Leading the recession today, Fantom (FTM) contributes to the crypto market’s 2% drop after weeks of growth.
Fantom is one of those altcoins that has kept up with the broader market momentum. The most recently market data shows that the token is down 10% in the last 24 hours, but is still in the green in the bi-weekly period, at 14%. However, Fantom has a trick up its sleeve to potentially stem this downtrend.
Fantom CEO Michael Kong reveals Sonic launch
Sonic is the new technology that Fantom has been developing for the last 2 years. According to their latest blog post, Sonic managed to surpass the network’s metric of 200 transactions per second. Although 200 TPS was already impressive compared to Ethereum’s 12 TPS, the network quickly became congested and the user experience deteriorated.
Kong said in the blog post:
“Sonic will be used to create a new, best-in-class shared sequencer for L1 and L2 chains, capable of processing more than 180 million daily transactions with true confirmation times in less than a second, and serve as the basis for relaunching Fantom like a whole new game. community-centric brand.”
This all-new technology will cover every part of the Fantom network, from bridging to stablecoin launch, Sonic has it all.
Sonic Labs will also get a piece of the pie as the foundation adds grant programs alongside network upgrades.
Bitcoin is now trading at $70.396. Chart: TradingView
“We will continue to significantly scale and accelerate our Sonic Labs grant program for developers creating unique and valuable applications and public goods in categories including gaming, DeFi, social media, streaming, and now distributed AI,” Kong added.
This will significantly increase the size of Fantom’s user base, increasing investor confidence and giving developers more room to innovate.
Furthermore, the advancements brought by Sonic Labs in covering all aspects of the Fantom network, from bridging to the launch of a stable coin, are poised to have a notable impact on the dynamics of the Fantom market.
By simplifying processes, improving interoperability and introducing new functionalities, these developments could increase the network’s attractiveness for both investors and users.
We are pleased to announce the first of many angel investors who have joined our round!
Sam Kazemian (@samkazemian ) is the founder of @FraxFinance ✦, one of the largest DeFi protocols with over $1.6 billion in assets such as sfrxETH and the stablecoin FRAX.
🌐 Frax is committed… pic.twitter.com/zSL1XFNHYR
– Fantom Foundation (@FantomFDN) March 27, 2024
The Fantom Foundation announced today that Frax Finance founder Sam Kazemain is Sonic’s first angel investor, stating that Frax will deploy natively issued assets into Sonic upon its eventual launch.
Short-term gains reduced in favor of long-term
Meanwhile, bears have completely taken control of the FTM market in the short to medium term. Investors in FTM can only hope that the broader market downturn reverses itself in the coming weeks.
Featured image from Pexels, chart from TradingView
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