Fantom native token, FTM, has emerged as the champion amongst non-meme cryptocurrencies in the past month, experiencing a price surge of over 190%. This impressive feat comes as Fantom prepares to implement its highly anticipated Sonic upgrade, which promises to significantly accelerate transaction processing speeds.
Fantom Sonic Upgrade Fuels Investor Interest
The looming Sonic upgrade is likely the driving force behind the surge in investor enthusiasm for FTM. Scheduled to replace the existing Opera mainnet this spring, Sonic boasts the potential to revolutionize the Fantom blockchain. Its testnet, launched in October 2023, showcased promising results, demonstrating a maximum theoretical throughput of 2,000 transactions per second (TPS) with a finalization time of just 1.1 seconds. This represents a massive leap compared to the Opera mainnet’s current throughput of a mere 3.2 transactions per second.
Sonic: Speed and Efficiency
The upgrade boasts two key features poised to transform the Fantom ecosystem. First, the Sonic mainnet promises significantly faster transaction processing speeds, measured by transactions per second (TPS). This translates to smoother operations for DeFi platforms, richer gaming experiences within the blockchain, and efficient handling of microtransactions.
Secondly, the Fantom Virtual Machine (FVM) is another crucial aspect of the upgrade. Designed to substantially accelerate smart contract execution speed, the FVM seamlessly translates Ethereum Virtual Machine’s (EVM) code into its own format. This backward compatibility allows for a smooth transition for developers, enabling popular Ethereum-based decentralized applications (dApps) to effortlessly migrate to the Fantom blockchain.
New Possibilities with Fantom Ecosystem
A report published last month by Reflexivity Research highlights the vast potential of the Sonic upgrade. They anticipate that the enhanced throughput and efficiency will “unlock new possibilities for the Fantom ecosystem, particularly in decentralized finance (DeFi) platforms, blockchain games, high-frequency applications, and the Internet of Things (IoT).” These advancements promise to pave the way for a more streamlined DeFi experience, immersive gaming within the blockchain, and secure data exchanges for IoT devices.
FTM Price
Over the past day, Fantom (FTM) has become the breakaway leader among the top 100 cryptocurrencies by market capitalization, experiencing a stellar 13.5% increase.
This jump is part of a more extensive upswing that has witnessed the FTM price skyrocket by 180% in the last four weeks, launching it from $0.42 to $1.13. This positive trend has significantly bolstered Fantom’s market capitalization to $3.3 billion, solidifying its position as the 41st largest digital asset globally.
DeFi Ecosystem Awaits Revival
It’s important to note that while the Sonic upgrade is generating excitement, it has yet to reignite significant investor interest in Fantom’s decentralized finance (DeFi) ecosystem. Only time will tell if the upgrade can deliver on its promises and breathe new life into this crucial aspect of the Fantom network.
