- In July, Multichain’s Fantom bridge suffered a hack.
- This resulted in a decline across the Fantom ecosystem in Q3.
In July 2023, the cross-chain router protocol Multichain was hacked. This resulted in the loss of $126 million worth of cryptocurrency on its Fantom [FTM] bridge, which had a significant impact on the network’s performance in Q3.
Read Fantom’s [FTM] Price Prediction 2023-24
On-chain data provider Messari, in a new report, found that due to the hack, Fantom witnessed a series of declines in some of its ecosystem metrics.
Firstly, its native token FTM experienced a large selloff in mid-August. This resulted in a 15% decline in the altcoin’s value between 16 and 18 August and a 35% fall in its circulating market capitalization during the quarter under review.
Further, a quarter-over-quarter (QoQ) assessment of Fantom’s network activity revealed a slight decline in usage in Q3. According to Messari, the protocol’s average count of daily transactions totaled 235,000 between July and September, falling by 15%.
Source: Messari
September brings slight cheer
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.
According to Messari:
“The 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.”
Source: Messari
Moreover, due to the hack, Fantom’s quarterly revenue climbed by 2% in July. This was because of the high activity on the network, which pushed gas fees to new highs.
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.
Realistic or not, here’s FTM’s market cap in BTC’s terms
However, after the initial revenue rally, “quarterly revenues decreased in the second half of Q3’23” to close the three-month period at $700,000. This represented a 32% decline from the $1 million recorded in protocol revenue in Q2.
The protocol’s DeFi ecosystem was not spared from the decline, as its total value locked (TVL) plunged by 70% in Q3.
“Many of the top DeFi applications on Fantom experienced a downturn in TVL throughout Q3’23. Notable protocols by TVL include SpookySwap (-71%), Tarot (-25%), Scream Finance (-45%), Beethoven X (-80%), and Tomb Finance (-14%),” Messari found.
Source: Messari
- In July, Multichain’s Fantom bridge suffered a hack.
- This resulted in a decline across the Fantom ecosystem in Q3.
In July 2023, the cross-chain router protocol Multichain was hacked. This resulted in the loss of $126 million worth of cryptocurrency on its Fantom [FTM] bridge, which had a significant impact on the network’s performance in Q3.
Read Fantom’s [FTM] Price Prediction 2023-24
On-chain data provider Messari, in a new report, found that due to the hack, Fantom witnessed a series of declines in some of its ecosystem metrics.
Firstly, its native token FTM experienced a large selloff in mid-August. This resulted in a 15% decline in the altcoin’s value between 16 and 18 August and a 35% fall in its circulating market capitalization during the quarter under review.
Further, a quarter-over-quarter (QoQ) assessment of Fantom’s network activity revealed a slight decline in usage in Q3. According to Messari, the protocol’s average count of daily transactions totaled 235,000 between July and September, falling by 15%.
Source: Messari
September brings slight cheer
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.
According to Messari:
“The 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.”
Source: Messari
Moreover, due to the hack, Fantom’s quarterly revenue climbed by 2% in July. This was because of the high activity on the network, which pushed gas fees to new highs.
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.
Realistic or not, here’s FTM’s market cap in BTC’s terms
However, after the initial revenue rally, “quarterly revenues decreased in the second half of Q3’23” to close the three-month period at $700,000. This represented a 32% decline from the $1 million recorded in protocol revenue in Q2.
The protocol’s DeFi ecosystem was not spared from the decline, as its total value locked (TVL) plunged by 70% in Q3.
“Many of the top DeFi applications on Fantom experienced a downturn in TVL throughout Q3’23. Notable protocols by TVL include SpookySwap (-71%), Tarot (-25%), Scream Finance (-45%), Beethoven X (-80%), and Tomb Finance (-14%),” Messari found.
Source: Messari
cost clomid without insurance how to buy clomiphene no prescription can i get clomiphene pills how to get cheap clomiphene pill where can i get generic clomid price can i order cheap clomiphene for sale clomid tablets
Thanks recompense sharing. It’s acme quality.
Good blog you be undergoing here.. It’s severely to find high status belles-lettres like yours these days. I truly recognize individuals like you! Withstand mindfulness!!
buy zithromax pills for sale – buy cheap generic ofloxacin flagyl 400mg pills
buy rybelsus 14mg generic – order generic periactin buy periactin cheap
buy motilium pill – oral tetracycline 500mg cyclobenzaprine 15mg canada
propranolol tablet – plavix price generic methotrexate 2.5mg
purchase amoxicillin online – amoxicillin medication buy ipratropium cheap
azithromycin usa – bystolic 5mg ca bystolic 5mg canada
amoxiclav medication – https://atbioinfo.com/ buy ampicillin generic
buy esomeprazole tablets – anexa mate nexium pills
how to get coumadin without a prescription – blood thinner buy losartan 50mg without prescription
buy mobic online – https://moboxsin.com/ cost meloxicam 15mg
brand prednisone – https://apreplson.com/ order deltasone 20mg online
buy ed pills best price – https://fastedtotake.com/ ed pills gnc
amoxicillin cost – https://combamoxi.com/ buy amoxil without a prescription
diflucan 200mg for sale – https://gpdifluca.com/# order fluconazole generic
purchase cenforce online cheap – cenforce price where to buy cenforce without a prescription
tadalafil 20mg canada – https://ciltadgn.com/ maximpeptide tadalafil review
zantac uk – on this site ranitidine 300mg uk
cialis genetic – site cialis dosages
I’ll certainly carry back to be familiar with more. brand nolvadex
buy viagra real – https://strongvpls.com/ buy viagra nhs
I am in point of fact happy to gleam at this blog posts which consists of tons of useful facts, thanks representing providing such data. https://buyfastonl.com/
More text pieces like this would make the интернет better. https://ursxdol.com/ventolin-albuterol/
With thanks. Loads of expertise! https://prohnrg.com/product/loratadine-10-mg-tablets/
More text pieces like this would urge the интернет better. https://ondactone.com/spironolactone/
This website absolutely has all of the bumf and facts I needed about this subject and didn’t know who to ask.
order avodart generic
dapagliflozin 10mg pills – this dapagliflozin where to buy
buy orlistat paypal – site oral xenical 60mg
This website really has all of the bumf and facts I needed there this case and didn’t identify who to ask. http://sols9.com/batheo/Forum/User-Kknghw