Fantom blockchain shoots up 10% in a week, why?
Fantom, the blockchain behind the emerging FTM token, has turned heads with an impressive increase in value and total value locked (TVL). FTM’s recent performance points to promising developments within the Fantom ecosystem, especially in light of the introduction of the Sonic upgrade.
FTM price rises to $0.80 cents
Over the past week, the FTM token has seen remarkable growth, rising more than 9.20% to 80.3 cents. This increase is one of the most notable in the market and suggests that there could be more to it than just the usual market movements.
Fantom’s Sonic upgrade
The Fantom Foundation has been actively promoting the introduction of the Sonic upgrade, which aims to improve the network. This upgrade promises to increase transaction speeds to an impressive 2,000 transactions per second, with a finality time of just 1.1 seconds. This marks a significant improvement over the current speed of just over 2.5 TPS.
TVL growth
In addition to the technological advancements, Fantom has also seen positive growth in its Total Value Locked (TVL). In two days, TVL increased by almost 83%, from $111 million on May 14 to $203 million on May 16. This growth reflects a broader trend of growing TVLs on various decentralized applications within the Fantom network.
Future perspective
The strong performance of the FTM token is a sign that Fantom’s strategic initiatives are starting to pay off. With the successful implementation of the Sonic upgrade, Fantom is poised to deliver even more value and utility to its users. It is visible that the network still has a lot of growth potential compared to 2022.
