Mid-Cap Layer-1 Altcoin Witnesses Surge in Whale Activity This Week: Crypto Analytics Firm Santiment
One mid-cap layer-1 altcoin recently saw a boost in whale activity, according to the crypto analytics firm Santiment.
Santiment tracks the number of altcoin transactions worth more than $100,000, which it considers “whale transactions.”
The firm subsequently identifies which altcoins clock the biggest percent changes in whale transactions week over week.
This week, Fasttoken (FTN) topped Santiment’s list with a staggering 600% increase in whale transaction count (TC).
FTN is the native token of the layer-1 Bahamut blockchain, which utilizes a unique consensus mechanism called Proof of Stake and Activity (PoSA).
Explains the project’s whitepaper,
“Proof-of-stake systems preach that the higher stake you have, the more ‘voting power’ you get. However, when considering a fair block creation reward distribution environment, it’s not fair to give the higher chance to the node that is simply ‘faster’ or ‘richer.’ Rather, we give the priority to the node that brings value to others by deploying smart contracts (or in other words creating apps) that users interact with.
We have developed a variation of the proof-of-stake consensus, which involves taking into account the users’ activity with a smart contract (the software program that underlies any blockchain-based application) in addition to the stake, whenever considering the chance to become a block validator.”
FTN, the 66th-ranked crypto asset by market cap with a $1.691 billion valuation, is trading at $3.94 at time of writing.
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