Fantom value has been such a pleasure to look at for traders in latest days, as a much-needed breath of recent air continues to unfold all through the crypto market. Bitcoin and different large-cap property appear to be recovering nicely after a interval of sluggish and irritating value motion.
Notably, Fantom emerged as among the finest performers within the cryptocurrency market over the previous week, posting a considerable 26% value improve within the final seven days. The Layer 1 token has notably been on a sizzling streak previously day, hovering by 15%.
The Catalyst Behind The Newest FTM Surge
The much-awaited Sonic improve has been essential to the turnaround the Fantom value has witnessed previously few months. Sonic is anticipated to enhance Fantom’s expertise stack and introduce main scalability enhancements and not using a disruptive laborious fork.
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Most just lately, the Fantom Basis unveiled the small print of the upcoming layer-1 chain Sonic Community. In accordance with the weblog submit, the brand new blockchain community will likely be linked to and be capable of faucet into huge quantities of liquidity, customers, and protocols from “Ethereum and past” through a local layer-2 bridge.
As disclosed beforehand, the Sonic Community is anticipated to go stay alongside a brand new token, with the ticker S. Within the newest memo, the mission revealed that FTM token holders will be capable of migrate Sonic’s token at a 1:1 ratio, relying on the outcomes of a governance vote.
The Fantom Basis mentioned in its newest weblog submit:
Initially, this migration course of is anticipated to be bi-directional, which can permit customers to swap forwards and backwards between $FTM and $S. For the reason that $S token will solely exist on Sonic and $FTM will solely exist on Opera, we anticipate using a bridge to allow bi-directional swaps. This course of allows a seamless migration for present Opera community members to expertise Sonic. After a transitional interval (to be decided sooner or later), the migration course of is anticipated to transition to a one-way migration of $FTM to $S.
The mission famous that the availability of the brand new S token will match that of FTM to facilitate the token migration course of after the Sonic chain launch. It’s price mentioning that the Fantom value skilled a major surge following this replace on the Sonic Community on Might 17.
Fantom Worth At A Look
As of this writing, the Fantom value is round $0.908, reflecting an nearly 15% improve previously 24 hours.
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Featured picture from iStock, chart from TradingView
