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Fantom Outperforms CoinDesk 20 Over Past Week as TVL Jumps
FTM has gained 13% in the last week, and total value locked in Fantom briefly hit $200 million.
Updated May 17, 2024, 5:55 p.m. Published May 17, 2024, 7:43 a.m.
- Fantom's FTM token rose 13% in the past week, outperforming the broad market CoinDesk 20 Index.
- Investors look favorably upon the blockchain's continuing Sonic upgrade, as well as an increase in the TVL of many decentralized apps.
The Fantom blockchain's FTM is one of the best-performing non-meme tokens of the past week as the market looks favorably on the roll-out of its Sonic upgrade and increases in the total value locked (TVL) on the protocol.
FTM has gained 13% in the past seven days to about 81 cents, according to CoinDesk Indices data, while the CoinDesk 20 (CD20), a measure of the largest digital assets, is just 1.5% higher.
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In the past few weeks, the Fantom Foundation has been pushing out its latest upgrade, codenamed Sonic. Currently, 25 out of the 60 nodes have completed the upgrade, according to a dashboard, and the chain will be officially upgraded once the new software hits two-thirds of the nodes.
Sonic is expected to boost transaction speeds to 2,000 transacations per second (TPS) with a 1.1-second finality. That compares with just over 2.5 TPS during the past month, on-chain data shows.
Investors might also be interested in a recent bump in the chain's TVL.
According to DeFiLlama, Fantom's TVL hit $203 million on May 16, up from $111 million two days prior, given a broad increase in TVL on various decentralized exchanges, lending apps, yield aggregators and other decentralized apps (dapps).
Many dapps that support the Fantom chain have seen their TVL rise by 10%-20% during the last week.
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