TL;DR

Fantom’s Sonic upgrade drives a notable increase in the performance of the FTM token, reflecting the success of the platform’s strategic initiatives.
FTM rose by 10.20% over the last seven days, reaching $0.8082, an appreciation of 20 cents compared to the previous week.
The protocol’s TVL has experienced an 83% growth, from $111 million on May 14 to $203 million on May 16.

The recent upgrade of Fantom’s blockchain network, known as Sonic, has triggered a notable increase in the performance of the platform’s native token, FTM. The surge suggests that the platform’s strategic initiatives are beginning to bear fruit.

Over the last seven days, the value of FTM has increased by 10.20%, reaching $0.8082, an appreciation of 20 cents compared to the previous week. While it reached $0.83, it has since retreated to its current price.

The Sonic upgrade, being gradually implemented on the network, aims to enhance the platform’s capabilities. One of the most important aspects of the upgrade is its ability to increase transaction speeds to 2,000 transactions per second (TPS), with a finality of 1.1 seconds. This represents a significant advancement over the current capacity of the network and could attract more users and investors to the platform.

Explosive Growth in Fantom’s TVL

In addition to the momentum driven by the implementation of Sonic, the Total Value Locked (TVL) has also experienced substantial growth over the past week. Data from DeFiLlama shows an 83% growth in just two days, from $111 million on May 14 to $203 million on May 16.

The exponential growth of TVL suggests increased interest and activity within the Fantom ecosystem, especially in decentralized applications (dApps) and decentralized exchanges (DEX). Moreover, the Equalizer project, one of the leading DEX on the FTM platform, also recently saw a significant increase in value.

The success of the Fantom network is evidenced by the positive indicators of project progress and adoption. With the successful implementation of the Sonic upgrade and the continued growth of the ecosystem, the protocol aims to keep expanding to offer even more value and utility to its users.

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Filed under: News - @ May 17, 2024 1:27 pm