- The recent update on the blockchain network has led to a significant 13% increase in value, making it one of the top-performing cryptocurrencies.
- Fantom’s native token, FTM, has shown remarkable growth, with a 13% increase over the past week and a 25% increase over the last month.
- “The successful deployment of Fantom’s Sonic upgrade has been a key driver behind the impressive performance of FTM,” noted a blockchain analyst.
This article explores the significant rise in Fantom’s FTM following the Sonic upgrade, highlighting the technological advancements and market response.
Fantom Achieves 13% Weekly Gain
The price of FTM climbed to approximately $0.84, buoyed by positive market sentiment surrounding the launch of Fantom’s Sonic upgrade and a significant increase in the protocol’s Total Value Locked (TVL).
Impact of the Sonic Upgrade on Fantom’s Ecosystem
The upgrade, known as Sonic, promises to enhance the capabilities of the blockchain, with 25 out of 60 nodes already successfully implementing the upgrade. Once two-thirds of the nodes have adopted the new software, the entire chain will be upgraded. According to data from the chain, Sonic aims to significantly increase transaction speeds from an average of 2.5 transactions per second (TPS) to 2,000 TPS with a certainty of 1.1 seconds.
Surge in Fantom’s Total Value Locked (TVL)
Investors have responded positively to the recent increase in Fantom’s TVL. Data from DeFiLlama shows that the TVL on the Fantom network jumped from $111 million to $203 million on May 16th, just two days ago. This increase reflects a broader rise in TVL across various decentralized exchanges, lending platforms, yield aggregators, and other decentralized applications (dApps) on the Fantom chain.
Broader Implications for the Fantom Network
The growth in TVL and the successful deployment of the Sonic upgrade underscore the increasing adoption and utilization of the Fantom ecosystem, supported by technological advancements and an enhanced infrastructure. Several dApps supporting the Fantom blockchain experienced a 10% to 20% growth in TVL last week, contributing further to the network’s overall value and appeal.
Conclusion
The recent developments in the Fantom blockchain, particularly the Sonic upgrade, have significantly influenced its market performance and technological capabilities. With continued advancements and increasing adoption, Fantom is poised to maintain its momentum in the competitive crypto market.
