Fantom Price Up 70% in 30 Days – What’s Driving FTM?
2024-10-03 09:02
FTM, the native token of smart contract platform Fantom, has gained 5% over the past week, reaching $0.6850 on October 2. The rally is part of a recovery trend that began on September 6, with FTM gaining more than 70% over the past 30 days.
Fantom (FTM) has rallied from a low of $0.3574 on September 6, rallying 103% to hit a four-month high of $0.7642 on October 1.
FTM’s trading volume has also increased in tandem with the price rally, cementing its position as the 46th largest altcoin globally.
FTM Price Rises Ahead of Sonic Upgrade and Rebranding to S
The FTM price surge is fueled by community anticipation for the upcoming upgrade, dubbed Sonic, which is scheduled to launch in December.
The new Sonic Chain is expected to significantly improve network performance by introducing a new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and a Carmen database storage system.
After the upgrade, the Fantom blockchain will be capable of processing over 2,000 transactions per second (TPS), with transaction completion times of just one second, a significant improvement from the current 30 TPS.
In preparation for the change, the Fantom Foundation rebranded Sonic Labs on August 1. The FTM token will be replaced by a new token $S, with FTM tokens being converted to S tokens at a 1:1 ratio during the transition to Sonic Chain.
The upcoming upgrade has reignited investor interest in Fantom’s decentralized finance (DeFi) ecosystem.