FTM, the native token of the Fantom blockchain, has emerged as one of the best-performing cryptocurrencies, with a significant increase in value of 13% in the past week and 25 percent in the last 1 month.
Fantom Experienced a 13% Weekly Gain
FTM's price climbed to around $0.84 on positive market sentiment surrounding the release of Fantom's Sonic upgrade and a significant increase in the protocol's total value locked (TVL).
The Fantom Foundation is actively implementing its latest upgrade, codenamed Sonic, which promises to improve the capabilities of the blockchain. As of now, 25 out of 60 nodes have successfully completed the upgrade.
Once two-thirds of the nodes have implemented the new software, the chain will be fully upgraded. According to on-chain data, Sonic aims to significantly increase transaction speeds to 2,000 transactions per second (TPS) with a precision of 1.1 seconds, compared to the previous average transaction speed of just over 2.5 TPS.
Investors are also responding positively to the recent increase in Fantom's TVL. Data from DeFiLlama shows that TVL on the Fantom network reached $203 million on May 16, up from $111 million just two days earlier.
This increase reflects a broader increase in TVL across various decentralized exchanges, lending platforms, yield aggregators, and other decentralized applications (dapps) on the Fantom chain.
Several dapps supporting the Phantom blockchain have experienced 10% to 20% growth in TVL over the past week, further adding to the overall value and appeal of the network.
This increase underscores the growing adoption and usage of the Fantom ecosystem, supported by its technological advances and advanced infrastructure.
*This is not investment advice.