Bitcoin

Fantom Price Continues To Shine

2 Mins read

Fantom price has been such a joy to watch for investors in recent days, as a much-needed breath of fresh air continues to spread throughout the crypto market. Bitcoin and other large-cap assets seem to be recovering well after a period of sluggish and frustrating price action.

Notably, Fantom emerged as one of the best performers in the cryptocurrency market over the past week, posting a substantial 26% price increase in the last seven days. The Layer 1 token has particularly been on a hot streak in the past day, soaring by 15%.

The Catalyst Behind The Latest FTM Surge

The much-awaited Sonic upgrade has been critical to the turnaround the Fantom price has witnessed in the past few months. Sonic is expected to improve Fantom’s technology stack and introduce major scalability enhancements without a disruptive hard fork.

Related Reading

Most recently, the Fantom Foundation unveiled the details of the upcoming layer-1 chain Sonic Network. According to the blog post, the new blockchain network will be connected to and be able to tap into vast amounts of liquidity, users, and protocols from “Ethereum and beyond” via a native layer-2 bridge.

As disclosed previously, the Sonic Network is expected to go live alongside a new token, with the ticker S. In the latest memo, the project revealed that FTM token holders will be able to migrate Sonic’s token at a 1:1 ratio, depending on the results of a governance vote.

The Fantom Foundation said in its latest blog post: 

Initially, this migration process is anticipated to be bi-directional, which will allow users to swap back and forth between $FTM and $S. Since the $S token will only exist on Sonic and $FTM will only exist on Opera, we anticipate utilizing a bridge to enable bi-directional swaps. This process enables a seamless migration for current Opera network participants to experience Sonic. After a transitional period (to be determined in the future), the migration process is expected to transition to a one-way migration of $FTM to $S.

The project noted that the supply of the new S token will match that of FTM to facilitate the token migration process after the Sonic chain launch. It is worth mentioning that the Fantom price experienced a significant surge following this update on the Sonic Network on May 17.

Fantom Price At A Glance

As of this writing, the Fantom price is around $0.908, reflecting an almost 15% increase in the past 24 hours.

Related Reading

Fantom Price
Fantom price on the brink of $1 on the daily timeframe | Source: FTMUSDT chart on TradingView

Featured image from iStock, chart from TradingView


Source link

Related posts
Bitcoin

Could Pepe Unchained Be the Next Big Meme Coin With 10X Potential? A Pepe Coin Alternative

3 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage Despite the current bearish crypto market, there’s optimism for…
Bitcoin

Exploring Crypto’s Most Expensive Assets: The 5, 4, and 3-Digit Clubs

1 Mins read
Throughout bitcoin’s history, the leading crypto asset has traded at five digits per unit for over 28% of its time. In 2022…
Bitcoin

Pepe, Dogwifhat and AlexTheDoge Memecoins Surge 12% Despite Market Falling 10% Overnight

2 Mins read
The cryptocurrency market experienced a 10% decline overnight, while meme coins like Pepe Coin (PEPE), Dogwifhat (WIF), and Alex The Doge (ALEX)…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *