Fantom Surges Ahead with Impressive TVL Gains, Outshining Top Cryptos This Week
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Fantom’s FTM token experienced a 13% increase over the past week, surpassing the performance of the broader market as measured by the CoinDesk 20 Index.
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Investors are optimistic about the ongoing Sonic upgrade for the blockchain, alongside significant growth in the TVL across various decentralized applications.
The FTM token on the Fantom blockchain has emerged as one of the top-performing non-meme cryptocurrencies recently. This positive trend is attributed to the blockchain’s Sonic upgrade and substantial increases in total value locked (TVL) within the protocol.
In the last seven days, FTM has appreciated by 13%, reaching approximately $0.81, based on data from CoinDesk Indices. In contrast, the CoinDesk 20 Index, which tracks the largest digital assets, shows a modest 1.5% rise.
The Fantom Foundation has been actively deploying its latest upgrade, known as Sonic, over the past few weeks. As of now, 25 out of the 60 nodes have successfully transitioned to the new software. The blockchain will achieve full upgrade status once two-thirds of the nodes complete the Sonic upgrade.
The Sonic upgrade aims to enhance transaction speeds to 2,000 transactions per second (TPS) with a finality time of 1.1 seconds. In comparison, the current transaction speed has been just over 2.5 TPS throughout the past month, according to on-chain data.
In addition to the upgrade, investors have shown interest in the recent surge in the platform’s TVL.
Data from DeFiLlama indicates that Fantom’s TVL reached $203 million on May 16, a substantial rise from $111 million just two days earlier. This increase is part of a broader upward trend in TVL across various decentralized exchanges, lending platforms, yield aggregators, and other decentralized applications (dApps).
Numerous decentralized applications supporting the Fantom chain have seen their TVL grow by 10% to 20% over the past week.
