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- The transition from Fantom Opera to Fantom Sonic will be a huge boost to web3 users and developers as the throughput will rise to over 2k per second.
- Fantom (FTM) price has been attempting to continue with the initial bullish momentum after a solid rebound above the daily 50 MA.
The Fantom (FTM) network has grown to a major layer one (L1) blockchain, with more than $150 million in Total Value Locked (TVL) from dozens of web3 protocols. As earlier reported by Crypto News Flash, the Fantom Foundation is working together with Circle and Wormhole to launch the USDC.e stablecoin, thus building on the $630 million stablecoins’ market cap.
The Fantom ecosystem has attracted notable investors in the web3 industry with the latest being Stani Kulechov, the founder of Aave and Avara. As a result, the Sui network is well-positioned to compete with top-tier smart contract chains led by Ethereum (ETH) amid the ongoing mass adoption of digital assets and web3 protocols.
Fantom Network Ready for Sonic Rollout
The Fantom Foundation announced on Tuesday through its official X account that the first Fantom validator using the Sonic technology is live, thus marking a major milestone in the transition from Fantom Opera. Notably, the first Fantom Sonic validator has staked a total of 63,468 FTM coins, whereby 50k has been designated for the validator stake, and around 13,468 FTM coins came from the delegator stake.
The Fantom Sonic validator has another 50 percent free space and currently offers a maximum annual percentage rate of around 9.81 percent. As a result, the Fantom Sonic validator has a voting power of around 1.28 percent.
The Fantom Sonic network can process more than 2,000 transactions per second, which is a huge development from the 200 TPS on the Fantom Opera. With more than 250 decentralized applications (Dapps), the Fantom Sonic network will have more on-chain activity than its predecessor due to the reduced storage requirements for the network by up to 90 percent.
Furthermore, the Fantom Sonic has an average block time of 0.41 seconds compared to Bitcoin with 10 minutes. As Crypto News Flash previously reported, Michael Kong, the CEO of Fantom Foundation, is confident that the Fantom Sonic will
Midterm Impact on FTM Price Action
Fantom (FTM) price has been on a rising trend since the bullish breakout earlier this year. The mid-cap altcoin, with a fully diluted valuation of about $3.2 billion, has experienced increased daily trading volume that stands at around $727 million. According to the latest market data. FTM price is up around 30 percent in the past four weeks to trade around 97 cents on Wednesday.
As a result, it is safe to assume that the FTM price is aiming to retest the all-time high of around $3.4. Furthermore, the weekly Relative Strength Index (RSI) has remained above the 70 level for the past few months, thus indicating the bulls are in control. Based on the weekly Fibonacci extension, if the FTM price against the US dollar consistently closes above 99 cents, the next major target is between $1.4 and $1.66.
