THELOGICALINDIAN - Alternative Layer 1 chains like Solana Terra and Avalanche bedeviled the crypto bazaar in the additional bisected of 2024 Now added acute arrangement networks are starting to draw huge absorption
Fantom and NEAR are two of the latest Layer 1 bill to rally.
Crypto Layer 1 Boom Continues
Layer 1 advertising isn’t asleep yet.
Several acute arrangement blockchains accept apparent their built-in tokens assemblage this anniversary admitting a abatement amid above assets like Bitcoin and Ethereum. Two of the latest winners are Fantom and NEAR Protocol.
FTM has jumped 15.5% in the aftermost 24 hours, currently trading at $2.88. NEAR, meanwhile, is up 16.1%, trading at $16.91. The acceleration comes amidst a bullish spell for both assets: FTM is up 109.3% in the aftermost 14 days, while NEAR has acquired 97.7% in the aforementioned period. Other Layer 1 assets like Oasis Network, Celo, and Harmony accept additionally risen, admitting their assets accept been beneath significant.
Interestingly, the accepted DeFi builders Andre Cronje and Daniele Sestagalli accept been affliction affairs for a new Fantom-based artefact on Twitter over the aftermost few days, which may accept contributed to Fantom’s abrupt jolt. “What’s frog nation’s multisig abode on Fantom? Asking for a friend…” Cronje wrote Monday. The Yearn.Finance architect had previously confirmed that he was planning to “deploy a new experiment” on Fantom in January. Following Cronje’s tweet, Sestagalli warned his followers that “FTM division is coming.” Crypto enthusiasts generally accredit to “seasons” due to the acceleration at which the amplitude moves: backward 2021 saw a alleged NFT season, a dog bread season, and a Metaverse division in the amplitude of a few months as traders rotated amid altered niches in the crypto ecosystem.
The “Frog Nation,” meanwhile, refers to a association that has formed about Sestagalli’s Abracadabra.Money, Wonderland Money, and Popsicle Finance, three avant-garde projects that abode accent on attention decentralization in DeFi. Many accept categorized this new apartment of articles beneath a new movement alleged “DeFi 2.0” alongside the brand of Tokemak and Olympus DAO.
Following the latest rise, Fantom has a bazaar cap of $7.3 billion, while NEAR’s is about $10.1 billion. Although both networks accept apparent abundant advance over the aftermost year, they were overshadowed by Solana, Terra, and Avalanche—three Layer 1 networks that accept exploded in contempo months acknowledgment to accelerated advance in their corresponding DeFi ecosystems. While Ethereum was advised bottomward by its big-ticket gas fees throughout 2024, abounding bazaar participants angry their absorption to the alleged “SOLUNAVAX” narrative, a advertence to SOL, LUNA, and AVAX. Solana was the aboriginal of the three to adore its own “season” as it went parabolic, followed by Avalanche, and assuredly Terra.
While the bazaar looked all-a-quiver throughout abundant of December, 2022 has kicked off with several lower cap bill outperforming above assets. Following a anemic end to 2024, both Bitcoin and Ethereum accept both apparent a slight tumble in the aftermost 24 hours, blame Solana, Terra, and Avalanche added into the red. However, based on the contempo achievement of Fantom and NEAR, it looks like abounding traders are authoritative yet addition Layer 1 rotation.
Disclosure: At the time of writing, the columnist of this affection endemic ETH, FTM, and several added cryptocurrencies. Andre Cronje is an disinterestedness holder in Crypto Briefing.
