The recent rise in the value of the FTM token shows that the strategic initiatives taken by Fantom are paying off. Fantom's native blockchain token (FTM) has performed impressively, becoming one of the most successful cryptocurrencies over the past week. This sharp rise in value is likely due to the release of a Fantom update called "Sonic".
The value of #FTM has risen by more than 9.2% over the past seven days, reaching the 80.3 cents mark. Compared to other tokens, FTM has performed some of the best, indicating sustained success rather than just a short-term spike. The #Fantom Foundation is actively promoting its Sonic upgrade, and at the time of publication, 25 out of 60 nodes have already migrated to it. However, a full network upgrade will be completed once at least 40 nodes have installed the new software.
The Sonic upgrade is designed to expand the capabilities of the Fantom network. The main benefit is an increase in transaction speeds to 2,000 per second with an end result of 1.1 seconds. This is a significant improvement over the current speed of 2.5 transactions per second. Sonic's technological advances are attracting the attention of the community, but are not the only factor in FTM's growth.
The Fantom network's total blocked value (TVL) has also seen impressive growth. According to DeFiLlama, in just two days, from May 14 to May 16, TVL grew nearly 83%: from $111 million to $203 million. This jump is indicative of the growing popularity of decentralized applications running on the Fantom #blockchain , including decentralized exchanges, lending platforms, and yield aggregators. Many of these dApps have also seen significant TVL growth over the past week, ranging from 10% to 20%.
Thus, the recent strong performance of the FTM #token is a result of both the technological advances presented in the Sonic update and the growing popularity and use of decentralized applications on the Fantom network. This success demonstrates that the Fantom Foundation's strategy is bearing fruit and points to the potential for further growth and development of the Fantom ecosystem.
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