The Fantom network has implemented a set of new upgrades to strengthen its infrastructure, improving the speed, scalability, and decentralization of the platform.
Starting today, June 9th, Fantom implements all changes included in Ethereum Improvement Proposal EIP-1559, which was activated on the smart contracts blockchain in the update London, last August.
In addition, the network developers have created a new version of its Lachesis consensus algorithm, called “Lachesis Light Repeater”; which was also activated on the platform to allow for minimal network information to be stored. This new version of the consensus algorithm guarantees Fantom nodes lightweight stateless synchronization, which will increase the scalability of the DLT platform.
Finally, the smart contracts platform has implemented the Snapsync solution to reduce the time it takes for a validator to join the network, thus improving its speed and decentralization.
All of these improvements are aimed at strengthening Fantom's infrastructure to enable the construction of a more robust and decentralized ecosystem, capable of meeting the needs and demands of its users and coping with the growing influx of brands, companies and other participants in the Web3 space.
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What is Fantom?
Fantom is a distributed ledger technology (DLT) platform built on a DAG (Directed Acyclic Graph) to offer smart contracts y DApps Highly scalable Ethereum compatible.
This platform uses the Lachesis consensus protocol to optimize the operations of validators, who operate on a Proof-of-Stake (PoS) layer, in order to validate transactions and produce new blocks with a high level of scalability and efficiency, both for developers and users.
Thanks to its level of scalability, Fantom guarantees low transaction costs and high throughput, which has driven its use and adoption for the development of DeFi applications and real-world use cases.
In 2021, Fantom experienced a 3.800% growth in terms of unique wallet addresses active on the network, consolidating itself as one of the most popular ecosystems in the crypto industry.
Also, at present, Fantom ranks as the 7th most important blockchain ecosystem in the DeFi ecosystem, with a total liquidity of 1.550 million, according to data from the DeFi platform Llama.
Developers want to build a high-speed network
Fantom CEO Michael Kong said that the set of new updates he has implemented on Fantom as of today prepares the network for the next wave of crypto builders and enthusiasts.
SpookySwap business development manager Owen Palmer said Fantom’s latest updates reinforce its dedication to becoming an industry-leading technology. SpookySwap is a decentralized exchange protocol that is developed within this DLT platform.
At the end of March this year, Fantom developers announced the launch of a $480 million grant program, aimed at supporting the most innovative projects on the network, to boost the widespread adoption of cryptocurrencies and decentralized technologies.
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