Fantom (FTM) Value Soars with a 13% Increase, What is the Cause?

Bittime - The Fantom blockchain with its FTM token has become one of the brightest performing non-meme assets over the past week.

This was driven by market optimism regarding the launch of the Sonic upgrade and the increase in total value locked (TVL) on the protocol.

Current Price of Fantom (FTM).

The current price of Fantom (FTM) has seen a significant increase of 13% in the last seven days, reaching a value of around 81 cents.

According to CoinDesk Index data, this shows much better performance. From previously, it only experienced an increase of 1.5% in the same period.

Source: Coindesk

FTM's rapid rise was likely fueled by the launch of the latest update from the Fantom Foundation, known by the codename Sonic.

This update aims to improve the scalability and performance of the Fantom network. Currently, 25 of the 60 nodes (nodes) in the network have completed the upgrade process, and according to the official dashboard, the entire network will be officially upgraded once two-thirds of the nodes reach the new software version.

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Sonic: Fast Transaction Solutions and Locked Value Surge

Sonic is here as an innovative solution to increase transaction speed on the Fantom blockchain. It is hoped that this platform will be able to handle up to 2,000 transactions per second (TPS) with a completion time of only 1.1 seconds.

This is a significant jump compared to Fantom's average TPS over the last month which only reached more than 2.5 TPS.

Soaring Fantom TVL Value

Source: Defilama

This incredible transaction speed is attractive to investors, especially after seeing Fantom's recent TVL surge.

According to DeFiLlama, Fantom's TVL reached $203 million on May 16, up from $111 million just two days earlier.

This rapid rise was driven by increased activity across decentralized exchanges (DEX), lending applications, yield aggregators, and other decentralized applications (dApps) built on the Fantom platform. 

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Conclusion

In various decentralized applications (dapps) operating on the Fantom network, total value locked (TVL) has increased rapidly, reaching 10% to 20% in the past week.

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