Billionaire investor Mark Cuban has endorsed the Fantom ecosystem in his latest comments on the cryptocurrency market.
Cuban is the New Musk
Cuban was asked by the host of the fireside chat on decentralized finance (DeFi) which projects he invested in recently. He responded with several platforms, including FTM, Injective Protocol (INJ), and Polygon (MATIC).
Furthermore, the billionaire also re-acknowledged his investments in Bitcoin (BTC) and Ethereum (ETH). While he was open about these investments, he did hedge his words by expressing his reticence to cause “hype”.
In fact, a few weeks ago, Cuban made waves in the cryptocurrency market after he revealed in a Reddit ask-me-anything (AMA) that he held Aave (AAVE). The DeFi lending platform then proceeded to reach a new all-time high.
The “Ethereum Killer”
The Fantom team describes the project as a “highly-scalable” alternative to Ethereum (ETH).
Similar to the number two cryptocurrency platform, it provides a development space in which programmers can build decentralized applications (dApps).
These include all things DeFi, from lending pools to decentralized exchanges (DEXs).
FTM is proposing to offer lower fees than its Ethereum competitor, coming at a time when the price of GAS is making DEXs like Uniswap (UNI) very expensive to use.
Hence, the cryptocurrency community is describing FTM as an “Ethereum killer”.
Fantom of the Future
Indeed, a number of alternative platforms are positioning themselves as the home of DEXs. Two weeks ago, newly popularized DEX PancakeSwap (CAKE) made the move to Binance Smart Chain (BSC) in an effort to reduce fees.
BSC made headlines earlier this year after it revealed transactions on the platform were up to forty-nine-times cheaper than on Ethereum.
Moreover, the Solana (SOL) network is also growing as a DEX hub. Just yesterday, budding DeFi platform Parsiq (PRQ) announced its integration with the FTX-supported platform.
Accordingly, it seems DEX platforms are on the rise. With Cuban in support of Fantom in particular, it could easily have a role in the future of the DEX world.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.