Fantom (FTM), a rival of Ethereum (ETH), has experienced a remarkable surge in price this week following a new upgrade. At the time of writing, FTM is trading at approximately $0.801.
In the past 24 hours, FTM, ranked 55th by market cap, has seen a nearly 5.5% increase, and over the past week, it has risen by more than 15%. In comparison, the overall crypto market cap has dropped by 1.5% in the past 24 hours and increased by around 5% in the past seven days.
Validators on the Fantom Opera mainnet began upgrading their nodes on Tuesday to utilize the project’s new “Sonic” technology. According to Fantom, Sonic will revolutionize the network’s scalability and enable the processing of 2,000 transactions per second. Additionally, this new technology is expected to reduce storage requirements by up to 90%.
Fantom has recently made other technological advancements as well. Last month, it partnered with USDC-issuer Circle to introduce a new stablecoin called “canonical” stablecoin. Through the use of the cross-chain messaging protocol Wormhole (W), Fantom was able to launch the stablecoin, USDC.e. This stablecoin, which is bridged from the native USDC on Ethereum, can potentially be upgraded to native USDC in the future. It will serve as the official stablecoin of the Fantom ecosystem and all future network upgrades.
This initiative aims to reduce liquidity fragmentation, introduce stability, and provide more on-ramps to the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be accessible to all users and developers on Fantom.
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