The native token of Fantom, FTM, has increased by over 190% in the past month. Among the top 100 cryptocurrencycurrencies, FTM is the one that has performed the best in terms of market value and is not a meme.
This is FTM’s highest price level since April 2022, according to CoinMarketCap. It started at 40 cents and increased to $1.20. Because of its recent rise, the cryptocurrencycurrency is now the 41st largest digital asset globally, with a market capitalization of $3.38 billion.
The Fantom Virtual Machine (FVM) is a critical component of the update, designed to greatly improve the speed with which smart contracts execute. Popular Ethereum-based decentralized apps can easily transition to Fantom thanks to the FVM’s translation of Ethereum Virtual Machine (EVM) code into its format, allowing developers to complete the transition seamlessly.
Fantom’s cryptocurrencycurrency may have piqued investors’ interest because of the anticipated Sonic upgrade, which is supposed to boost transaction processing speeds. The Sonic mainnet, which will replace the Opera mainnet, is scheduled to become operational in the spring of this year. In October of last year, Sonic’s testnet was activated.
Analysts believe Fantom Sonic will offer up new opportunities for the Fantom ecosystem in sectors like as IoT, blockchain gaming, and DeFi platforms. This update’s benefits include improved gaming, simpler microtransactions, safer IoT data exchanges, and faster DeFi.
The DeFiLlama data reveals a drop in FTM locked in Fantom’s applications to its lowest level since May 2021, at 123.85 FTM, indicating that investor interest in the company has yet to revive.FTM prices rise as a result of Fantom Sonic’s exceptional testnet performance, indicating a promising future for mainnet launch opportunities.
Read also: Fantom Aims for Multichain Liquidation to Recover $122 Million Loss
