In a crucial turning point for the cryptocurrency markets, Fantom (FTM) spearheaded a 2% downfall today, making a significant impact following its recent weeks of growth. Known as one of the pivotal altcoins, Fantom has historically hitched its wagon to the wider market trend. According to most recent market data, the precious token has suffered a 10% loss in the last 24 hours, though it still remarkably fairs favorably in the biweekly frame at 14%. Yet, Fantom appears to have an ace up its sleeve that may potentially stave off the ill winds of the bear market.
Michael Kong, the CEO at helm of Fantom, recently pulled the curtains off a secret project codenamed ‘Sonic Launch.’ Sonic Launch, an exciting new technology, has been simmering under Fantom’s development wing for the past couple of years. As per their latest blog post, Sonic unfathomably surpassed the network’s own set benchmark of 200 transactions each second. This figure, though admirable when compared to Ethereum’s humble 12 TPS, led to a quick saturation of the network, leaving much to be desired in terms of user experience.
Kong, in his blog post, touched upon the impressive capabilities of Sonic, stating it will enable the creation of an unparalleled shared sequencer for L1 and L2 chains. Capable of processing an incredible 180 million daily transactions, Sonic’s speed matches that of a lightning bolt with sub-second confirmation times. At its core, Sonic aims to serve as the foundation for Fantom’s complete rebirth as a brand, characterized by a new community-centric focus.
Sonic’s capabilities promise to straddle all aspects of the Fantom network, stretching from bridging processes to launching a stablecoin, establishing Sonic as the new network linchpin. Benefiting from Fantom’s latest upgrades, Sonic Labs are poised to reap their share as the foundation will grant programs in synergy with these network enhancements.
Also in the news, Bitcoin is trading at a breath-taking $70.396 as per recent TradingView charts.
Kong, looking to the future, reemphasized Fantom’s commitment – it will continue to up its scale and speed using the Sonic Lab grants’ program. With special attention to developers who create innovative applications in diverse fields such as gaming, DeFi, social media, streaming, and most recently, distributed AI.
These factors collectively promise to fan the flames of Fantom’s user base expansion, instilling investor confidence and unlocking more potential for developers to create innovative applications.
Continuing Sonic Lab’s development in all areas of the Fantom network, from enhancing interoperability and processes to launching more stablecoin, will significantly adjust the atmosphere of Fantom’s market.
As the ripples of these advancements spread, the knowledge of these improvements is likely to elevate the network’s appeal to its growing user base and potential investors.
On another noteworthy front, today, the Fantom Foundation’s Twitter handle announced that Sam Kazemian, founder of Frax Finance, has officially donned the coveted angel investor title for Sonic. The announcement also highlighted that Frax Finance, being among the largest DeFi protocols with an astounding $1.6bn in assets, pledges to deploy its natively issued assets on Sonic following its launch.
Surprisingly, amid all these advancements, bearish forces have garnered control of the FTM market in the short-to-medium term. All FTM investors can do for now is hope for a reversal of this broader market downturn in the coming weeks. The present circumstances serve as a clear reminder of the market’s unpredictable nature, where short-term gains may give way to long-term ones.
