Fantom outpaces market. There’s always a bull market somewhere in crypto and this month, Fantom network (FTM) has stood apart from other smart contact platforms thanks to a significant price increase! What development is driving outsized FTM gains?
Compared to FTM’s staggering 144% rally since the beginning of March, the majority of L1 blockchain tokens are struggling to keep their heads above water, finding themselves down on the month or having only squeezed out a couple percentage points of gains.
While the Fantom ecosystem was decimated by last year’s Multichain exploit, which drained $130M in crypto from the Project’s Fantom bridge in July, many Crypto Twitter influencers are expecting the chain to stage a resurgence in 2024…
Hot capital is flocking to Fantom to frontrun the mainnet launch of Sonic, which is slated to deploy soon and is anticipated to significantly increase the network’s throughput, elevating it from the current in-production level of 2.4 transactions per second (TPS) to 2k TPS in realistic traffic!
As we prepare for the #Fantom Sonic mainnet, we want to revisit the closed testnet's incredible performances:
— Fantom Foundation (@FantomFDN) March 13, 2024
🟦 2,000 TPS (1s TTF) — realistic traffic
🟦 4,000 TPS (1.3s TTF) — ERC-20 swaps
🟦 10,000 TPS (1.6s TTF) — ERC-20 transfers
Learn more here 👇https://t.co/b9nHV238EC pic.twitter.com/5qmBkLyfRB
Fantom’s founder, Andre Cronje, posted to Twitter that he believes the launch of Sonic lays the groundwork for the chain to onboard a slew of high-performance applications from sectors like gaming, social media, streaming, and high-frequency trading that require extremely high TPS.
Despite the grandiosity of Cronje’s promises, it remains to be seen whether the network’s heightened throughput serves as a meaningful differentiator that attracts users and capital, given that such blockspace is already commoditized by many alt L1s and Ethereum’s L2s just received a massive reduction in fees thanks to Dencun.