Fantom rose to fame in 2021 with a bull run but has not been in the best position ever since. The network encountered massive liquidation, the founder’s abrupt hiatus, and a ground-breaking exploit.
Even amid the negativity, Fantom has not stopped its transformation. The network has been working on its next-gen tech stack, Sonic. The tech stack is deemed to be more scalable and a better performer than the Opera chain.
The technological advancement is expected to give Fantom a leap over its competitors. Sonic will establish a powerful platform where developers can build and gain a competitive advantage.
Nevertheless, the team is cognizant of the fact that simply delivering a rapid and scalable chain will not transform the situation. For this reason, Fantom is experiencing a cultural and ideological transformation as well. At this time, the network is placing a greater emphasis on community development and user confidence.
Currently, Fantom is priced at $0.3569, with a 2.03% increase in the past 24 hours. Based on the Fantom price prediction, the coin is expected to hit and stay at $0.5 in 2024. For that to happen, the Fantom team must address some of the following issues.
The first issue among the many is the lack of a native stablecoin. It restricts Fantom’s DeFi activity while exposing protocols and users to risks and inconveniences.
While the Opera chain has been operating decently, Sonic aims to address the chain’s pain points. Fantom will upgrade the chain without a hardfork, signifying evolution instead of a total shift.
At the same time, Fantom is expanding its core departments, such as venture capital, marketing, deal flow, and business development. The new additions will help Fantom form profitable partnerships and attract strategic investments.
Gaining the support of whales in the process will add another layer of support for the network. If everything works out well, Fantom can outperform the likes of Base, Arbitrum, and Polygon in the coming months.