By
Kseniia Klichova
April 22nd, 2024
Fantom network prepares for Sonic upgrade, transitioning from testnet to mainnet. Users can expect aboost tin throughput of up to 2,000 TPS with transaction finality at 1.1 seconds.
Ethereum’s Layer-1 competitor Fantom has been recently in the news with its native token FTM registering a strong price surge moving past $1. The daily trading volume for Fantom (FTM) has surged by 100% all the way to $613 million with the altcoin registering 15% gains on the weekly chart.
The recent surge in the Fantom (FTM) price comes amid key developments taking place in the ecosystem. The Fantom network is gearing up toward the Sonic upgrade which will transition the network from testnet to mainnet and will boost the transaction processing fee significantly up to 2,000 transactions per second (TPS). Moreover, the transaction finality will be as low as 1.1 seconds.
Also, the Fantom Sonic mainnet shall upgrade the existing Opera mainnet which has a transaction throughput of 3.2 transactions per second. Another major development is Fantom’s recent launch of its own USDC.e stablecoin bridged from Circle’s USDC on Ethereum. This stablecoin will provide a convenient way of leveraging the USDC stablecoin within the Fantom ecosystem.
The USDC.e is basically a third-party stablecoin created by players Fantom or Wormhole. Users can redeem their USDC.e against Circle’s USDC, and further redeem it for real USD. Fantom clarifies that when USDC.e attains substantial supply, adoption, and dApp integrations, Circle and Fantom/Wormhole may opt to transfer ownership of the USDC.e token contract to Circle.
Boosting Fantom’s Meme Coin Ecosystem
Fantom’s lead developer Andre Cronje has been working actively in order to boost Fantom’s meme coin ecosystem amid the recent industry hype. In his recent blog post, Cronje invited developers to launch their meme coins on the Fantom blockchain.
The initiative seeks to allocate a maximum of 10% of tokens for marketing-related expenses, allocate up to 5% to support the meme team, and place the remaining 85% into a FTM/token Liquidity Pool in the foundation multisig.
In the near term, the Fantom (FTM) price seems to be on a bullish trajectory and recently bounced after touching the EMA55. This shows that after the recent correction in late March and early April, the FTM price growth is still on the cards.
Photo: TradingView
For the Fantom price rally to continue, it should hold strongly above $1. If FTM manages to retain this momentum, it could rally another 30% all the way to $1.30. However, if the bears strike again, the FTM price could start trading sideways retreating to $0.90 with its first support at $0.80.