DeFi market records a meteoric surge as August comes to an end. While the total value locked across all DeFi projects is poised to skyrocket, longshots like Fantom (FTM), and Celo (CELO) have managed to post impressive gains of over 50% in the past 24 hours.
Fanton has printed a massive upsurge of 340% since July. At present, the token is trading at $0.83, up 74% in the last 24 hours. Celo (CELO) comes across as another massive gainer. The token has amassed 81% gains in 24 hours, and is presently trading at $7.62. It is worth noting that the surge in both projects can be attributed to the strengthening of DeFi markets.
On Monday the Fantom Foundation announced an incentive program worth $250 million through which the group will distribute 370 million FTM as rewards to builders, protocols and teams who bridge assets to FTM blockchain and engage with the space.
Announcing a 370 million FTM incentive program for builders!
If you're a protocol team, we'll reward you for sustaining and increasing your TVL on Fantom.
Start building today! #buildonfantom https://t.co/AFvAayhsEe
— Fantom Foundation (@FantomFDN) August 30, 2021
Although Ethereum is the most utilized blockchain in NFT and DeFi space, Fantom has proved itself to be one of the most promising scalable Layer 1 platforms offering EVM compatibility. Fantom hosts some very popular blue-chip DeFi protocols like SpiritSwap, Tomb Finance, Cream Finance, Tarot, as well as Ethereum natives like Curve Finance and SushiSwap.
These recent developments have driven FTM’s sudden upshot. It is also worth noting that the token started climbing up from Sunday and rallied more when the news of the incentive program was broken.
CELO price skyrocketed on Monday after the launch of a $100 million “DeFi for the people” initiative by Celo in partnership with multiple partners including AAVE, SushiSwap, Curve, Ox, UMA, Valora, Ubeswap, and Moola Market among its founding partners.
The initiative is built on the Celo blockchain with the aim to make DeFi accessible for the world’s 6 billion mobile phone users. Per the release, nearly 5 million people use DeFi applications. Amongst which 90% belong to developed countries. Celo’s mobile-first platform will bring DeFi to the fingertips of anyone with a mobile phone.
It is worth noting, decentralized finance (DeFi) sector has seen explosive growth this year. DeFi projects are poised to skyrocket and create their all-time highs. As previously reported by CoinGape, the total value locked (TVL) in DeFi has already topped $82 billion and may explode 10-folds by 2022, per Veteran crypto investor Matthew Roszak. However, DeFi is still awaiting a global mass adoption.