Over the past 24 hours, Fantom (FTM) has emerged as the standout performer among the top 100 cryptocurrencies by market capitalization, registering a remarkable 13.5% gain. This surge is part of a broader rally that has seen the FTM price soar by 180% over the last four weeks, propelling it from $0.42 to $1.20. This upward trajectory has significantly boosted Fantom’s market capitalization to $3.3 billion, positioning it as the 41st largest digital asset worldwide. Here’s why this might be just the beginning:
#1 Sonic Upgrade: The Catalyst for Fantom’s Rally
The anticipated Sonic upgrade is central to Fantom’s recent success. Designed to enhance the Fantom technology stack, Sonic introduces major scalability improvements without necessitating a disruptive hard fork. Key components of the Sonic upgrade include:
- Fantom Virtual Machine (FVM): Aims to significantly boost transaction throughput.
- Carmen Database: Promises to reduce storage requirements by up to 90%.
- Optimized Lachesis Consensus: Improves upon the existing consensus mechanism for enhanced performance.
With these enhancements, Fantom targets a throughput of over 2,000 transactions per second (TPS), marking a substantial leap in scalability. Importantly, the upgrade ensures that existing Fantom Opera smart contracts and tools remain fully compatible with the Sonic mainnet, which is scheduled to launch in Spring 2024.
Recent testnets have demonstrated Sonic’s potential. The closed testnet, focused on ERC-20 swaps, achieved an impressive ~4,000 TPS with ~1.3-second finality. Furthermore, a reconfiguration to process only ERC-20 transfers led to a groundbreaking ~10,000 TPS at ~1.6-second finality, showcasing the capabilities of next-generation decentralized exchanges (DEXs) and wallets.
10k tps achieved. Publicly verifiable. Can test for yourself, on public infrastructure. No need for “trust me bro”. Available today, no need to wait. And we havent even started with the parallel execution meme. https://t.co/q2QRKM9WXe
— Andre Cronje (@AndreCronjeTech) March 15, 2024
Reflecting on Sonic’s impact, Reflexivity Research highlighted, “Fantom Sonic unlocks new possibilities for the Fantom ecosystem, particularly in decentralized finance (DeFi) platforms, blockchain games, high-frequency applications, and the Internet of Things (IoT).”
The research firm added that another cornerstone for Fantom is its exemplary 99.9% uptime. “Fantom’s novel…
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