Binance Adds Fantom’s Native Token FTM to List of Cryptos Supported by Auto-Invest Feature
Fantom’s native cryptocurrency, FTM, is now supported by the auto-invest function on Binance. The exchange confirmed this earlier this morning, noting that the cryptocurrency has now been added to the increasing list of digital currencies that support auto-investment.
A dollar-cost averaging approach may be automatically applied to token investments using this capability. Auto invest is one among the most recent services introduced by Binance. Customers can systematize their cryptocurrency investments and receive passive income at the same time. The auto-invest feature is accessible on the Binance application and helps users to control the impact of fluctuations on their investments.
Binance started offering auto investing facility as portion of its Binance Earn package in November 2021. While introducing the feature, only Bitcoin, Ethereum, and the exchange’s native cryptocurrency, BNB, were supported. However, the cryptocurrency company has now included other digital currencies such as Solana, Polkadot, Cardano, Algorand, Terra, and Litecoin.
As per Binance, more than 100,000 auto-invest programs with a combined trading volume of more than $10 million were running at the end of last year. This demonstrates that the service is gaining traction among users. The Fantom blockchain is one among the handful of pen-source systems with high-performance smart contract functionalities.
Due to its revolutionary consensus method, the network views itself to be an enhancement over previous blockchain networks. It rose to prominence for a fresh governance approach aimed at lowering the minimum quantity of self-staked tokens required to act as a validator on the blockchain network. As per statistics from DeFiLlama, the platform hosts various decentralized apps and carries a TVL of more than $8 billion.
Thus, the inclusion of FTM is anticipated to contribute to the token’s long-term value growth. FTM’s value has decreased by 0.8% in the past 24 hours and is now trading at $2.06. This follows the currency’s recent bad run, which saw it shed 8.5% of its value in the past trading week and nearly 30% in the preceding 30 days.