CoinDesk Analysis Team
CoinDesk
-
Fantom's FTM token rose 13% in the past week, outperforming the broad market CoinDesk 20 Index.
-
Investors look favorably upon the blockchain's continuing Sonic upgrade, as well as an increase in the TVL of many decentralized apps.
The Fantom blockchain's FTM is one of the best-performing non-meme tokens of the past week as the market looks favorably on the roll-out of its Sonic upgrade and increases in the total value locked (TVL) on the protocol.
FTM has gained 13% in the past seven days to about 81 cents, according to CoinDesk Indices data, while the CoinDesk 20 (CD20), a measure of the largest digital assets, is just 1.5% higher.
In the past few weeks, the Fantom Foundation has been pushing out its latest upgrade, codenamed Sonic. Currently, 25 out of the 60 nodes have completed the upgrade, according to a dashboard, and the chain will be officially upgraded once the new software hits two-thirds of the nodes.
Sonic is expected to boost transaction speeds to 2,000 transacations per second (TPS) with a 1.1-second finality. That compares with just over 2.5 TPS during the past month, on-chain data shows.
Investors might also be interested in a recent bump in the chain's TVL.
According to DeFiLlama, Fantom's TVL hit $203 million on May 16, up from $111 million two days prior, given a broad increase in TVL on various decentralized exchanges, lending apps, yield aggregators and other decentralized apps (dapps).
(DefiLlama)
Many dapps that support the Fantom chain have seen their TVL rise by 10%-20% during the last week.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Ethereum Price Forecast: ETH could see a decline as on-chain and derivatives data paint bearish picture
Ethereum (ETH) declined below $3,100 on Tuesday as market sentiment surrounding the top altcoin is turning bearish. On-chain data reveals that investors are potentially withdrawing and putting sell pressure on exchanges.
Coinbase set to delist WBTC amid cbBTC expansion
Coinbase announced via an X post on Tuesday that it will suspend WBTC trading across all its platforms on December 19. Meanwhile, the exchange also revealed that its wrapped Bitcoin token, cbBTC, launched on Arbitrum earlier today.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.