Fantom (FTM), the native cryptocurrency of the eponymous network, leads the weekly rise of digital currencies within the top 100 by market capitalization.
The increase in the asset’s price is due to the announcements made by the Fantom Foundation team, which detailed the updates of Sonic Networka new layer-1 network with a native layer-2 bridge to Ethereum. “This allows the network to combine low cost, scalability, and speed,” Fantom’s website notes.
Andre Cronje, CTO of Sonic Labs, reported via his personal X account the plans so that The new ecosystem implements credit scores for digital wallets“Unsecured lending globally is an $11.3 trillion market,” Cronje said.
In that sense, another factor that boosted FTM’s price was the network test at Sonic, which managed to complete a transaction in 0.70 seconds.
According to the official site, in the testandyou around 20 transactions are handled per second.
After the news became known, the price of the cryptocurrency went from $0.39 to $0.50, which represents an increase of more than 20% in one week.
At the time of writing, FTM is trading at $0.48.
As CriptoNoticias reported, the Fantom Foundation announced that this environment will have its own cryptocurrency under the ticker S. It will be issued once the tests are completed.
Users will be able to migrate its FTM in a 1:1 ratio with S when issued. FTM will only exist on Opera, the name of the current network under which Fantom operates.
Opera will remain operational for now, but the ecosystem is expected to migrate completely to the Sonic Network.
Finally, the Sonic Boom program was launched, an initiative “designed to boost Sonic’s early growth by attracting top-tier projects and encouraging the development of essential applications within our ecosystem,” as highlighted in its place web.