Wednesday’s move in FTM follows gains for tokens of other layer 1 blockchains. A basket of three leading Ethereum competitors, Solana, Terra and Avalanche – dubbed the SoLunAvax trade – has gained 400% since May. Some high-profile funds, such as Singapore-based Three Arrows Capital, have even cut back from investing in the Ethereum ecosystem to fuel bigger bets on products building on Avalanche instead.
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