Fantom Q2 Performance: Financial Metrics React To Sonic Blockchain Anticipation

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In USD terms, revenue decreased 38% QoQ from $1.2 million to $0.8 million.  This decline follows a spike in Q3 2023 due to activity around non-fungible token (NFT) inscriptions, but according to Messari, revenue is expected to rebound as on-chain activity picks up across the broader crypto space.

The Fantom blockchain saw mixed performance in the second quarter (Q2) of the year, with key financial metrics cooling amid the broader cryptocurrency market downturn and the Fantom Foundation’s announcement to rebrand as Sonic Labs, according to a new report from data intelligence firm Messari.

The Ecosystem Vault and Gas Monetization program were introduced in Q4 2022, reducing the burn rate of transaction fees from 30% to 5% and reallocating the remaining 25%.  By the end of the second quarter, the circulating supply of the protocol’s native token FTM reached 2.8 billion, with an annualized inflation rate of 3% – up 25% quarter-over-quarter.

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Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: United Kingdom

Topics: FTMUSDT Fantom news Fantom (FTM) Crypto Cryptocurrency Crypto news Fantom DeFi FTMUSD Fantom Sonic Fantom Fantom price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-10 @ 02:00:23 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 467 words

Reading Time: 3 minutes read

Sentences: 73 lines

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Copyright Owner: © NewsBTC

News ID: 22002769

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