Why is L-1 blockchain Fantom (FTM) crypto rising?

The Fantom (FTM) crypto rose 5.61% to US$0.7929 at 8:00 am ET Tuesday after the Fantom Foundation said it would gift a pass to the CoinDesk’s Consensus 2022 Festival in Austin, Texas, to one lucky member of the community.

The crypto rallied following the announcement.

The festival will be held from June 9 to 12. Around 15,000 people and over 300 speakers will likely participate in the event. The festival has drawn more than 250 sponsors.

The event will hold discussion sessions on blockchain, Web3, crypto and the metaverse.

Investors, business leaders, and policymakers, among others, will participate. According to the organizers, the delegates will deliberate on the impact of blockchain on the financial, political, environmental, and social aspects of society. 

F1 driver Pierre Gasly was scheduled to start distributing his second NFT collection, Helmet Collection, on Fantom on May 2. The collection was to have three exclusive NFTs. On May 5, Fantom will hold a sale event for additional 500 NFTs managed by Infinity NFT. 

Let’s understand what Fantom is.

What Is Fantom (FTM)?

Fantom is a directed acyclic graph (DAG) smart contract platform. It offers developers decentralized finance (DeFi) services through its consensus algorithm.

Fantom Foundation, which developed the Fantom products, was created in 2018. 

Also Read: Why is metaverse-based Plutonians (PLD) crypto rallying?

The layer-1 Fantom blockchain is an open-source, decentralized smart contract platform developed as an alternative to Ethereum for DApps and digital assets. 

Its key strengths include transaction processing power. The blockchain boasts of settling transactions in 1-2 seconds at a fraction of the cost. It aims to overcome the limitation of previous generation blockchains by balancing scalability, security, and decentralization.

Also Read: What is socialize-to-earn Gamium (GMM) crypto? Things to know

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