Fantom (FTM) Defies Crypto Market Doldrums and Surges 15% This Week Amid New Chain Upgrade

On May 18, 2024

Ethereum (ETH) rival Fantom (FTM) has outpaced the broader crypto market and surged in price this week amid a new upgrade.

FTM is trading around $0.801 at time of writing.

The 55th-ranked crypto asset by market cap is up nearly 5.5% in the past 24 hours and more than 15% in the past week.

By comparison, the overall crypto market cap is down 1.5% in the past 24 hours and up around 5% in the past seven days.

Validators on the Fantom Opera mainnet began upgrading their nodes to be powered by the project’s new “Sonic” technology on Tuesday. Fantom says Sonic will “scale the network to unprecedented heights” 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 tech development for the project: Last month, Fantom announced a new “canonical” stablecoin in partnership with USDC-issuer Circle.

Fantom said it utilized the cross-chain messaging protocol Wormhole (W) to roll out the new stablecoin, USDC.e.

Explained the Fantom Foundation,

“USDC.e on Wormhole is bridged from native USDC, located in a smart contract on Ethereum, and holds the potential to be upgraded to native USDC in the future. It will be the official, 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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