Fantom had two noteworthy positive developments in the last week. It just reported a record high in daily transactions count on Nov. 24. The Fantom network [FTM] supported the increase in activity through the launch of the Fantom Inscription FRC – 20 protocol on the blockchain.
As a result, the network reported 2.94 million transactions. Despite the increased activity, FTM prices did not change. It peaked at 0.34 last week before falling to nearly 0.28 on Nov. 21. It closed at 0.32 on the weekend.
On Nov. 21, the Fantom Foundation awarded a $1.7 million bounty. This prevented a significant $170 million worth of vulnerability. The foundation discovered that a hacker could have drained that amount using the wallet access. Fortunately, it mitigated the vulnerability. As a result, it awarded an unnamed research $1.7 million to recognize the contribution. The foundation announced that it “is dedicated to upholding the highest security standards for our platform, and we remain grateful for the security researchers who contribute to this effort.”
Your Takeaway
Fantom’s introduction of the FRC-20 protocol increases user interest in crypto. It adds new possibilities for token inscription. Although it helps NFT creation, investors should be wary of it. NFT prices plunged and are unlikely to recover.
