Fantom (FTM) Skyrockets 70% in 30 Days! 🚀 | Crypto Market News

Welcome to the crypto market news channel! Today, we will explore the impressive growth of Fantom (FTM), which has seen a 70% increase in just 30 days. What is driving this surge? Let’s delve into key factors such as ecosystem development, new projects, and market trends to gain deeper insights into Fantom and its future. FTM, the native token of the smart contract platform Fantom, has risen by 5% in the past week, reaching $0.6850 on October 2. This price surge is part of a recovery trend that began on September 6, during which FTM has increased by over 70% in the last 30 days. Data from TradingView shows that the price of Fantom (FTM) rose from a low of $0.3574 on September 6, climbing sharply by 103% and reaching a four-month high of $0.7642 on October 1. FTM’s trading volume has also surged alongside its price increase. On October 1, the spot trading volume for FTM exceeded $450 million, representing a 77% increase compared to the previous week and about 450% compared to 30 days ago. FTM's market capitalization now stands at $9.7 million, solidifying its position as the 46th largest altcoin globally, according to data from CoinMarketCap. Let’s take a look at the factors behind the strong growth momentum of FTM in recent times. FTM's price has increased ahead of the Sonic upgrade and its rebranding to S. The growth of FTM's price is driven by community expectations for the upcoming upgrade called Sonic, expected to launch in November or December. The new Sonic Chain is anticipated to significantly enhance network performance through the introduction of the new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and the Carmen database storage system. After this upgrade, the Fantom blockchain will be able to process over 2,000 transactions per second (TPS), with a transaction completion time of about one second, a substantial improvement from the current 30 TPS. To prepare for this change, the Fantom Foundation rebranded Sonic Labs on August 1. The FTM token will be replaced with a new token, $S, expected to be completed by the end of 2024. Token $S will have several differences from FTM, including initial distribution through airdrops, a simplified staking process, and new incentive programs for users. In May, the Fantom community approved a proposal to convert FTM tokens to $S at a 1:1 ratio during the transition to Sonic Chain. ### TVL Growth and Network Activity The upcoming upgrade has reignited investor interest in Fantom's decentralized finance (DeFi) ecosystem. Data from DefiLlama indicates that the total value locked (TVL) in Fantom's DeFi applications increased by 55% in the past month, reaching $104.01 million. While this is a significant leap, the figure remains modest compared to the peak of $7.93 billion in March 2022. The increase in TVL reflects rising user interaction with the blockchain, evidenced by a 162% increase in daily active addresses (DAA) from September 1 to October 1, according to data from Gassnode. Additionally, the daily transaction count rose significantly, from 217,487 to 361,345 this month, as per FTMScan data. The growth in both TVL and network activity indicates increasing user engagement with the blockchain, which boosts demand for the FTM token. High demand often signals strong potential price growth in the future. We have explored the impressive growth of Fantom (FTM) and the factors driving its value. We hope this information has provided you with a clearer insight into the market. If you found this content useful, please like, subscribe, and follow the channel to stay updated with the latest news and analyses. See you in the next videos! --------------------------------------------------------------------------------- - Thank you for following our channel! - Please support us by subscribing to YTB channel (or platforms below) Binance account registration link: https://accounts.binance.com/vi/register?ref=W77RLMDK Linhk Register a Coinex account: https://www.coinex.com/register?refer_code=ch2u5 Link to register for a BingX account https://bingx.com/invite/INVPVA Gate.io registration link https://www.gate.io/signup/UgdGAA8J?ref_type=103 Bitget registration link https://www.bitget.com/vi/referral/register?clacCode=DWDMVB2T&from=%2Fvi%2Fevents%2Freferral&source=events Bybit registration link https://partner.bybit.com/b/88798 OKX registration link: https://www.okx.com/join/7347676