Fantom Surges as Investors Seach for Next Layer 1 Bet

Wednesday’s move in FTM follows gains for tokens of other layer 1 blockchains. A basket of three leading Ethereum ( $1,668.52 ) competitors, Solana, Terra and Avalanche – dubbed the SoLunAvax trade – has gained 400% since May. Some high-profile funds, such as Singapore-based Three Arrows Capital, have even cut back from investing in the Ethereum ( $1,668.52 ) ecosystem to fuel bigger bets on products building on Avalanche instead.