One mid-cap layer-1 altcoin has recently caught the attention of crypto analytics firm Santiment due to a significant increase in whale activity. Santiment tracks whale transactions, which are defined as altcoin transactions worth more than $100,000. The firm closely monitors the percent changes in whale transactions week over week for various altcoins in the market.
This week, Fasttoken (FTN) emerged as the top performer on Santiment’s list, with a remarkable 600% increase in whale transaction count. FTN is the native token of the Bahamut blockchain, a layer-1 platform that utilizes a unique consensus mechanism known as Proof of Stake and Activity (PoSA).
According to the project’s whitepaper, FTN’s Proof of Stake system prioritizes nodes that bring value to the network by deploying smart contracts and creating apps that users interact with. This approach aims to ensure a fair block creation reward distribution environment, where node activity with smart contracts is taken into consideration alongside the stake held by the node.
Currently ranked 66th by market cap with a valuation of $1.691 billion, FTN is trading at $3.94 at the time of writing. The altcoin’s performance and unique consensus mechanism have garnered attention from investors and traders in the cryptocurrency space.
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Image credit: Midjourney
In conclusion, Fasttoken (FTN) is making waves in the crypto market with its innovative approach to consensus mechanisms and whale transaction activity. Stay tuned for more updates on this exciting altcoin and its potential impact on the blockchain industry.