Fantom, a key player in the world of the blockchain, is going through a remarkable transformation with the Sonic upgrade which is the latest addition to its product line. It is not simply a brand identity change; it is a revolutionary change for the better that is going to set this platform apart and put it on a more competitive level.
Established in 2018, Fantom hasn’t been along the way long but has already garnered a positive reputation for its low-cost, high-speed blockchain solutions, drawing in not only crypto enthusiasts but also giant players. The partnership with Binance and the launching of the Fantom Opera network take its place as the first of this growth which occurred during the bull market of 2021.
Fantom soon became a favorite destination for DeFi enthusiasts, and at one point it had $8 billion TVL by the start of 2022. However, the low-turnover bear market and the liquidity drain at the end of July 2023 are the main reasons for the eclipsing of its success.
Even with the above events, such as the exit of core actions like Andre Cronje and a staggering bridge exploit, Fantom has still been strong in the face of challenges. The platform is now preparing for the Sonic upgrade, which is a revolutionary new version that will noticeably enhance its capacity and performance.
Sonic is the new upgrade that will take Fantom to the next level in performance at least the current one. With near-instant finality and speeds of more than 2,000 transactions per second, Sonic will be one of the best among the rest such as Solana. This is all possible due to the new FTM or Fantom Virtual Machine which will be replacing the old and inefficient Ethereum Virtual Machine.
The FVM will facilitate a transaction processing system that has a speed of 65x and a storage space of about 90% less than the current one. The new Carmen database storage technology will allow data management to be more efficient, thus cutting 11TB archive node size to under 1TB.
Fantom’s Canonical Stablecoin: USDC.e Launch
Moreover, Fantom has pushed the limits with the introduction of the canonical stablecoin, USDC.e, which is even supported by Circle and Wormhole. This bridged stablecoin improves interoperability and could DeFi activity on the network by making cross-chain transactions easier.
Fantom aims at incentivizing developers and users through the usage of incentive programs. A Gas Monetization Program will give dApps 15% of the gas generated by them encouraging the growth of the ecosystem. There are also probable capacity airdrops for current Opera users and testers of testnets and future Sonic users which will increase engagement and growth.
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