Fantom soars by 8% after validator launch on Sonic Tech

FTM by Fantom has been up by 5.94% in the last 24 hours and is listed at $1.02 at the time of drafting this article. The news that Sonic Tech’s first validator has gone live is what’s fueling this spike. The update marked an 8% uptick in the initial moments, taking the price as high as $1.22. It soon retraced to $1.15 and is now down again but still up comparatively.

Fantom has referred to the release of its initial validator on Sonic as a significant milestone since it attempts to address the issues of transaction speed and scalability. Scalability is the most important of those two components, and it also serves as the primary driver for Fantom’s support of Sonic.

Sonic has been built on the basic foundation that was architected by Opera Network, and released in December 2019. The network was led by the Founder of Fantom – Andre Cronje. While it was able to resolve the issue of transaction speed and finality by 200 transactions per second and sub-600ms, respectively, there was still an underlying unresolved issue of blockchain scalability. The team chose to study Sonic exclusively in order to get past that challenge.

Fantom now has its sights set on standing up to its commitment to innovation for a new trajectory. Fantom is likely to serve as a foundation for a shared sequencer, loaded with the capability of processing more than 180 million transactions every day and delivering real-time confirmation.

Two further developments are driving the valuation of FTM. The anticipated addition of a meme coin to the Fantom ecosystem and the debut of USDC.e. comprise these. The latter was introduced on April 5, 2024, to bridge USDC and stablecoin so that owners could eventually upgrade to the native asset whenever it was convenient for them.

The move related to the entry of a meme coin is majorly to bank on the trend of meme coins gaining traction in the market. They are not alone since AI tokens and altcoins are also making a similar rise in the market. However, meme coins potentially have higher relevance plus a strong community holding.

The first validator on Sonic goes live just days after FTM and RUNE prices skyrocketed. It marked a remarkable event because Coinbase Futures Listing backed it. Many called it a landmark decision, adding that the optimism around it was simply unmatched. RUNE by THORChain is now down by 2.65%, listed at $7.46 at the time of articulating this piece. FTM continues an upward trajectory with a rise of 5.08%.

RUNE is significantly down from $8.29; however, the community is optimistic that a surge is on the way. A validator on Sonic is an important development for Fantom, as evidenced by a surge in FTM’s value. More developments are expected to be made public in the future.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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