- Ethereum (ETH) rival Fantom (FTM) has outpaced the broader crypto market and surged in price this week amid a new upgrade.
- FTM is trading around $0.801 at the time of writing, marking a significant rise.
- “Validators on the Fantom Opera mainnet began upgrading their nodes to be powered by the project’s new ‘Sonic’ technology on Tuesday,” reports Fantom Foundation.
Discover how Fantom’s latest upgrade could revolutionize blockchain technology and impact the crypto market.
Fantom’s New “Sonic” Upgrade Promises Enhanced Performance
The recent upgrade to Fantom’s blockchain introduces “Sonic” technology, which aims to scale the network significantly. According to the Fantom Foundation, Sonic can process up to 2,000 transactions per second, a substantial increase that may solve some of the scalability issues faced by current blockchain technologies.
Reduction in Storage Requirements
Alongside increased transaction speeds, the Sonic upgrade will reduce storage requirements by up to 90%. This reduction could lower the costs associated with running and maintaining nodes on the network, potentially attracting more validators and users to the Fantom ecosystem.
Introduction of a New Stablecoin
Last month, Fantom announced the launch of a new “canonical” stablecoin in collaboration with USDC-issuer Circle. The stablecoin, named USDC.e, utilizes the cross-chain messaging protocol Wormhole and is designed to integrate seamlessly within the Fantom ecosystem. This move is expected to enhance liquidity and provide more stability within the network.
Impact on the Fantom Ecosystem
The introduction of USDC.e aims to reduce liquidity fragmentation and introduce a new level of stability to the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be accessible to all users and developers on Fantom, further enhancing its utility and potential for adoption.
Conclusion
The recent developments in Fantom’s technology and its ecosystem, including the Sonic upgrade and the launch of USDC.e, position it as a formidable competitor in the blockchain space. These advancements could not only enhance the network’s performance but also increase its attractiveness to investors and users, potentially leading to increased adoption and value appreciation.
