Originally published on: October 02, 2024
The Fantom ecosystem is buzzing with excitement as the native token, FTM, experiences a remarkable surge of 70% in just 30 days. From a low of $0.3574 on Sept. 6, FTM climbed to a four-month high of $0.7642 on Oct. 1, marking a significant rebound.
Fueling this bullish momentum are a series of factors propelling Fantom to new heights. The impending Sonic upgrade, scheduled for November or December, has captured the community’s attention. This major update will introduce the new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and Carmen database storage, enhancing the network’s performance significantly.
With the ability to process over 2,000 transactions per second (TPS) and a finality time of roughly one second, the Sonic chain promises a monumental improvement from the current 30 TPS. In anticipation of this upgrade, the Fantom Foundation has rebranded to Sonic Labs, hinting towards a shift from the native token FTM to the new $S token by the end of 2024.
The S token will come with various enhancements, including an initial community distribution through an airdrop, streamlined staking processes, and new user incentive programs. Community support for this transition was evident as a proposal to migrate FTM tokens to the S token at a 1:1 ratio was approved in May.
The prospect of a revamped decentralized finance ecosystem has reignited investor interest in Fantom. Data shows a 55% increase in the total value locked (TVL) in Fantom’s DeFi applications, reaching $108.8 million in just a month. This surge in TVL is accompanied by a spike in daily active addresses and transactions, indicating growing user engagement with the blockchain.
Amidst this growing demand for the FTM token, Fantom’s market capitalization stands at $9.7 million, cementing its position as the 46th largest cryptocurrency in the world. As investor interest continues to soar, the future looks bright for Fantom as it rides the wave of its recent price gains.
Please note that this article does not offer investment advice. Each investment decision carries risks, so readers are advised to conduct their research before making any financial moves.
