These 2 DeFi Tokens Struck Big Gains Last Week, Outperforming Bitcoin, Ethereum

Fantom’s FTM/USD native token was the top gainer among cryptocurrencies last week, followed closely by Synthetix Network’s SNX/USD native token, which recorded a similar uptick in price.

Both tokens gained  24% over the last seven days, outperforming coins like Bitcoin BTC/USDEthereum ETH/USD and Dogecoin DOGE/USD.

Top Gainers of Week Ending July 25, 2022 (Data via CoinMarketCap)
Cryptocurrency 7-Day % Change (+/-) All-Time High Value/Date Reached % Change (+/-) Since All-Time High
Fantom (FTM) +24.5% $3.46 On Oct 28, 2021 -90.8%
Synthetix Network (SNX) +24.1% $28.53 On Feb 14, 2021 -88.5%
Apecoin (APE) +18% $26.7 On Apr 28, 2022 -76%
Curve DAO (CRV) +17%% $15.37 On Aug 14, 2020 -91.6%
Ethereum Classic (ETC) +14.5% $167.09 On May 06, 2021 -85.2%

Fantom’s Token Burns And Transaction Surge

A weekend update from a Fantom blockchain-focused analytics tool revealed that over 7.7 million FTM tokens have been burned to date. This equates to $2.3 billion worth of FTM being removed from circulation.

The blockchain also recorded an 87% uptick in daily transactions year-to-date — a significant percentage change compared to competing blockchains. The number of daily transactions on the Fantom blockchain stood at 1,012,742 as of July 18.

Synthetix Partners With Jump Crypto

 On July 21, Synthetix announced a partnership with trading firm Jump Crypto. Synthetix DAO said that Jump would be working closely with its ecosystem to support liquidity across the board.

The DeFi protocol’s sUSD bridge to Ethereum, which was enabled last week, facilitates sUSD transfers between the mainnet and Optimistic Ethereum. 

Another point of interest for SNX stakers is Kwenta’s launch of Futures trading on Optimism L2. This feature brings additional fees to SNX token stakers.

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Posted In: CryptocurrencyLong IdeasNewsMarketsTrading IdeasBitcoindogecoinEthereum
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