Fantom (FTM) experienced an 11% increase over the past week, making it one of the top performers in the top 50 cryptocurrencies by market capitalization.
Fantom (FTM) experienced an 11% increase over the past week, making it one of the top performers in the top 50 cryptocurrencies by market capitalization. The surge comes following the announcement of the launch of its USDC.e stablecoin and an upcoming network upgrade. The platform's primary focus is to provide decentralized finance (DeFi) services to developers using its custom consensus algorithm.
The highly anticipated Sonic upgrade, set to transition the network from testnet to mainnet this spring, is expected to significantly enhance transaction processing speeds. With the upgrade, Fantom aims to achieve speeds of up to 2,000 transactions per second (TPS) and a time to finality of 1.1 seconds. The Sonic mainnet will replace the current mainnet called Opera, which currently supports a throughput of only 3.2 transactions per second.
Furthermore, Stani Kulechov, the founder of Aave and Avara, was recently revealed as an angel investor in the Fantom protocol. Meanwhile, Andre Cronje, Fantom's lead developer, has been actively working to boost the platform's memecoin ecosystem. In an official blog post, Cronje extended an invitation to memecoin developers to contact him directly to launch their coins on the Fantom network. As part of his initiative, up to 10% of tokens will be allocated for marketing-related expenses, up to 5% for supporting the meme team, and the remaining 85% will be added to the FTM/token Liquidity Pool in the foundation multisig.
Another major news boosting the price of FTM is the launch of USDC.e, a native stablecoin that enables the bridging of Circle's USDC stablecoin from Ethereum to Fantom. Native USDC, backed by U.S. dollars and issued by Circle, ensures a 1:1 redeemability. In contrast, USDC.e is created by a third party, such as Fantom or Wormhole, and is backed by native USDC on another blockchain locked in a smart contract. Users can only redeem their USDC.e for USDC, which can then be exchanged for real USD.
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