Fantom is an open-source cryptocurrency project using smart contracts to enhance operations. Fantom uses a Proof-of-Stake consensus algorithm to validate transactions and secure the network. Moreover, the validation model for transactions uses Asynchronous Byzantine Fault Tolerance. This consensus algorithm is considered faster and safer than existing models like the Nakamoto version. In order to attract more validators to the ecosystem, Fantom is in the works to create new governance that comes with a low staking limit.
Recently, leading crypto exchange platform Binance extended its technical support to this cryptocurrency. Binance will enable the new auto-invest feature for FTM tokens. The official announcement from Binance stated that Fantom will now be joining the array of coins powered by this new feature. Although the FTM price prediction for the long term is positive with a staggering 500% profit, the current dip in the market does not show much optimism. The currency has continued its losing streak for 30 days now. Fortunately, Binance’s decision could be the very push FTM needs in the market. It could also open the cryptocurrency up to a new user base that best suits its motto.
Auto-invest was introduced by Binance to make the cryptocurrency market accessible to everyone. According to Binance’s official website, this auto-invest option could be used to earn passive income from the cryptocurrency market. One of the biggest problems any investor would face with cryptocurrencies is the uncertain and volatile price movements. Users can tackle this difficulty by creating investment plans using the auto-invest option on Binance.
However, the support for this feature was limited to a few currencies when it was launched last November. This initial list included two crypto giants, Bitcoin and Ethereum, and the native coin, BNB. Later on, the support was extended to Litecoin, Cardano, Solana, Algorand, and Terra. FTM is all set to join this exclusive list of cryptocurrencies enabled with this incredibly convenient feature.
Auto-invest has been one of the most successful implementations on Binance so far. Ever since its launch, users have created more than 100,000 auto-invest plans. These plans account for nearly $10 million of the overall trading volume on Binance. The new announcement could give FTM the necessary impetus in the market as more and more traders are using this feature. The implementation of auto-invest on Fantom could lift the coin from the downward streak it has been experiencing for the last 30 days. FTM is trading currently at $2.06, which is 0.8% down from its previous position.
