Fantom (FTM) Skyrockets Amid Market Slump: Factors Fuelling the Rally

By: Eliza Bennet

Despite a predominantly reddish crypto market, Fantom (FTM) has emerged as a notable performer, registering significant gains in recent weeks. Notably, the asset's performance has been buoyed by the anticipation of the Sonic upgrade, which promises to ramp up transaction processing speeds on the Fantom network. Investor interest in the cryptocurrency has hence been galvanized ahead of this upgrade.

The Sonic upgrade introduces major scalability improvements, including the Fantom Virtual Machine (FVM) to increase transaction throughput, the Carmen Database that hopes to reduce storage requirements by up to 90%, and an Optimized Lachesis Consensus for enhanced performance. With these enhancements, Fantom targets a throughput of over 2,000 transactions per second (TPS). This upgrade is set to further consolidate Fantom's position in the decentralized networks space, opening new avenues, especially in decentralized finance (DeFi) platforms, blockchain gaming, high-frequency applications, and the Internet of Things (IoT).

Momentum for Fantom has also been spurred by the recent announcement by Coinbase International about the forthcoming launch of Fantom perpetual futures on its platform. This move is anticipated to boost Fantom's liquidity and accessibility, making it increasingly appealing to investors worldwide.