Coinspeaker
Fantom (FTM) Up 36% as Sonic Launch Boosts Sentiment
Fantom (FTM), a decentralized Layer-1 blockchain platform is showing signs of strength as it surges to $1.11, up 36% in the Week-To-Date (WTD) move, boosted by sentiments from the protocol’s Sonic launch.
What the Fantom Sonic Technology Represents
According to the announcement, Sonic was created by the Fantom team in response to congestion in the current version of the Opera network. With over $10 billion in Total Value Locked (TVL) in 2022, the Opera network has grown from zero users to one of the most well-known and used networks.
Despite this growth, there were growing pains. The network got clogged and the user experience suffered during periods of high demand.
The team noted that the Sonic technology represents a scalable and secure blockchain technology with the ability to process 2,000 TPS with sub-second finality compared to Opera’s 200 TPS. The Sonic update, according to the Fantom developers, can save network storage requirements by up to 90%. As a result, the Fantom network is now able to compete with other layer-one blockchains, such as Cardano (ADA), Ethereum (ETH), and Solana (SOL).
In terms of utility, the team added that Sonic will be used to build a new best-in-class shared sequencer for L1 and L2 chains that can process over 180 million daily transactions with real, sub-second confirmation times. This will also serve as the foundation for Fantom’s relaunch as an entirely new community-centric brand.
At the heart of Sonic is its consensus engine, a sequencing layer that provides fast, secure, and convenient use, while reducing fees and time to finality. Notably, supersets will not be available when Sonic goes live. They will only be allowed after a soft-fork upgrade at the end of 2024. This has been hinted to further improve FVM performance.
Chief Research Officer Professor Bernhard Scholz, an expert in virtual machines, and his team believe that adding parallelization to an updated Fantom Virtual Machine (FVM) might greatly improve Sonic performance.
In a recent post on X, the Fantom Foundation highlighted the network’s resilience by stating :
“In February 2021, Fantom experienced its only instance of network downtime, marking a rare departure from its otherwise exemplary record of 99.9% uptime. This was rectified within 7 hours and no funds were lost.”
FTM’s Current Market Outlook and Prediction
As of the latest data from CoinMarketCap was trading at $1.11, with its market capitalization pegged at $3.1 billion, while trading volume is standing at $537 million. In addition, FTM’s weekly Relative Strength Index (RSI) has risen above 70 for the first time since the cryptocurrency bull market boom of 2021.
These figures signal better prospects and more profits for FTM in the mid-term. Moreover, the Fantom network has amassed strong favorable fundamentals over the years, indicating a bright outlook in the next quarters.
Popular crypto expert Ali Martinez recently predicted that the FTM price will reach $1.44 soon. This projection may be further boosted with the recent listing of the FTM/USDC pair on Binance.
