Coinspeaker
Fantom Blockchain Soars with Sonic Upgrade and TVL Surge
The Fantom blockchain’s native token FTM has emerged as one of the top-performing non-meme cryptocurrencies over the past week. However, the surge in its value may not be unconnected to the introduction of Fantom’s latest upgrade, dubbed Sonic.
Over the past seven days, FTM saw its value appreciate by over 9.20% to hit 80.3 cents. In comparison with most other tokens, FTM clearly had one of the best weeks in retrospect, signaling that there may be more than meets the eye about FTM’s recent success.
FTM Token Sees Remarkable Gains amid Network Enhancements
The Fantom Foundation has been actively promoting its Sonic upgrade. As of publication, 25 out of 60 nodes have already completed the transition. However, the full upgrade will only be realized after at least 40 nodes adopt the new software.
The Sonic upgrade is aimed at enhancing the network’s capabilities. A major selling point of the upgrade is that it is set to boost transaction speeds to an impressive 2,000 transactions per second (TPS) with a 1.1-second finality. This marks a major improvement over the current rate of just over 2.5 TPS that on-chain data suggests.
Interestingly, technological advancements brought by Sonic are not the only factors contributing to the performance of FTM. The network’s Total Value Locked (TVL) has also shown remarkable growth. As data from DeFiLlama shows, Fantom’s TVL surged by nearly 83% in just two days. That is, it went from $111 million on May 14 to $203 million on May 16.
It might be worth noting that the TVL jump is an indication that there is a broader trend of increasing TVLs across various decentralized exchanges, lending platforms, yield aggregators, and other decentralized applications (dApps) that operate within the Fantom network. Many of these dApps that support the Fantom blockchain saw between 10% to 20% rises in their TVLs. That is, within the last week.
Overall, the recent strong performance being displayed by FTM token does not exactly come as a surprise. It is merely an indicator that Fantom’s strategic initiatives may be beginning to bear fruit. With the successful implementation of the Sonic upgrade, Fantom is poised to deliver even greater value and utility to its users.
