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Fantom Weekly: Mid-February 2024 Update

In the last week, Fantom (FTM-USD) gained around 12%, due primarily to the sharp rise in Bitcoin (BTC-USD). The latter cryptocurrency traded above $50,000, a two-year high. Inflow lifted assets managed for BTC-based exchange-traded funds, indirectly helping FTM prices.

In the short term, FTM price volatility will increase since trading volumes are low. The below-average volume will not change until markets evaluate the value of Fantom’s testnet launch for Sonic, completed late last year. Fantom is enhancing the throughput of the network, which increases its attractiveness for handling more transactions.

Updates from Fantom’s CEO

Michael Kong, Fantom’s CEO, told BeInCrypto that the foundation's strategy is to build an infrastructure for decentralization tomorrow. Enhancements through the launch of Fantom Sonic will enable over 2,000 transactions per second. This performance is higher than that offered by Ethereum.

Ethereum (ETH-USD) closed at $2,659 on Feb. 12 and a market capitalization of $319.95 billion. Fantom closed at 39.48 cents. Its market cap is $1.276 billion.

Kong said that Fantom needs to consider the tradeoff between increasing the number of validators and its cost on the network’s performance. Fortunately, Fantom Sonic’s release improves its Lachesis consensus protocol. He told BeInCrypto that even if it increases the number of nodes dramatically, confirmation times will still likely be very low.