingdom helped drive growth, there were likely other factors as well.\u201d<\/span><\/p><\/blockquote>\n<figure id=\"attachment_355059\" aria-describedby=\"caption-attachment-355059\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/c464252d1b6cb7a0999cc400cd8b0e304b0b55ae-960x540-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-355059\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/c464252d1b6cb7a0999cc400cd8b0e304b0b55ae-960x540-1.webp\" alt=\"\" width=\"960\" height=\"540\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/c464252d1b6cb7a0999cc400cd8b0e304b0b55ae-960x540-1.webp 960w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/c464252d1b6cb7a0999cc400cd8b0e304b0b55ae-960x540-1-300x169.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/c464252d1b6cb7a0999cc400cd8b0e304b0b55ae-960x540-1-768x432.webp 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-355059\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moreover, due to the hack, Fantom\u2019s quarterly revenue climbed by 2% in July. This was because of the high activity on the network, which pushed gas fees to new highs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Messari found that on the day of the hack, the average gas fee peaked at 10,200 Gwei, breaking the previous record of 9,650 Gwei on May 11, 2022.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">FTM\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">However, after the initial revenue rally, \u201cquarterly revenues decreased in the second half of Q3\u201923\u201d to close the three-month period at $700,000. This represented a 32% decline from the $1 million recorded in protocol revenue in Q2.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The protocol\u2019s DeFi ecosystem was not spared from the decline, as its total value locked (TVL) plunged by 70% in Q3.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cMany of the top DeFi applications on Fantom experienced a downturn in TVL throughout Q3\u201923. Notable protocols by TVL include SpookySwap (-71%), Tarot (-25%), Scream Finance (-45%), Beethoven X (-80%), and Tomb Finance (-14%),\u201d Messari found.\u00a0<\/span><\/p><\/blockquote>\n<figure id=\"attachment_355060\" aria-describedby=\"caption-attachment-355060\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/e7aff2f5585d0ee7ff9a51607d28235f35a6c2ed-960x540-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-355060\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/e7aff2f5585d0ee7ff9a51607d28235f35a6c2ed-960x540-1.webp\" alt=\"\" width=\"960\" height=\"540\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/e7aff2f5585d0ee7ff9a51607d28235f35a6c2ed-960x540-1.webp 960w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/e7aff2f5585d0ee7ff9a51607d28235f35a6c2ed-960x540-1-300x169.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/e7aff2f5585d0ee7ff9a51607d28235f35a6c2ed-960x540-1-768x432.webp 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-355060\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Due to the Multichain hack in July, Fantom experienced a number of declines across its ecosystem between July and September.\u00a0<\/p>\n","protected":false},"author":64,"featured_media":355062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-355053","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fantom&#039;s Q3 performance takes a hit; 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