As a seasoned crypto investor, I’ve seen my fair share of ups and downs in the market. But lately, Fantom has been a breath of fresh air, bringing excitement back into my investment portfolio. The past week has been particularly rewarding for Fantom investors, with the price surging by an impressive 26% over the last seven days.
It’s been a pleasure to observe the surge in Fantom’s price lately, bringing a sense of renewal to crypto investors as major assets like Bitcoin regain their footing following a prolonged phase of stagnation and disappointment.
Significantly, Fantom distinguished itself as one of the top gainers in the cryptocurrency sector during the previous week, recording a considerable 26% price surge over the last seven days. This Layer 1 token has been exceptionally dynamic lately, experiencing an impressive 15% rise within just the past day.
The Catalyst Behind The Latest FTM Surge
The highly anticipated Sonic update has significantly contributed to the recent price surge of Fantom. Sonic’s integration into Fantom is projected to bring about advancements in our technology infrastructure, as well as substantial scalability upgrades, all without requiring a contentious fork.
The Fantom Foundation has recently revealed the specifics of their upcoming layer-1 chain named Sonic Network. As stated in their blog post, this new blockchain network will be linked to and can access an enormous amount of liquidity, users, and protocols from “Ethereum and more” through a native layer-2 bridge.
Previously announced, the Sonic Network is set to launch simultaneously with a new token labeled S. According to recent communications from the project, FTM token owners will have the opportunity to transfer their tokens to Sonic’s at a 1:1 ratio, subject to the outcome of a community vote.
The Fantom Foundation said in its latest blog post:
At first, the migration from $FTM on Opera to $S on Sonic is predicted to be two-way, enabling users to switch between the two tokens. Since $S will exclusively reside on Sonic and $FTM only on Opera, we plan to employ a bridge for facilitating bi-directional transitions. This approach ensures a smooth transition for existing Opera network members to explore Sonic. Later, during a yet-to-be-decided transitional phase, the migration process is projected to shift towards a unidirectional transfer of $FTM to $S.
After the launch of the Sonic chain, an equal amount of new S tokens will be made available to facilitate the token migration process, similar to the current supply of FTM tokens. It’s important to note that the Fantom price saw a substantial increase following this update on May 17 in the Sonic Network.
Fantom Price At A Glance
At present, the cost of Fantom hovers around $0.908, marking a nearly 15% rise over the previous 24-hour period.
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2024-05-19 13:16