A new age of blockchain technology is upon us, and open-source smart contract platform Fantom (FTM) is at the cutting edge of the innovation. The blockchain industry has been witnessing a steady growth of Fantom in the recent weeks, following its latest upgrades and partnerships. The platform experienced a 52% price increase on Thursday alone. Since the beginning of 2021, Fantom’s coin price has grown over 4000%.
Below, we explore some reasons why Fantom’s price is surging and why cryptocurrency investors should take a closer look at the up-and-coming platform.
Fantom’s Go-Opera network upgrade
The Fantom Foundation dubbed their latest network upgrade “the most significant network upgrade so far” with reason. The platform’s new upgrade completely rewrites part of the code for ultimate optimization of user experience, making it the greatest improvement so far to the network in overall speed and efficiency. Fantom has been making waves in the cryptocurrency space due to its lightning-fast transaction processing speeds, and the upgrade still managed to improve performance time by reducing the time to finality to approximately 1 second. The upgrade makes emission of events far more efficient as well, even in case of subpar network conditions such as slow data propagation between nodes.
Current issues in the DeFi ecosystem
According to Fortune Business Insights, the global cryptocurrency market size was valued at USD 754.0 million back in 2019 and is projected to reach 1,758 million by 2027. There is no better time than now to become involved in the space, but unfortunately, issues with blockchain technology’s transaction speeds and network congestion have been prevalent in the community for some time now. With the introduction of this efficiency-focused platform, Fantom, there is finally a way to optimize current transaction time.
Porting of other projects to Fantom’s blockchain
Popular DeFi projects are diversifying their operations and going multichain, and several are choosing Fantom as a blockchain to operate on. Through projects like SushiSwap, Curve, C.R.E.A.M. and more deploying on Fantom, they have aligned themselves with a network that can provide their users with sub second swap executions with the lowest fees available in the space. In C.R.E.A.M.’s announcement of their deployment to Fantom, they highlight that Fantom was designed to overcome limitations of previous generation blockchain platforms. This is the key reason that decentralized lending protocols are choosing Fantom to deploy to, it is absolutely unrivalled in high speeds and low fees while maintaining the strict security necessary for blockchains.
Partnership with Formula One
As reported by high profile publications such as Entrepreneur Magazine, Forbes, and more, the project has gained mainstream notoriety through its sponsorship of Scuderia AlphaTauri driver Pierre Gasly for the 2021 Formula One™ season. The partnership efforts were led by Harry Yeh of Quantum FinTech Group from Abu Dhabi. This has been a collaboration with incredible payoff in getting more eyes on the product, as the more people learn about the possibility of a platform with “instant transactions and nearly zero cost” as noted by Gasly on Twitter, the more they want to get involved.
Fantom’s Crosschain compatibility
Another reason that decentralized lending protocols are choosing Fantom to deploy to is because they already have an address to use if they work with Ethereum. As Fantom is fully compatible with Ethereum through the EVM, current Ethereum users will find it incredibly easy to also utilize Fantom. They can seamlessly port their assets to Fantom using Multichain.xyz, a cross-chain bridge that supports hundreds of tokens, and enjoy the unrivaled speed and low costs of Fantom.
As seen above, Fantom is not merely a disruptor of the current cryptocurrency space. Rather, Fantom seeks to innovate increased efficiency for blockchain users, and ensure the most integration possible throughout systems that could be considered competition. By believing in Fantom, users and investors are believing in the future of DeFi.