Fantom Launches Sonic Technology to Increase Transactions

Bittime - Amid the rapid development of blockchain technology, Fantom (FTM) crypto assets have shown significant improvements. Thanks to the launch of Sonic Technology, FTM experienced a price surge of up to $ 1.11 (around Rp. 17,500) on March 26 yesterday. FTM rose 36% in the weekly move. The Sonic technology, developed by the Fantom team, is the answer to the congestion challenges faced by the Opera network today.

The Opera network, which has a Total Value Locked (TVL) of more than $10 billion (around Rp157 trillion) in 2022, has grown rapidly from having no users to being one of the most widely used networks. However, this growth also brings challenges in the form of network congestion that disrupts the user experience, especially during periods of high demand.

Sonic Fantom Technology

Sonic technology promises scalability and security with the ability to process 2,000 transactions per second (TPS) with finality in less than a second, a drastic increase from the 200 TPS offered by Opera. The update is expected to reduce network storage requirements by up to 90%, allowing Fantom to compete with other layer-one blockchains such as Cardano (ADA), Ethereum (ETH), and Solana (SOL).

Sonic will also be used to build best-in-class sequences for L1 and L2 chains, capable of processing over 180 million daily transactions with fast confirmations in mere seconds. This will be the foundation for Fantom's relaunch as an entirely new and community-oriented brand.

Sonic's consensus mechanism offers fast, secure, and convenient use, while cutting transaction costs and settlement times. Sonic is expected to launch soon so as to improve the performance of Fantom Virtual Machine (FVM).

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Improved Network Performance with Sonic

Chief Researcher Professor Bernhard Scholz and his team believe that adding parallelisation to the updated FVM could significantly improve Sonic's performance. The Fantom Foundation also highlighted the resilience of the network by stating that in February 2021, Fantom experienced only one downtime. Even then it can be repaired immediately within 7 hours without losing funds.

Meanwhile, from a market perspective, the latest data from CoinMarketCap shows that FTM is trading for $1.11 (around Rp17,500), with a market capitalization of $3.1 billion (around Rp48.9 trillion) and a trading volume of $537 million (around Rp8.4 trillion). FTM's weekly Relative Strength Index (RSI) has climbed above 70 for the first time since the cryptocurrency bull market boom of 2021, signaling better prospects and the potential for more gains for FTM in the medium term.

Crypto expert Ali Martinez recently predicted that the price of FTM will reach $1.44 (around Rp22,700) in the near future. This prediction is reinforced by the recent addition of the FTM/USDC trading pair on Binance. With the Fantom Foundation's strong fundamentals actively developing the network over the years, FTM's prospects look bright for the coming quarters.

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How to Buy Fantom (FTM) on Bittime

You can buy and sell Fantom (FTM) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Fantom (FTM) is available on Bittime with the FTM/IDR market pair. To be able to buy FTM IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Fantom (FTM) on Bittime.

Monitor the price chart movements of Fantom (FTM), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Fantom (FTM): A DAG-Based Smart Contract Platform with a Promising DeFi Ecosystem

Get to know Lachesis (Fantom), the Revolution of Smart Contracts

How to Stake Fantom (FTM)?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.