Fantom: Market Slowdown Chops Off 10% From Gains – Here’s Why
2024年3月28日 - 9:30PM
NEWSBTC
Leading the downturn today, Fantom (FTM) contributes to the 2% drop
in the crypto market after weeks of growth. Related Reading: From
$90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory
Fantom is one of those altcoins that followed the broader momentum
of the market. The latest market data shows that the token is down
10% in the past 24 hours, but is still on the green in the
bi-weekly timeframe at 14%. However, Fantom has a trick up its
sleeve to curb this brewing bearishness potentially. Fantom
CEO Michael Kong Unveils Sonic Launch Sonic is the brand-new
technology that the Fantom has been developing in the past 2 years.
According to their latest blog post, Sonic was able to surpass the
network’s 200 transactions per second metric. Although 200 TPS was
already impressive compared to Ethereum’s 12 TPS, the network was
quickly congested, and user experience deteriorated. Kong
said in the blog post: “Sonic will be used to create a new
best-in-class shared sequencer for L1 and L2 chains, capable of
processing over 180 million daily transactions with real,
sub-second confirmation times, and serve as the foundation to
relaunch Fantom as an entirely new community-centric brand.”
This brand-new tech will cover all parts of the Fantom network,
from bridging to a stablecoin launch, Sonic has it all. Sonic
Labs will also gain a slice of the pie as the foundation ultimately
adds grant programs alongside the network upgrades. Bitcoin
is now trading at $70.396. Chart: TradingView “We will continue to
significantly scale and accelerate our Sonic Labs grant program for
developers who build unique and valuable applications and public
goods in categories including gaming, DeFi, social media,
streaming, and now distributed AI,” Kong added. This will
significantly increase the size of Fantom’s user base, boosting
investor confidence, and giving more room for developers to
innovate. Furthermore, the advancements brought forth by
Sonic Labs in covering all aspects of the Fantom network, from
bridging to the launch of a stablecoin, are poised to have a
notable impact on Fantom’s market dynamics. By streamlining
processes, enhancing interoperability, and introducing new
functionalities, these developments are likely to enhance the
network’s attractiveness to investors and users alike. Related
Reading: Hold Onto Your Seats: XRP Primed For 90% Rally, According
To Top Analyst We are thrilled to announce the first of many angel
investors that have joined our round! Sam Kazemian (@samkazemian )
is the founder of @FraxFinance ✦, one of the largest DeFi protocols
with over $1.6bn in assets such as sfrxETH and the FRAX stablecoin.
🌐 Frax is committed… pic.twitter.com/zSL1XFNHYR — Fantom Foundation
(@FantomFDN) March 27, 2024 The Fantom Foundation X account
announced today that Frax Finance Founder Sam Kazemain is the first
angel investor for Sonic, stating that Frax will deploy natively
issued assets on Sonic on its eventual launch. Short-Term Gains
Slashed In Favor Of The Long-Term Meanwhile, the bears have
completely taken over the FTM market in the short to medium term.
Investors in FTM could only hope that the broader market downturn
will reverse in the coming weeks. Featured image from Pexels,
chart from TradingView
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