As an analyst with a background in blockchain technology and experience in analyzing cryptocurrency markets, I believe that Fantom’s (FTM) recent surge in value can be attributed to a combination of factors, primarily the successful implementation of the Sonic upgrade.
Over the last week, Fantom’s native token FTM has stood out among non-meme cryptocurrencies for its impressive performance. This growth in value might be related to the recent release of Fantom’s newest update, named Sonic.
Over the last week, I’ve witnessed a significant surge in the value of my FTM investment. The token’s worth has jumped by an impressive 9.20%, reaching a price of 80.3 cents. Compared to other tokens, FTM had one of the most promising weeks, suggesting that there could be more positive developments unfolding for this token than what initially meets the eye.
FTM Token Sees Remarkable Gains amid Network Enhancements
The Fantom Foundation is aggressively advancing its Sonic upgrade with 25 out of 60 nodes currently having undergone the transformation as of this writing. Nevertheless, the complete implementation of this upgrade will materialize once at least 40 nodes have integrated the new software.
The Sonic upgrade aims to significantly enhance the network’s performance by increasing its transaction processing speed. Notably, this update is expected to facilitate up to 2,000 transactions per second (TPS), along with a swift finality of 1.1 seconds. This represents a substantial leap from the current on-chain data indicating a mere 2.5 TPS.
It’s intriguing to note that while Sonic’s technological developments are a significant factor, they aren’t the sole contributors to FTM’s impressive performance. The network’s Total Value Locked (TVL) has experienced substantial growth as well. According to DeFiLlama, Fantom’s TVL increased by approximately 83% in a mere two-day span. This means that the value locked within the network jumped from $111 million on May 14 to $203 million on May 16.
It’s noteworthy that the recent significant increase in Total Value Locked (TVL) in the Fantom network could be a sign of a broader trend. Several decentralized exchanges, lending platforms, yield aggregators, and other dApps have experienced TVL growth ranging from 10% to 20% over the past week. These dApps operating within the Fantom ecosystem are contributing to this upward trend.
In simple terms, the robust showing of FTM token lately isn’t unexpected. It’s a sign that Fantom’s strategic moves might be paying off. Following the achievement of the Sonic upgrade, Fantom is prepared to provide more worth and functionality to its community.
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2024-05-17 15:24