Fantom's native FTM token has been one of the best-performing assets amongst the large cap crypto assets over the past week, gaining over 6.6%.
Fantom's native FTM token has been one of the best-performing assets amongst the large cap crypto assets over the past week, gaining over 6.6%. The recent upswing is a continuance of a larger move that began on August 6, with the token surging over 40% in the last month alone.
While FTM's performance has been strong, over the same 30-day period, Bitcoin has declined 4%, while Ethereum has suffered a heftier 12.6% drawdown. The total cryptocurrency market cap also suffered a 2.5% drop and stands at $2.02 trillion.
This placed FTM on an impressive run and positioned it among the biggest gainers for the last month among the 100 largest cryptocurrencies by market capitalization.
According to pseudonymous crypto trader and investor Mister Crypto, the run-up of Fantom is a result of "a lot of development behind the scenes."
The most important future upgrade to the Fantom blockchain is going to be the implementation of Sonic, due in November or December of 2024. It is going to introduce extreme performance changes in the network through the new Fantom Virtual Machine, a high-optimized Lachesis consensus mechanism, and database storage at Carmen.
Post-upgrade, the Fantom blockchain is expected to reach more than 2,000 transactions per second with finality time of roughly one second-a quantum leap from the current 30 TPS. Already, a closed testnet with simulated traffic has demonstrated this capability: a maximum theoretical throughput of 2,000 TPS with a time to finality of 729 milliseconds.
Sonic also claims to reduce the storage burden by as much as 90%, thereby further bringing down the operational cost of a node and making the network more inclusive.
With its full compatibility with the Ethereum tool chain and contracts, it's positioned to enable a wide range of high-frequency decentralized applications without sacrificing security or decentralization.
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