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Fantom’s native token, FTM, has experienced remarkable growth, surging by over 190% in the last month. This makes FTM the top-performing non-meme cryptocurrency among the top 100 digital assets by market value.
As per CoinMarketCap, since April 2022, FTM’s price has passed $1.20 from 40 cents, and it has reached its highest price level. With its recent surge, the token’s market capitalization has soared to $3.38 billion, positioning it as the 41st largest digital asset globally.
Investor interest in Fantom’s cryptocurrency may have been sparked by anticipation surrounding the upcoming Sonic upgrade, which is projected to enhance transaction processing speeds. The Sonic mainnet, set to replace the current mainnet Opera, is scheduled to launch in the spring of this year. Notably, Sonic’s testnet was activated in October of last year.
A key feature of the upgrade is the Fantom Virtual Machine (FVM), designed to boost smart contract execution speed substantially. The FVM translates Ethereum Virtual Machine (EVM) code into its format, allowing developers to transition smoothly and enabling popular Ethereum-based decentralized applications to migrate to Fantom easily.
Analysts anticipate that Fantom Sonic will unlock new opportunities within the Fantom ecosystem, particularly in DeFi platforms, blockchain gaming, and IoT. The upgrade will make DeFi smoother, enhance gaming, simplify microtransactions, and secure IoT data exchanges.
However, investor interest in Fantom’s DeFi sector has yet to rebound, with DeFiLlama data indicating a decline in FTM locked in Fantom’s applications to its lowest level since May 2021, at 123.85 FTM.
Also Read: Fantom Slashes Validator Staking Requirements by 90%
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