Will Fantom, the old public chain that has been rising against the trend, also usher in a second spring?

山羊 · 2024-03-21T10:35:30.000Z

In the past few days, the established public chain Fantom has attracted the attention of the community. Amid the correction of Bitcoin and Ethereum the day before and the general decline in the market, Fantom ranked first on Coingecko's gain list with a 24-hour increase of 4.3%. But in fact, such a signal is not unexpected. In the past month, FTM has increased by more than 146.2%. Founder AC’s passionate publicity Fantom’s resurgence is inseparable from Andre Cronje, director of the Fantom Foundation. AC was the DeFi OG in the last bull market and created star projects such as Yearn Finance and Phantom, as well as many important projects such as Keep3r Network, Multichain, Chainlist, Solidly and Prolific contributor to Bribe crv Finance.

In recent days, the old public chain Fantom has attracted the attention of the community. In the previous day, Bitcoin and Ethereum pulled back and the market fell generally, Fantom ranked first on the Coingecko growth list with a 24-hour increase of 4.3%. But in fact, such a signal is not surprising. In the past month, FTM has increased by more than 146.2%.
Founder AC promotes
Fantom’s resurgence is inseparable from Andre Cronje, director of the Fantom Foundation. AC is the DeFi OG of the last bull market. He created star projects such as Yearn Finance and Phantom. He is also a prolific contributor to important projects such as Keep3r Network, Multichain, Chainlist, Solidly and Bribe crv Finance.
Andre Cronje announced his withdrawal from the crypto space in March 2022, but later, according to The Block, Andre Cronje had actually never left Fantom. Andre Cronje's withdrawal and the news of his "return" to Fantom both played an important role in stimulating the price changes of FTM at the time.
Related reading: Andre Cronje: The Lone Ranger's Internet Odyssey
In recent months, Andre Cronje’s frequent release of “good news” about the progress of the Fantom ecosystem has also greatly increased investors’ expectations for FTM.
On January 9, Andre Cronje said on social media that Fantom has successfully solved the state bloat problem in the blockchain, which is one of the core milestones of the project since its early days. State bloat refers to the situation where the storage space required for blockchain processing and storing transaction and smart contract data increases over time, resulting in increased storage costs and decreased processing efficiency.
According to reports, Fantom uses the aBFT (asynchronous Byzantine Fault Tolerance) consensus mechanism, which does not require the longest chain rule. Once more than two-thirds of the validators know the previous state, all data before reaching that state can be pruned. This means that all data before two epoch states can be pruned.
Fantom also introduces a new database technology, Carmen, which uses flat storage instead of tree or dictionary structures, and further significantly reduces the current activation state bloat while maintaining the cryptographic signature of the world state. With the above technology, Fantom's state storage requirements will be reduced from about 2TB to 60GB.
The day before yesterday, Andre Cronje used a meme to promote Fantom, saying that Fantom Sonic will bring better performance than the parallel EVM path. This move attracted friendly doubts from Jay, the founder of the new public chain Sei, and Toly, the founder of the old public chain Solana, but also led to a 20% increase in the price of FTM.
What is Fantom Sonic that we are pinning our hopes on?
On October 25, 2023, the Fantom Foundation announced the launch of its latest technology upgrade, Fantom Sonic, which aims to improve the scale and performance of the network. The new upgrade includes a new virtual machine, enhanced database storage, and an optimized consensus mechanism.
According to reports, Fantom Sonic will replace the previous Opera technology stack and will not require a hard fork to upgrade. Fantom Sonic will achieve more than 2,000 transactions per second, with an average finality time of one second, and storage requirements are only a fraction of its predecessor Opera.
Fantom Sonic's testnet has been running for 5 months and has shown good performance in all aspects of token transactions and transmissions, and in withstanding traffic pressure.
In addition to regular on-chain operation tests, Fantom Sonic also created a maze game in an interesting interactive form to allow dApp developers to experience the performance effects after the upgrade.
The launch of the Fantom Sonic official network is scheduled for the spring of 2024, which is one of the important developments that the Fantom community and even the DeFi community are looking forward to in 2024. When sharing the ecosystem he is concerned about, DeFi researcher Ignas mentioned that "when the upgraded version of Fantom 2.0 Sonic is launched early next year, the fun will begin."
Related reading: Bull Market Degen Money Making Manual (Part 1)
The purpose of pursuing performance is to bring a richer and more prosperous project ecosystem to Fantom. Although the performance results cannot be finally verified, Fantom Sonic has opened up expectations for the Fantom community.
Previously, some people’s impression of Fantom ecosystem was that only DEX and meme were active. In AC’s call for orders tweet the day before yesterday, someone asked, “What do you think is the killer application that can support Fantom’s rapid growth? Don’t tell me it’s a meme.” In his long reply, AC expressed his firm confidence in Fantom Sonic, “Just as it is impossible to build modern large-scale applications with 1990 technology today, it is also impossible to build a richer ecosystem with today’s blockchain technology.”
In his opinion, by reducing fees (using supersets, off-chain zero-knowledge computing, and parallel execution) while increasing throughput, Fantom Sonic will make applications such as games, social networking, and streaming truly feasible on Fantom.
Just a month ago, Fantom announced the five winning projects of the Sonic Labs startup accelerator program, including Lynx, a perpetual DEX project that supports any token as collateral, Thunder Dome, a social protocol, Dēbita, a P2P lending platform, KiriCoin, a green technology startup, and Froqorion, an RPG blockchain game. The community is also waiting to see whether Fantom Sonic can make these projects stand out in their respective fields.
Unlike 2021, today’s public chain narrative has reached the point of involution. Whether Fantom can achieve greater success with the support of AC remains to be seen.