Sonic upgrade propels FTM token to an impressive surge of over 190%
Fantom’s native token FTM has experienced a staggering surge of more than 190% in just a span of four weeks, largely fueled by the anticipation surrounding the Sonic upgrade. This impressive growth has propelled FTM to become the top-performing non-meme cryptocurrency among the top 100 digital assets based on market value, pushing its price from $0.40 to $1.16.
This recent price increase marks the highest point FTM has reached since April 2022, and it has also resulted in a significant boost in its market capitalization, which now stands at $3.29 billion. As a result, FTM has secured its position as the 44th largest digital asset globally, according to data from CoinGecko.
In contrast, Bitcoin (BTC), the longstanding leader in the market, has seen a comparatively modest 28% increase during the same period, while Ether (ETH), the second-largest cryptocurrency, has risen by nearly 20%. The broader cryptocurrency market has also experienced a notable 33% growth, indicating a period of robust expansion across the crypto sphere.
The highly anticipated Sonic upgrade to Fantom’s blockchain is one of the key drivers behind the current investor enthusiasm. Set to replace the existing mainnet Opera in the coming spring, the Sonic upgrade promises to significantly enhance transaction processing speeds.
During the testnet phase, which was launched in October of the previous year, the Sonic upgrade demonstrated a theoretical maximum throughput of 2,000 transactions per second (TPS) and a time to finality of 1.1 seconds. These remarkable improvements far surpass the current capacity of the Opera mainnet, which can only handle 3.2 TPS.
Transaction throughput and time to finality are crucial metrics in the blockchain domain as they indicate the efficiency and reliability of transaction processing. Additionally, the Sonic upgrade will introduce the Fantom Virtual Machine (FVM), which will greatly accelerate the execution speeds of smart contracts.
The upgrade aims to make it easier for developers of Ethereum-based decentralized applications to migrate to the Fantom ecosystem by facilitating smoother translation of Ethereum Virtual Machine (EVM) code and ensuring backward compatibility.
Research conducted by Reflexivity highlights the broader implications of the Sonic upgrade for the Fantom ecosystem, particularly in decentralized finance (defi), blockchain gaming, high-frequency applications, and the Internet of Things.
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