Ethereum (ETH) rival Phantom (FTM) has soared in price this week, outperforming the broader crypto market amid a new upgrade.
At the time of writing, FTM is trading around $0.801.
The crypto asset, which ranks 55th by market capitalization, is up nearly 5.5% in the past 24 hours and more than 15% in the past week.
By comparison, the overall market capitalization of cryptocurrencies fell by 1.5% in the past 24 hours and rose by about 5% in the past seven days.
Fantom Opera mainnet validator Upgrade started Their nodes will be equipped with the project's new Sonic technology on Tuesday. Fantom says Sonic has “scaled the network to unprecedented heights”, allowing him to process 2,000 transactions per second.
The new technology will also reduce storage requirements by up to 90%, according to the project.
This is not the only recent technological development for this project. Last month, Fantom announced a new “regular” stablecoin in partnership with his USDC issuer Circle.
Fantom said it leveraged the cross-chain messaging protocol Wormhole (W) to deploy its new stablecoin USDC.e.
explained phantom foundation,
“USDC.e on Wormhole is bridged from native USDC within a smart contract on Ethereum, with the potential to be upgraded to native USDC in the future. It will become the approved official stablecoin for all future network upgrades.”
This effort will reduce liquidity fragmentation, introduce stability, and provide additional entry points into the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, his USDC.e will be available to all users and developers on Fantom. ”
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