Fantom (FTM) surged over 33% as the launch of the Sonic Chain drew near.
Sonic Labs confirmed the end of the chain’s testnet, and it is already preparing for the mainnet launch.
Fantom (FTM) Performance
Fantom’s (FTM) price soared by 33% to a peak price of $1.33 this Tuesday afternoon (UTC) from a $0.9946 low. This came alongside a 180% increase in its trading volume as it moved $1.77 billion of its supply across crypto wallet addresses. Meanwhile, the spiking price of the digital asset elevated its 2.8 billion circulating tokens to $3.79 billion.
In the longer timeframes, FTM’s value has gained roughly 25% in a week, 125% in a month, and 312% in a year. Its current peak represents a record-high price for the token in over two years.
Behind Fantom’s (FTM) Rally
Fantom’s latest price action lay beyond the bullish cryptocurrency market sentiment, which is mainly driven by Bitcoin (BTC) and key markets like the US. The crypto community’s anticipation for the Sonic chain launch is what’s mainly putting the token on investors’ radar.
Today, Sonic Labs (formerly Fantom) teased the incoming launch of its new chain on X. According to the Layer 1 blockchain project, it has already generated its first block of transactions. With that, it just crossed its “Genesis” stage.
The next thing to watch out for is the launch of the Sonic chain, which would succeed the Fantom Opera network launched five years ago. However, the organization didn’t mention a specific date for its infrastructure’s public rollout.
In preparation for the big event, Sonic Labs also closed its Sonic Arcade, which featured play-to-earn mini-games. All points earned by players during the wait for Sonic Chain would count toward the project’s upcoming 200 million “S” airdrop. Those who wish to earn additional points only have to interact with the Sonic mainnet after its launch for eligibility.
A Possible Rival to Solana and Base
To date, Fantom blockchain is only capable of 30 transactions per second (TPS). Sonic bumps the numbers with 10,000 TPS, with only 720 milliseconds for a transaction to achieve finality or a state or immutability. According to reports, this could position it as a potential contender for Solana and Base as the fastest Ethereum Virtual Machine (EVM) chains.
Sonic is also looking to attract a significant number of developers in its chain. It allocates 90% of the transaction fees as an incentive for them.
The post Fantom (FTM) Rallies Over 33% As Sonic Gears Up For Launch appeared first on Blockzeit.
