Markets
Fantom (FTM) Challenges Crypto Market Doldrums and Rises 15% This Week During New Chain Update
Ethereum (ET) rival Fantom (FTM) has outperformed the broader cryptocurrency market and saw a surge in price this week amid a new update.
FTM is trading around $0.801 at the time of writing.
The 55th largest crypto asset by market cap is up nearly 5.5% in the past 24 hours and more than 15% in the past week.
In comparison, the overall cryptocurrency market capitalization fell by 1.5% in the last 24 hours and increased by around 5% in the last seven days.
Validators on the Fantom Opera mainnet has started the update on Tuesday their nodes will be powered by the project’s new “Sonic” technology. Fantom says Sonic will “take the network to unprecedented levels” and will be able to process 2,000 transactions per second.
According to the project, the new technology will also reduce storage requirements by up to 90%.
That’s not the only recent technological development for the project: last month, Fantom announced new “canonical” stablecoin in collaboration with USDC– Broadcaster’s club.
Fantom said it used the Wormhole cross-chain messaging protocol (W) to launch the new stablecoin, USDC.e.
Explained the Fantom Foundation,
“USDC.e on Wormhole is linked to the native USDC, located in a smart contract on Ethereum, and has the potential to be upgraded to the native USDC in the future. It will be the official and approved stablecoin of the Fantom ecosystem (and all future network updates).”
This initiative reduces liquidity fragmentation, introduces stability and provides additional on-ramps to the ecosystem. Leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”
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