Fantom Foundation has announced that its first validator that utilizes Sonic technology is now live, marking a significant milestone for the Layer-1 scalable network.

Fantom Sonic Built for Scalability

The Fantom Sonic technology is designed to address the challenge associated with blockchain scalability. After some meticulous research, Fantom decided to build upon the foundation laid by the initial Opera network that was released in December 2019. The Opera network, led by Fantom founder Andre Cronje, became the first permissionless Directed Acyclic Graph (DAG)-based protocol. 

This came with a maximum throughput of nearly 200 transactions per second (TPS) and sub-600ms finality. At that time, it demonstrated outstanding improvement in scalability and transaction speed compared to Ethereum’s capabilities. With all of these functionalities, the Opera network still faced challenges, especially during periods of high congestion, or even a compromised user experience. Hence, the research into Sonic technology.

For up to two years, the Fantom team has been on the development and integration of the Sonic technology with the goal of overcoming the limitations of the Opera network. This upgrade underscores Fantom’s commitment to innovation and brings a new trajectory to blockchain infrastructure. Ultimately, the technology will serve as the foundation for a shared sequencer, capable of processing over 180 million daily transactions with real-time confirmation.

Upon announcing the Sonic upgrade a few weeks ago, Fantom (FTM) price skyrocketed by 20% and went all the way to $1.22. It later soared to $1.15 and saw its market capitalization hit $3.22 billion. Before this time, there has been a drop in the market value of the coin. With the news of the validator going live, FTM experienced another price jump of up to 8%, and at press time, the coin was trading at $1.

Fantom Recording Several Milestones

Other exciting activities are happening in the Fantom ecosystem complementing the Sonic validator going live. 

Andre Cronje recently made a suggestive statement about memecoin coming to the Fantom ecosystem. The core developer mentioned that the team has been busy with conducting due diligence on memecoins. This is a move that is coming amidst a broad memecoin frenzy.

On April 5, Fantom launched its canonical stablecoin, USDC.e backed by Circle and Wormhole with potential benefits to users and developers. The stablecoin is bridged from USDC and can be upgraded to the native asset in the future and serves as a potential advantage for the asset to serve key community needs.

The post Fantom (FTM) Launches First Validator Using Sonic Tech, Price Shoots 8% appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am