FTM’s worth and Fantom’s TVL have doubled for the reason that begin of February.
Fantom is mounting a powerful comeback amid anticipation for its Sonic improve.
Fantom’s FTM token is up 104% over the previous 30 days, having posted a 23-month excessive of $0.974 on March 16, in keeping with CoinGecko.
FTM’s commerce quantity additionally surged greater than 1,000% since mid-October, whereas the whole worth locked (TVL) in Fantom-based DeFi protocols gained 236% over the identical interval, in keeping with DeFi Llama.
Nevertheless, Fantom’s TVL stays down 98.6% from its January 2022 all-time excessive of practically $12.4 billion.
FTM’s hovering efficiency comes as Fantom prepares to launch its upcoming Sonic improve, which is scheduled to happen throughout spring.
Sonic will introduce a brand new good contract coding language and execution engine within the Fantom Digital Machine, which is meant to improve from the Ethereum Digital Machine (EVM) Fantom beforehand borrowed from Ethereum.
The Fantom Digital Machine additionally boasts EVM compatibility, that means builders can simply port code over from Ethereum.
The Fantom Basis launched public and closed testnets for Sonic in October 2023, with a March 13 weblog submit reporting a 95% discount in transaction prices on the testnet.
The submit stated Fantom fed the closed testnet with “simulated visitors” mimicking token transfers, asset minting, and multi-step swaps. The Fantom Basis concluded that the community will be capable to assist a “sensible” throughput of two,000 transactions per second (TPS) with one-second finality after Sonic’s mainnet launch.
Different assessments advised the community might course of as much as 4,000 token swaps and as much as 10,000 transfers per second when completely processing these transaction varieties.
Sonic may even goal a 90% discount in storage prices and introduce an upgraded consensus mechanism. The Fantom Basis added that it has already upgraded a number of archive nodes on mainnet to assist Sonic.
Fantom goals to facilitate new DeFi and web3 gaming use circumstances by Sonic.
