Interoperability has emerged as the hot topic in February as platforms like Binance Smart Chain and Polkadot work on building Ethereum network bridges that allow users to escape high transaction costs and network congestion.
Fantom (FTM) is the latest project to receive a boost by offering cross-chain functionality with Ethereum, and data from Cointelegraph Markets and TradingView shows a 1,570% increase in FTM price from $0.025 on Jan. 23 to a new high of $0.43 on Feb. 21.
FTM/USDT 4-hour chart. Source: TradingView
Three fundamental reasons for Fantom’s current rally are the release of a cross-chain bridge between Ethereum and Fantom, the roll-out of on-chain governance features and the ability to stake tokens on the network while still accessing their value for use in the decentralized finance ecosystem.
Yearn.finance helps facilitate a cross-chain bridge to Ethereum
On Feb. 21, Fantom, with the help of Andre Cronje of Yearn.finance, announced the development of a cross-chain bridge with Ethereum that allows