Fantom growth in high ‘triple digits’ despite crypto winter

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Phantom Growth in High 'Triple Digits' Despite Crypto Winter Phantom Growth in High ‘Triple Digits’ Despite Crypto Winter
Phantom Growth in High 'Triple Digits' Despite Crypto Winter

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Cover art/illustration via Cryptooshala

On 24 December, André Cronje, who had rejoined the Phantom Foundation as a singer in November, Posted Phantom (FTM) performance review in 2022. Cronje left the world of crypto and decentralized finance (DeFi) in March, causing an uproar at the time.

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According to data from FTMScan shared by Cronje, the annual growth of daily transactions on the Phantom Network reached 131% between 2021 and 2022. This lags far behind the network’s annual growth of 12,998% in 2020-2021. Cronje explained that daily transactions indicate how much activity users do on-chain.

The annual increase in average block size on the Phantom Network is set to reach 163% in 2022, compared to 25% in 2021. According to Cronje, the increase in block space equates to users paying more to have their transactions included.

Daily gas usage, which indicates how much users are willing to pay to add their transactions to the network, has increased by 86% over the past year. In comparison, the daily gas used on Phantom has increased by 9425% in 2020-2021.

Daily Verified Contracts measures the number of new contracts verified on Fantom. “It’s a leap to translate this into developer activity, though, so close to it,” Cronje wrote. According to FTMScan data, daily verified contracts on Phantom increased by 70% in 2022 compared to 1400% in 2021.

Citing data from Defilama, Cronje said that Phantom’s total value locked (TVL) increased by 216% in 2021-2022. However, this growth is less as compared to the 49,089% annual TVL growth achieved in 2020-2021.

Daily Active Users (DAUs) on Phantom grew by 41% in 2021-2022 as compared to 5589% in the previous year. Furthermore, the monthly average active developers increased by 41% in 2022, compared to 50% in 2020-2021.

Finally, Cronje said that the FTM price is set to increase by 18% in 2021-2022, compared to an annual increase of 2025% in 2020-2021. At the time of writing, FTM is trading at $0.203, down 94.21% from its all-time high of $3.526. cryptoslate statistics

Cronje concluded that despite the slowdown in growth amid the crypto winter, Phantom’s growth metrics remain in the “high double and triple digits”, which is very high for “any tech or growth industry”. she added:

“We can see that Phantom has been able to achieve this growth with very little incentive and can continue to achieve this sustainable growth.”

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