FTM: the two ways up
Many fantomians are disappointed by the current price of Fantom blockchain native token: FTM. It's currently at less than 10% of its ATH, slowly slumping, and prospects don't look so good.
FTM has only two ways to go up:
FTM can rise back up because of external reasons, meaning the next bull run. When all the crypto market will start rising again, FTM will follow along with the pump.
If you can wait for this to happen, then, there is only one strategy to play: HODL.
- The crypto ecosystem can get decimated before we get out of this bear market and Fantom might very well be one of the casualties.
- Even if not dead, Fantom can have fallen into oblivion and never get back the attention it once had (although it's a great tech).
- If Ethereum finally sorts out its high fees problem, all other crypto projects will become useless. There will be just one mighty blockchain left, and all the others will just belong to history.
- A yet unknown Ethereum killer can appear during this probably long bear market, that fixes all the problems current blockchains have, and all the other projects will die (so basically, just like case 3 on my list, except it's not Ethereum, but another chain).
- Amazon, Google, MicroSoft, ... have the firepower to launch their own blockchain project, and because of their massive customer base, can very well win the blockchain race. Bye bye to the others, they'll just end up being tiny crypto communities battling over a fraction of the crypto universe. (I've been there, I built a weblog farm back around 2003 and got squashed like all other blog platforms by FaceBook and Twitter)
So, good luck to you HODLers. With a bit of luck, you're strategy will pay out, but it can also simply fail.
There is another way FTM can rise, even during this bear market: if a new application attracts users and attention to Fantom.
Blockchain are application platforms. A blockchain is useless if it has no apps running on it.
Take the case of Tomb: I've always been very suspicious about this useless token, and when you look at the tokenomics, Tomb, like all current Tomb forks, are designed to crash sooner or later. But Tomb attracted tens of thousands of users to Fantom. To enter the Tomb game, these users first had to buy FTM and connect to the Fantom blockchain.
The truth is: Fantom was at its peak when Tomb was thriving.
So the second strategy, is BUIDL. If we don't want to risk waiting for the next bull run, we need to build some killer app on Fantom. Make it good and useful. Fantomians will be the firsts to use it, and if it's good enough, it will start attract new users and attention to Fantom.
This would be a glorious way to make FTM rise again: not just because we are lucky enough to have survived until the next bull run, but because we have built something valuable on Fantom, and people come to Fantom to use it.
Doing my part
I'm no match with DeFi gods around here. There is no way I can outsmart the brilliant developers that have created the numerous DeFi protocols we currently see on Fantom.
I feel more confortable on the ground of publishing platforms (as I told you, I built a blog farm 20 years ago). That is why I am building StoryPress.info, a web3 publishing platform similar to Medium.
On StoryPress, you can easily write stories. Each Story is minted into an NFT, so you can easily swap, sell or put them to auctions. These stories can get comments, and reactions, that will make you earn some cherries (StoryPress's token). StoryPress's content is spread between the Fantom blockchain and IPFS (a decentralised immutable file system).
StoryPress has its own tokenomics, strongly inspired by Tomb forks.
This also means that if StoryPress gets used a lot, it will profit to all the people who have cherry trees (read the tokenomics story if you want to know what are they), which can be any of you, as you can buy cherry trees on SpookySwap.
If you enjoyed this article, or if you disagree with it, please consider leaving a comment, or a reaction. This will encourage me to carry on.