Fantom's FTM Token Skyrockets 190% in a Month

Fantom's FTM token has surged over 190% in the past four weeks, becoming the top-performing non-meme cryptocurrency among the top 100 digital assets. The token's price has reached $1.16, its highest since April 2022, with a market capitalization of $3.29 billion. Fantom's upcoming Sonic upgrade, which aims to enhance transaction speeds, is believed to have contributed to the investor interest.

Fantom's FTM Token Surges 190% in Four Weeks

Fantom, a Layer 1 blockchain, has witnessed a remarkable rally in its native token, FTM, which has surged over 190% in the past four weeks. This surge has propelled FTM to become the top-performing non-meme cryptocurrency among the top 100 digital assets by market capitalization.

As of writing, FTM's price has reached $1.16, marking its highest level since April 2022, according to data from CoinGecko. This price surge has also elevated Fantom's market capitalization to $3.29 billion, ranking it as the 44th largest digital asset globally.

Analysts attribute the surge in FTM's value to the upcoming Sonic upgrade on the Fantom blockchain. The Sonic upgrade, expected to launch in the coming months, aims to significantly enhance transaction processing speeds. The closed testnet for Sonic, which went live in October, has demonstrated a maximum theoretical throughput of 2,000 transactions per second (TPS) and a time to finality of 1.1 seconds. Currently, Fantom's Opera mainnet processes only 3.2 TPS.

Bitcoin Volatility Expected Ahead of Halving

Bitcoin (BTCUSD) tested the $66,000 mark during Asian trading hours on Friday. Market observers anticipate increased volatility for the leading cryptocurrency, which has since retraced to around $64,800.

Semir Gabeljic, director of capital formation at Pythagoras Investments, commented in an email interview that Bitcoin remains volatile, with a 10% drawdown observed this week. He attributed the recent decline to spot bitcoin ETF outflows from GBTC, which totaled approximately $300 million on March 20.

Gabeljic noted that the drawdown remains within the expected range of 10-20% typically seen before Bitcoin halving events. He further anticipates increased volatility leading up to the halving.

The CoinDesk Road Map20 Index (CD20), which tracks the performance of the world's most liquid digital assets, has declined by 0.5%.

Frax Finance Unveils Roadmap for $100 Billion TVL

Decentralized finance (DeFi) protocol Frax Finance has released a singularity roadmap outlining its plans to boost the total dollar value of crypto assets locked in its Layer-2 blockchain, Fraxtal, to $100 billion by the end of 2026.

At the time of writing, Fraxtal's total value locked (TVL) stood at $13.2 million, according to data from DefiLama. The roadmap proposes the launch of 23 Layer-3 blockchains within a year, along with new assets such as frxNEAR, frxTIA, and frxMETIS.

Founder Sam Kazemian and other contributors have proposed that existing assets (FRAX, sFRAX, frxETH) and the new ones will be issued on Fraxtal going forward.