Token

Sonic

Fantom

<ul class="wp-block-list"> 
 <li>The decentralized finance apps of Fantom have witnessed a surge of around 55% in September 2024.</li> 
 <li>From September 1 to October 1, the daily active addresses marked a significant increase of 162%</li> 
</ul> 
On October 2, the Fantom Utility Token (FTM) was found to be on a 70% rise as compared to the last month. Reports claim that the reason for the rise of FTM could be the rebound which laid its first stone on September 6.&nbsp; 
Keeping the data into consideration from the oinMarketCap, At the beginning of the rebound the price was $0.3574 which went to $0.7642 witnessing a four-month high on October 1.&nbsp; The New Update 
The reason for this sudden change is being directed towards the Sonic upgrade which can happen anytime before this year-end. The new Sonic upgrade comes with the benefit of improving the network’s performance based on Fantom Virtual Machine (FVM).&nbsp; 
It will be supported by the Lachesis consensus mechanism and Carmen database storage systems. The update will enable a number of around 2,000 transactions in just one second. Users can experience a high-speed transaction in the blink of an eye.&nbsp; 
The current speed supported by the system is only 30 transactions per second. Sonic Labs was also transformed on August 1 in compliance to meet expectations of upcoming upgrades. The native <a href="https://news.todayq.com/hamster-kombat-fell-59-after-its-release/" target="_blank" rel="noreferrer noopener">t</a><a href="https://news.todayq.com/hamster-kombat-fell-59-after-its-release/">oken</a> FTM is also going to be replaced by a new token ticker $S by this November or December. 
The S token is said to be made in a way that it will provide seamless initial community distribution with the help of airdrop, staking processes as well as fresh user incentive programs. The shift from FTM tokens to S tokens in a ratio of 1:1 was approved by the Fantom community this year. The upcoming update has brought the investor’s interest back in Fantom’s world.&nbsp; Monitoring The Data Source: The CoinMarketCap 
If we closely monitor the data, the decentralized finance apps of Fantom have witnessed a surge of around 55% in September 2024 which accounted for around $108.8 million. The peak attained by this ecosystem was $7.93 billion marked two years ago.&nbsp; 
The rise of total value locks represents growth in user interaction with the blockchain as the platform is providing a seamless interface leading to a rise in the number of daily active users and their activities.&nbsp; 
The daily active users operate with their daily active addresses which is their own unique address used to make a clear transaction over blockchain in a specified time frame. In the time frame of just one month i.e, September 1 to October 1, the daily active addresses marked a significant increase of 162%.&nbsp;&nbsp; 
As the daily active addresses have risen, the number of daily transactions has increased by 66%. The increase in the daily traffic of this ecosystem clearly shows that the users are getting a seamless experience with fewer problems. And this high demand is pushing the price upwards as it is grabbing the attention of newbies as well as long-time investors.&nbsp; A Quick Look Over FTM Source: The CoinMarketCap 
Fantom is a smart contract platform that gives DeFi services to developers through its own mechanism. The platform also accounts itself for solving issues linked with the smart contract platforms&nbsp; 
At the press time, FTM stands at $0.6053 with a market capitalization of $1,696,945,491 and trading volume (24 hrs) of $361,364,539. The token has a circulating supply of 2,803,634,836 FTM and a total supply of 3,175,000,000 FTM.&nbsp; 
After attaining a decent surge on October 2, the token is in a declining state for today.&nbsp;There could be various reasons driving this state also.

FTM surges 70% in just a month, What’s causing this sudden rise?

Todayq News

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