Cryptocurrency News

Fantom’s Arrival on Orbs L3 Enhances Its DeFi Capabilities

Fantom's Arrival on Orbs L3 Enhances Its DeFi Capabilities

Multi-chain interoperability has become a significant aspect of the DeFi in recent times. Although some projects like Wormhole are facilitating cross-chain connectivity between blockchains, it is still a developing area and comes with more security risks. On the other hand,  multi-chain connectivity is widely accepted as a plausible solution towards enhancing interoperability. Orbs is a decentralized public blockchain project that is operating with realizing multi-chain connectivity on a large scale. The project recently reached a new milestone in its journey as the Orbs L3 welcomed the Fantom blockchain on board.

Although launched back in 2019, the market realized the full potential of the Fantom blockchain during the 2021 crypto boom. In this particular year, FTM’s market cap increased by a huge margin putting the project on the map after two years since the launch. Moreover, the EVM compatibility of the blockchain helped the network welcome more than 100 dApps into the ecosystem. Currently, Fantom enjoys 5th position in the market with a $7.5 billion total value locked. With support from DeFi protocols like Multichain, Beefy Binance, and Curve, the project managed to hold on to the momentum it gained last year. Now, according to this thoroughly reviewed FTM price prediction, the token could reach $13 in five years with a whopping 500% growth.

This is exactly why projects around the DeFi seem interested in integrating the Fantom blockchain. The inclusion of Fantom in Orbs will definitely trigger some positive price action for ORBS in the market. Moreover, it would provide a great opportunity for these two budding projects to combine their resources and bring products on a large scale.  Similarly, we cannot understate the advantages layer-3 of Orbs would bring for the Fantom ecosystem.

Orbs define itself as a decentralized public blockchain. The primary purpose behind the creation of Orbs is to open up the opportunities of blockchain to large-scale applications. The blockchain is designed to be EVM compatible and uses a proof-of-stake model validated by permissionless nodes. Orbs’ blockchain model uses a tiered system with three layers. The recently developed layer-3 from orbs intends to enhance the EVM-based smart contracts. This is also reported to open up new avenues for developing areas like NFTs and metaverse.

As far as the historical data is concerned, both projects have shown similar growth since last year. Orbs already have integrated nearly a dozen networks, including Ethereum, Binance, Polygon, Solana, and Avalanche. This new development does not just expand the network Orbs but also enhances the interoperability of Fantom with these networks. So, FTM is expected to experience a significant increase in traffic following this integration. Moreover, this could be one of the factors that trigger the bullish sentiment for FTM prices in the market. FTM is currently trading at $1.41 with a 5% 24-hour increase.

Related posts

China’s Sneaker Trade Lands Up in Murky Financial Crisis

Joyce Novak

Japan-based Resona Bank Withdraws Its Partnership With Ripple-Based Payment App MoneyTap

Joyce Novak

Robinhood Announces Automatic Crypto Buying Service

Kenneth Nichols

Leave a Comment