Fantom Outperforms CoinDesk 20 Over Past Week as TVL Jumps
Summary
The Fantom blockchain's FTM token has seen a 13% increase in value over the past week, reaching approximately 81 cents. This rise is attributed to the market's positive response to the roll-out of its Sonic upgrade and increases in the total value locked (TVL) on the protocol. The Sonic upgrade, currently implemented in 25 out of 60 nodes, is expected to increase transaction speeds to 2,000 transactions per second. Additionally, Fantom's TVL reached $203 million on May 16, up from $111 million two days prior, due to a broad increase in TVL on various decentralized exchanges, lending apps, yield aggregators, and other decentralized apps (dapps). Many dapps supporting the Fantom chain have seen their TVL rise by 10%-20% during the last week.
