Main the downturn at the moment, Fantom (FTM) contributes to the two% drop within the crypto market after weeks of development.

Fantom is a kind of altcoins that adopted the broader momentum of the market. The most recent market information exhibits that the token is down 10% prior to now 24 hours, however continues to be on the inexperienced within the bi-weekly timeframe at 14%. Nonetheless, Fantom has a trick up its sleeve to curb this brewing bearishness doubtlessly. 

Fantom CEO Michael Kong Unveils Sonic Launch 

Sonic is the brand-new know-how that the Fantom has been growing prior to now 2 years. In accordance with their newest weblog put up, Sonic was in a position to surpass the community’s 200 transactions per second metric. Though 200 TPS was already spectacular in comparison with Ethereum’s 12 TPS, the community was shortly congested, and consumer expertise deteriorated. 

Kong mentioned within the weblog put up: 

“​​Sonic will probably be used to create a brand new best-in-class shared sequencer for L1 and L2 chains, able to processing over 180 million day by day transactions with actual, sub-second affirmation occasions, and function the muse to relaunch Fantom as a completely new community-centric model.” 

This brand-new tech will cowl all components of the Fantom community, from bridging to a stablecoin launch, Sonic has all of it. 

Sonic Labs may also acquire a slice of the pie as the muse in the end provides grant packages alongside the community upgrades. 

Bitcoin is now buying and selling at $70.396. Chart: TradingView

“We are going to proceed to considerably scale and speed up our Sonic Labs grant program for builders who construct distinctive and beneficial functions and public items in classes together with gaming, DeFi, social media, streaming, and now distributed AI,” Kong added. 

This can considerably enhance the scale of Fantom’s consumer base, boosting investor confidence, and giving extra room for builders to innovate. 

Moreover, the developments introduced forth by Sonic Labs in overlaying all features of the Fantom community, from bridging to the launch of a stablecoin, are poised to have a notable impression on Fantom’s market dynamics.

By streamlining processes, enhancing interoperability, and introducing new functionalities, these developments are prone to improve the community’s attractiveness to buyers and customers alike.

We’re thrilled to announce the primary of many angel buyers which have joined our spherical!

Sam Kazemian (@samkazemian ) is the founding father of @FraxFinance ✦, one of many largest DeFi protocols with over $1.6bn in property reminiscent of sfrxETH and the FRAX stablecoin.

🌐 Frax is dedicated… pic.twitter.com/zSL1XFNHYR

— Fantom Basis (@FantomFDN) March 27, 2024

The Fantom Basis X account introduced at the moment that Frax Finance Founder Sam Kazemain is the primary angel investor for Sonic, stating that Frax will deploy natively issued property on Sonic on its eventual launch.

Brief-Time period Good points Slashed In Favor Of The Lengthy-Time period

In the meantime, the bears have utterly taken over the FTM market within the quick to medium time period. Traders in FTM may solely hope that the broader market downturn will reverse within the coming weeks. 

Featured picture from Pexels, chart from TradingView

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