Fantom’s worth has stored buyers very blissful in latest days as much-needed contemporary air continues to unfold all through the cryptocurrency market. After a interval of sluggish and dismal worth motion, Bitcoin and different large-cap belongings seem like recovering.
Notably, Fantom has been one of many high performers within the cryptocurrency market over the previous week, with an enormous 26% worth enhance over the previous seven days. Layer 1 tokens have been notably scorching over the previous day, surging 15%.
Catalyst behind FTM’s newest craze
The extremely anticipated Sonic improve has been essential to Fantom’s worth restoration over the previous few months. Sonic is predicted to enhance Fantom’s expertise stack and introduce important scalability enhancements with out the necessity for a disruptive exhausting fork.
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Just lately, the Fantom Basis introduced particulars of its upcoming first-tier chain, Sonic Community. In keeping with the weblog submit, the brand new blockchain community shall be related through a local Layer 2 bridge and have the ability to leverage the huge quantity of liquidity, customers and protocols from “Ethereum and past.”
As beforehand revealed, Sonic Community is predicted to go dwell with the brand new token, with the ticker image S. cash, relying on the end result of the governance vote.
The Fantom Basis acknowledged in its newest weblog submit:
Initially, this migration course of is predicted to be bi-directional, which is able to permit customers to swap forwards and backwards between $FTM and $S. Since $S tokens solely exist on Sonic and $FTM solely exists on Opera, we anticipate using bridges to allow bi-directional exchanges. This course of allows present Opera community individuals to seamlessly migrate to expertise Sonic. After a transition interval (to be decided sooner or later), the migration course of is predicted to transition to a one-way migration of $FTM to $S.
The plan states that the availability of recent S tokens will match the availability of FTM to facilitate the token migration course of after the launch of the Sonic chain. It’s value mentioning that Fantom costs have elevated considerably for the reason that Sonic Community replace on Could 17.
Fantom worth record
On the time of writing, Fantom worth is round $0.908, up practically 15% prior to now 24 hours.
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Featured picture from iStock, chart from TradingView
