Fantom’s FTM token has recently seen a staggering 190% increase in value over the course of just four weeks, making it the top-performing non-meme cryptocurrency among the top 100 digital assets by market cap.
This significant price surge can be attributed to the excitement surrounding the network’s upcoming Sonic upgrade, which is poised to revolutionize transaction processing speeds and finality times on the Fantom blockchain.
During the testing phase, the Sonic upgrade showcased impressive results, achieving a maximum theoretical throughput of 2,000 transactions per second (TPS) with a remarkable time to finality of 1.1 seconds. This remarkable improvement far surpasses the current throughput of just 3.2 transactions per second on the existing Opera mainnet.
A key feature of the Sonic upgrade is the implementation of the Fantom Virtual Machine (FVM), designed to significantly enhance smart contract execution speed. Additionally, the FVM offers backward compatibility, allowing for a seamless transition of popular Ethereum-based decentralized applications to the Fantom ecosystem.
Reflexivity Research highlights the broad impact of Fantom Sonic across various sectors, including decentralized finance (DeFi), blockchain gaming, high-frequency applications, and the Internet of Things (IoT). The enhanced throughput and efficiency provided by the upgrade will enable smoother DeFi operations, richer gaming experiences, efficient microtransactions handling, and secure IoT data exchanges.
Despite the positive momentum surrounding the Sonic upgrade, investor interest in Fantom’s DeFi ecosystem has shown a decline, with the number of FTM tokens locked in Fantom’s DeFi applications dropping to its lowest point since May 2021.
As the Fantom network gears up for the rollout of the Sonic upgrade, market observers are eagerly monitoring how these developments will impact the broader crypto landscape and drive further innovation within the industry.
