Smart contract platform Fantom (CRYPTO: FTM) overtook Ethereum (CRYPTO: ETH)-rival layer one blockchain Avalanche (CRYPTO: AVAX) in terms of daily transactions at the start of 2022.
What Happened: The rise in transactions was attributed to a shift of “opportunistic capital” to the yield farm on Fantom with high yields on stablecoins to the tune of approximately 30-60% APR, said Delphi Digital, in an emailed note.
Daily Transaction Count On Selected Chains — Courtesy Delphi Digital
As per a chart shared by Delphi Digital, ETH daily transactions have remained in the region of 1.2 million, while FTM's have exceeded the 0.8 million mark and AVAX's have fallen below that level.
Adding momentum to Fantom are new projects. The independent research firm pointed to a new project launch from Frog nation’s Daniele Sestagalli and DeFi developer Andre Cronje, as an example.
See Also: How To Buy Fantom (FTM)
Why It Matters: Both FTM and AVAX saw impressive gains in 2021. While FTM gained 12959% through the year, AVAX rose 13000%.
FTM touched an all-time high of $3.48% in October, while AVAX rose to its all-time high of $146.22 in November, according to CoinMarketCap data.
In 2022, Fantom has taken a lead in terms of gains with 13.1% year-to-date gains, while AVAX has fallen 14.7% since the year began.
Price Action: At press time, over 24 hours, Fantom traded 9.5% higher at $2.69 while AVAX traded 11.9% lower at $92.78.
Read Next: Was Solana Really Brought Down Again By DDoS Attackers This Week?
