Fantom price rises 70% in 30 days amid upgrade anticipation

Fantom’s (CRYPTO:FTM) native token, FTM, has surged by 70% over the last 30 days, reaching $0.6850 on October 2.

This strong performance comes in anticipation of the upcoming Sonic upgrade and rebranding efforts, set for later in 2024.

According to CoinMarketCap, FTM’s trading volumes have also increased, topping $450 million on October 1.

The Fantom Foundation has scheduled the Sonic upgrade for November or December.

This upgrade is expected to significantly enhance the network's performance, allowing the blockchain to process over 2,000 transactions per second, with a finality time of one second.

The upgrade will introduce a new virtual machine, Lachesis consensus mechanism, and an optimized database storage system.

The Fantom community is excited about this potential improvement, which has contributed to the recent rise in FTM’s value.

Additionally, Fantom will rebrand its token from FTM to $S by the end of 2024.

This new token will be distributed via an airdrop and will offer streamlined staking processes and user incentives.

Fantom’s decentralized finance (DeFi) ecosystem has also seen renewed interest, with the total value locked (TVL) rising by 55% in the past month to $108.8 million, according to DefiLlama data.

Market data from Glassnode shows that daily active addresses on the Fantom blockchain increased by 162% from September 1 to October 1, while the number of daily transactions rose by 66%.

This increased activity signals higher user interaction with the network, which, combined with the upcoming upgrade, is driving the demand for FTM.

At press time, the Fantom price was $0.6508.