Sonic Network is being the catalyst for the current Fantom price surge in the crypto market.
According to CoinMarketCap data, Fantom’s price has seen a 27% increase in the past week, driven by the innovation of Sonic Network.
The recent developments of the new blockchain, which is still in testnet, are capturing the attention of investors, causing a significant increase in the price of the cryptocurrency.
Sonic Network, which was introduced by the Fantom Foundation as a new solution focused on blockchain scalability, promises to revolutionize interoperability and performance in the Fantom ecosystem.
Fantom experiences an impressive increase in its price
Recently, Fantom has seen a notable increase in its value, which has grown by 27% in the last week. This rise has led the price of FTM to trade above $0,488 dollars per unitWith this, Fantom is positioned as the second cryptocurrency with the greatest growth in the last 7 days, even surpassing the growth of Bitcoin, the leading cryptocurrency by capitalization.
Source: CoinMarketCap
Crypto market analysts have attributed this growth to a series of strategic updates coming from Sonic Labs, the incubator behind the new Sonic Network blockchain.
Sonic Network: Fantom's new era of scalability and performance
The investor community has enthusiastically received announcements about Sonic Network's ability to process transactions at exceptional speed, and with a transaction finality of just 720 milliseconds.
This week, the Fantom Foundation revealed important details about Sonic Network’s ability to improve performance and interoperability across the Fantom ecosystem. Michael Kong, CEO of the Foundation, highlighted that the new blockchain will integrate a completely new virtual machine and optimized consensus, allowing the network to handle up to 180 million transactions per day with sub-second finality.
Likewise, Andre Cronje, co-founder and CTO of Sonic, emphasized that the network is on its way to becoming the fastest in the crypto ecosystem and, in addition, one of the most accessible and profitable for users and developers, respectively.
With the development of Sonic Network, the Fantom Foundation is not only looking to improve the user experience but also to establish itself as a serious competitor in the cryptocurrency space, where speed, scalability, and efficiency are essential. With this innovative approach, Fantom could revolutionize the way decentralized applications are developed in the blockchain ecosystem. Furthermore, Sonic’s ability to connect with Ethereum and other Ethereum Virtual Machine (EVM)-compatible chains through a Layer2 bridge called Sonic Bridge will facilitate liquidity and access to existing resources on Ethereum, which is the main smart contract marketplace.
$120 million for protocol migration
In June, the Fantom Foundation announced a $120 million allocation of FTM tokens to help developers migrate their projects and protocols to the new Sonic blockchain. However, the Foundation has made it clear that while Sonic Network will become the primary platform, the Opera network will remain operational for those who wish to remain on the original blockchain.
In addition, Sonic will have a new token called S, the supply of which will match the supply of FTM. In this way, the network developers seek to ensure a smooth transition and continuity of the existing blockchain ecosystem. FTM holders will be able to exchange their assets for the S token, in 1: 1 ratio.
As the development of Sonic Network progresses, the crypto community has high expectations for this new blockchain. The successful implementation of Sonic could establish Fantom as an industry leader, in terms of performance and scalability, providing a more attractive environment that could facilitate the entry of a new wave of projects and users into the blockchain ecosystem.
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