HomeNewsFTM Price Soars as Fantom Unveils Sonic Network

FTM Price Soars as Fantom Unveils Sonic Network

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  • The Fantom Foundation launched Sonic Network, which improves Ethereum compatibility and token migration to Sonic’s S token at a 1:1 ratio.
  • With 6.32% increase in a day, the FTM price reflects strong growth over the previous week and positive attitude.

The Fantom Foundation has announced the release of Sonic Network, their new Layer 1 blockchain. With the Fantom ecosystem expected to greatly benefit from this breakthrough, the new network will be linked to Ethereum via a natural cross-chain bridge.

Transactions between the two blockchain networks should be streamlined, and interoperability should be improved by this convergence.

Sonic Network Migration and New Token

To highlight the revolutionary aspect of this launch, holders of FTM tokens will be able to convert them 1:1 to Sonic’s native coin.

This procedure actually captures the development of Fantom, sometimes known as Fantom 2.0. Among the many advantages of the move are anticipated to be faster transactions and better security measures.

The price of FTM as of the most recent CoinMarketCap data is about $0.8409. This is a robust bullish trend, up 6.32% in the last 24 hours. FTM has climbed by 20.66% in the last seven days, indicating strong investor interest and confidence in the token in the middle of the excitement over the Sonic Network news.

Progress and Developments in 2024

2024 has been a significant year for Fantom, one that has seen a number of significant advancements and deliberate actions intended to expand its ecosystem and increase adoption.

The Fantom Foundation has accomplished a great deal; the Sonic Network launch is only one of them, in line with what ETHNews previously disclosed.

Fantom has been concentrating on improving its decentralized finance (DeFi) services as well. The foundation wants to give DeFi apps a more reliable and scalable infrastructure, so it is integrating Sonic Network. The platform’s growth will probably be accelerated by this, drawing in additional developers and users.

Apart from the technical developments, Fantom has been aggressively establishing alliances and cooperating with other blockchain initiatives and businesses.

The Fantom network should benefit from these collaborations by gaining new applications and use cases, which will raise its usefulness and acceptance in the larger blockchain community.

Towards the Future and Community Sentiment

Fans still have a very good opinion of Fantom, and many stakeholders are upbeat about the network’s future. A turning point that could greatly improve Fantom’s attractiveness and functionality is the switch to Sonic Network.

Investors and analysts are closely observing Sonic Network’s activities, which many believe could result in further price increases for FTM.

Especially the cross-chain connection with Ethereum is expected to create new opportunities for usage and liquidity, strengthening Fantom’s position in the blockchain ecosystem.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628