Markets
Fantom (FTM) Defies Crypto Market Stagnation, Surges 15% This Week Amid New Network Upgrade
Ethereum (ETH) rival Fantom (FTM) has outpaced the broader crypto market and surged in price this week amid a new update.
FTM is trading around $0.801 at the time of writing.
The 55th-ranked crypto asset by market cap is up nearly 5.5% in the last 24 hours and more than 15% in the past week.
In comparison, the overall crypto market capitalization is down 1.5% in the last 24 hours and is up about 5% in the last seven days.
Validators on the Fantom Opera mainnet started updating its nodes will be powered by the project’s new “Sonic” technology on Tuesday. Fantom says Sonic will “scale the network to unprecedented levels” and can process 2,000 transactions per second.
The new technology will also reduce storage requirements by up to 90%, according to the project.
It’s not the only recent technological development for the project: last month, Fantom announced new “canonical” stablecoin in partnership with USDC-emitting circle.
Fantom said it used the Wormhole cross-chain messaging protocol (W) to launch the new stablecoin, USDC.e.
Explained the Fantom Foundation,
“USDC.e on Wormhole is a bridge from native USDC, located in a smart contract on Ethereum, and has the potential to be upgraded to native USDC in the future. It will be the official and endorsed stablecoin of the Fantom ecosystem (and all future network upgrades).
This initiative reduces liquidity fragmentation, introduces stability and provides additional on-ramps to the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”
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