Fantom's FTM Token Rises 10% on Upcoming Protocol Upgrades

FTM, the primary token of the Fantom Network, rose as much as 10% over the past 24 hours following the announcement of upcoming protocol updates.

Fantom is a layer 1, or base, blockchain platform that powers decentralized finance (DeFi) applications. The foundation behind Fantom plans to enhance its network with lower memory consumption, improved storage capabilities and new security features.

"This technology can potentially help process transactions faster with much smaller memory consumption, thereby improving the network performance," the Fantom Foundation wrote in a Wednesday blog post. Further, while the Ethereum blockchain requires multiple block confirmations to ensure transactions are secure, Fantom only requires one confirmation, according to the foundation.

While today's gain for FTM is sizable, it's a mere blip versus the 60% drop from an all-time high of $3.47 achieved in October 2021.

FTM has been plagued by developer exits, including DeFi architect Andre Cronje. The foundation's CEO, Michael Kong, addressed investor concerns last week and assured that projects will continue to operate with existing teams.