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Fantom (FTM) Defies Crypto Market Slump, Surges 15% This Week Amid New On-Chain Upgrade
Ethereum (ETH) rival Fantom (FTM) has outperformed the broader crypto market and its price surged this week amid a new upgrade.
FTM is trading around $0.801 at the time of writing.
The crypto asset ranked 55th by market capitalization is up almost 5.5% over the past 24 hours and over 15% over the past week.
For comparison, the overall cryptocurrency market capitalization is down 1.5% over the past 24 hours and up around 5% over the past seven days.
Validators on the Fantom Opera mainnet started the upgrade their nodes will be powered on Tuesday by the project’s new “Sonic” technology. Fantom claims that Sonic will “scale the network to unprecedented heights” and be able to process 2,000 transactions per second.
The new technology will also reduce storage requirements by up to 90%, according to the project.
This isn’t the project’s only recent technological development: last month, Fantom announcement new “canonical” stablecoin in partnership with USDC-Transmitting circle.
Fantom said it used the Wormhole cross-chain messaging protocol (W) to deploy the new stablecoin, USDC.e.
Explain the Fantom Foundation,
“USDC.e on Wormhole is a bridge between native USDC, located in a smart contract on Ethereum, and has the potential to be upgraded to native USDC in the future. This will be the official, approved stablecoin of the Fantom ecosystem (and all future network upgrades).
This initiative reduces liquidity fragmentation, introduces stability and provides additional on-ramps to the ecosystem. Leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.
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