In the first quarter of 2024, Fantom (FTM), a Layer-1 protocol, experienced a remarkable growth spurt, catapulting its market capitalization by a staggering 101% quarter-over-quarter. This significant increase, from $1.3 billion to $2.6 billion, propelled FTM ten spots up the ranks to 48th among all tokens. The token's remarkable rally extended over two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.

According to a performance analysis by Messari, FTM has been a major beneficiary of the emerging crypto bull market, with substantial increases in key metrics and market capitalization. Despite a 53% quarter-over-quarter decrease in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD showed a 4% quarter-over-quarter increase, reaching $1.2 million. This revenue decline was attributed to reduced inscription activity across all smart contract platforms in Q1.

However, Fantom maintained an upward trend in average daily transactions, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% quarter-over-quarter to 40,500. In Q1, Fantom significantly reduced the staking requirement for validators from 500,000 FTM to 50,000 FTM to increase accessibility. Despite this reduction, the number of active validators remained unchanged at 55.

The total amount of FTM staked increased by 17% quarter-over-quarter, from 1.1 billion to 1.3 billion FTM. This resulted in a 135% quarter-over-quarter surge in the total dollar value of staked FTM, reaching $1.2 billion. By the end of Q1, Fantom ranked 22nd among proof-of-stake networks in terms of the dollar value of funds staked.

The "Memecoin Mania" trend contributed significantly to elevated on-chain activity across various networks, including Fantom. Total Value Locked (TVL) denominated in USD experienced a substantial 59% quarter-over-quarter increase, rising from $810.8 million in Q4 to $1.28 billion. Conversely, TVL denominated in FTM decreased by 21% quarter-over-quarter, indicating that the surge in USD-denominated TVL was partly due to FTM's price appreciation.

Fantom's average daily decentralized exchange (DEX) volume surged by 64% quarter-over-quarter, from $10.2 million to nearly $176.8 million. This remarkable growth demonstrates Fantom's increasing popularity and adoption, solidifying its position as a major player in the cryptocurrency market. As the crypto landscape continues to evolve, Fantom's phenomenal rise is undoubtedly one to watch.