Fantom (FTM) has been on a remarkable run, surging 25% in the past week and over 40% in the last 30 days, significantly outperforming major players like Bitcoin and Ethereum. This impressive growth can be largely attributed to ongoing developments in the Fantom ecosystem, most notably the highly anticipated Sonic upgrade set for late 2024.
The Sonic upgrade is expected to be a game-changer for Fantom’s performance, introducing a new virtual machine that will drastically enhance transaction speeds to over 2,000 transactions per second (TPS) and reduce storage requirements by up to 90%. These improvements will likely solidify Fantom’s position as one of the most efficient and scalable platforms in the blockchain space.
While the Total Value Locked (TVL) in Fantom’s DeFi ecosystem remains below its 2022 peak, recent on-chain data paints a promising picture. There has been a 67% increase in daily active addresses, signaling growing interest and participation in the network. Additionally, the project continues to receive strong support from key investors, underscoring confidence in its long-term potential.
As Fantom continues to innovate and attract attention, its bullish trajectory could be just the beginning, with more potential upside ahead as key upgrades roll out
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