Fantom (FTM) has risen to prominence among the elite group of the top 50 cryptocurrencies, showcasing its resilience in an otherwise declining market.
The enthusiasts behind FTM token and the network seem to navigate the crypto waters with a calm, unaffected by the usual market downturns, FUD (Fear, Uncertainty, Doubt), or the unsettling headlines dominating financial analyses. This token practically said no to any downturns and continues to remain at a stable climb, defying all odds. Let’s investigate!
FTM and the Fantom
Introduced in 2018, Fantom positions itself as a direct competitor to Ethereum by utilizing a unique consensus mechanism known as the Lachesis Protocol. This allows for the establishment of various execution chains, setting a robust foundation for its network.
Over the past 24 hours, Fantom’s token, FTM, experienced an impressive surge of 13.7%, setting it apart as the top performer in terms of market cap among the top 50 cryptocurrencies. This surge is particularly notable against the backdrop of the market’s overall downturn, with 87 of the top 100 cryptocurrencies facing declines.
Yesterday, the market painted a more optimistic picture, with the vast majority of tokens on the rise. Today, however, only 13 tokens managed to maintain their upward trajectory, with Fantom leading this select group. The FTM price on Gate.io ascended from $1.04 to $1.18 in just a day. A week ago, the token was trading at $0.76, indicating a remarkable 55.6% increase in value within a week.
On the flip side, the meme coin PEPE emerged as the least performing token among the top 100, witnessing an 11.6% fall in the last day and a 17% decline over the week.
Meme coins, exemplified by Pepe’s rapid ascent and subsequent fall, epitomize the extreme volatility of the cryptocurrency market, capable of shifting from top performers to the bottom of the list swiftly.
Sonic upgrade
The anticipation surrounding Fantom’s imminent network upgrade, known as Sonic, is a likely catalyst for its bullish trend. The upgrade, transitioning from testnet to mainnet in spring 2024, promises to significantly enhance transaction speeds. With the Opera mainnet’s current capacity at a mere 3.2 transactions per second, the Sonic mainnet’s testnet simulations have shown potential for up to 2,000 transactions per second with a finality time of just 1.1 seconds. This leap in efficiency could transform the network’s appeal and draw more developers.
Additionally, the introduction of the Fantom Virtual Machine (FVM) has piqued the interest of investors and tech enthusiasts alike. By adapting Ethereum Virtual Machine (EVM) code to Fantom’s proprietary format, the FVM aims to facilitate easier transitions for developers, promising swifter execution times and potentially boosting network utilization.
Technically speaking, FTM has maintained a bullish trajectory since late January, unaffected by the corrections that have impacted Bitcoin, Ethereum, and others. The gap between its EMA10 and EMA55 along with a high relative strength index (RSI) underscores the robust buying interest, with the sentiment heavily skewed towards bulls.
Currently, FTM is navigating a critical resistance zone between $1 and $1.10, which has historically acted as a support. This marks its highest price point since the period between September 2021 and April 2022. Should it overcome this barrier, the pathway to $1.5 appears open, whereas a retreat might find support at approximately $0.90, signaling a potentially pivotal moment for Fantom’s trajectory.
What is Fantom?
The Fantom Network is designed as a high-performance, scalable, and secure smart-contract platform, aimed at overcoming the limitations associated with traditional blockchain systems such as Ethereum, notably issues of slow transaction speeds and high costs. Its core purpose is to provide a decentralized and permissionless environment for developing and running dApps (decentralized applications) and digital assets, facilitating a seamless and efficient user experience.
By utilizing its unique consensus mechanism, the Lachesis Protocol, Fantom achieves significant improvements in transaction throughput and time to finality, ensuring transactions are processed in seconds at a fraction of the cost. This makes Fantom an attractive platform for developers looking to build scalable dApps, as well as for enterprises seeking blockchain solutions that can operate at a high efficiency and low cost. In essence, Fantom aims to drive the adoption of blockchain technology by offering a viable alternative that addresses the scalability trilemma, balancing scalability, security, and decentralization.
Lachesis protocol explained
The Lachesis Protocol is at the heart of the Fantom Network’s ability to deliver its impressive performance metrics. It’s an different approach to achieving consensus across the network’s nodes, distinct from the traditional Proof of Work (PoW) and Proof of Stake (PoS) mechanisms seen in other blockchain systems. Lachesis is a form of asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism that allows for near-instantaneous transaction confirmation and improves the overall security and efficiency of the network.
This protocol enables the network to process transactions in parallel, rather than sequentially, significantly reducing transaction times and increasing throughput. The decentralization aspect is not compromised, as Lachesis ensures that all participating nodes can agree on the validity and order of transactions without needing a centralized coordinator. This advanced consensus mechanism is what allows Fantom to support multiple execution chains and offers a scalable, secure platform for dApps and smart contracts.
How to buy FTM?
Are you wondering how to buy FTM to get in on the action? Wonder no more. To purchase FTM, the native token of the Fantom Network, you’ll first need to set up a digital wallet that supports FTM, such as MetaMask or Trust Wallet. Once your wallet is ready, you can buy FTM through various cryptocurrency exchanges. Start by selecting a reputable exchange that lists FTM, such as Gate.io or Kraken. After registering and verifying your account, you can deposit funds into your exchange account using methods like bank transfer, credit card, or another cryptocurrency. Then, navigate to the exchange’s trading section, search for the FTM pair that matches your deposited currency (e.g., FTM/USD, FTM/BTC), and execute your purchase.
