Transactions on emerging layer 1 blockchain Fantom crossed those on Avalanche this week as crypto users looked for the next decentralized finance (DeFi) play. Layer 1 blockchains refer to individual blockchain platforms such as Ethereum, Fantom and Solana that can support products and services built atop their networks.
More than 1 million transactions were processed on the Fantom network, compared with 728,000 transactions on Avalanche earlier this week, research from Delphi Digital found. Such transactional activity on Fantom was previously seen in September, data from blockchain trackers show. 📈
“As the narrative rotates from Avalanche to Fantom, it’s not surprising to see it reflected in transactions. Opportunistic capital moved over to yield farm on Fantom with high yields on stablecoins of around ~30-60% APR (annual percentage rate),” Delphi Digital analysts said in the note.
Both networks have processed more than 853,000 transactions in the past 24 hours, with the surge in Fantom mainly driven by upcoming DeFi projects and users interacting with current ones.
