In the past month, Fantom FTM's price increased 1,570% as governance features and a cross-chain bridge to Ethereum strengthen its Defi aspirations.

Interoperability has emerged because of the hot topic in February as platforms like Binance Smart Chain and Polkadot work on building Ethereum network bridges that allow users to escape high transaction costs and network congestion.

Fantom FTM is the latest project to receive a boost of 1,570%

Fantom FTM is the latest project to receive a boost by offering cross-chain functionality with Ethereum, and data from Cointelegraph Markets and TradingView shows a 1,570% increase in FTM price from $0.025 on Jan. 23 to a new high of $0.43 on Feb. 21.

Yearn. finance helps facilitate a cross-chain bridge to Ethereum

On Feb. 21, Fantom FTM, with the assistance of Andre Cronje of Yearn. finance announced the development of a cross-chain bridge with Ethereum that allows users to transfer ERC-20 tokens to Fantom to “enjoy fast and cheap transactions.”

According to the team, transactions on FTM “are confirmed in 1-2 seconds” and “cost a fraction of a cent.” The team also promised that cross-chain functionality with other chains are going to be soon to follow.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for Fantom FTM on Feb. 21, before the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a mixture of data points including market sentiment, trading volume, recent price movements, and Twitter activity.

As seen on the chart above, the VORTECS™ score for Fantom FTM reached a high of 82 on Feb. 16, several days before the recent price rally began. On Feb. 17, Cronje posted a tweet mentioning the advantages of deploying new cross-chain assets to Fantom.

Cronje said:

Users won't even know they're on another chain, things will just suddenly become cheap and fast.

One day after the tweet, the FTM price increased from $0.154 to $0.218 and therefore the altcoin surged again on Feb. 19 because it rallied to a new 2021 high at $0.277.

The VORTECS™ score for Fantom then proceeded to increase from a low of 56 on Feb. 19 to a high of 74 on Feb. 21, shortly before the price broke out to a new all-time high. 

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