Ethereum (ETH) rival Fantom (FTM) has surged in price this week, outpacing the broader cryptocurrency market thanks to a new upgrade.
FTM is trading around $0.801 at the time of this writing.
The 55th-largest cryptocurrency asset by market capitalization is up nearly 5.5% in the last 24 hours and more than 15% in the past week.
In comparison, the overall cryptocurrency market cap is down 1.5% over the past 24 hours and up about 5% over the past 7 days.
Validator on the Fantom Opera mainnet Upgrade has started Their nodes are scheduled to be powered by the project’s new “Sonic” technology on Tuesday. Fantom says Sonic can “scale the network to unprecedented levels” and process 2,000 transactions per second.
The new technology will also reduce storage space requirements by up to 90 percent, according to the project.
This is not the only recent technological development for this project. Last month, Fantom announced a new “standard” stablecoin in partnership with USDC issuer Circle.
Fantom revealed that it utilized the cross-chain messaging protocol Wormhole (W) to launch its new stablecoin USDC.e.
explained phantom Foundation,
“Wormhole’s USDC.e is linked to native USDC in smart contracts on Ethereum and will likely be upgraded to native USDC in the future. This will be the officially sanctioned stablecoin of the Fantom ecosystem (and all future network upgrades).”
This initiative reduces liquidity fragmentation, introduces stability, and provides additional on-ramp to the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”
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