It has been a joy for investors to keep an eye on the Fantom price in recent days as a much-needed breath of fresh air continues to spread throughout the cryptocurrency market. Bitcoin and other large-cap assets appear to be recovering from a period of snail-paced and frustrating price action.
It is worth noting that Fantom has emerged as one of the top performers in the cryptocurrency market over the past week, seeing a significant price enhance of 26% over the last seven days. The Layer 1 token was particularly on a warm streak last day, rising 15%.
The catalyst for FTM’s latest growth
Sonic’s long-awaited update has been key to the Fantom’s price change over the past few months. Sonic is expected to enhance the Fantom technology stack and make significant scalability improvements without a disruptive challenging fork.
Most recently, the Fantom Foundation exposed details of the upcoming Sonic Network layer 1 chain. According to the blog post, the fresh blockchain network will be connected to and able to leverage a huge amount of liquidity, users and protocols from “Ethereum and beyond” via a native Layer 2 bridge.
As previously revealed, the Sonic Network is expected to launch with a fresh S-tagged token. In the latest note, the project revealed that FTM token holders will be able to migrate the Sonic token at a 1:1 ratio, depending on the governance vote results .
The Fantom Foundation wrote in its latest blog entry:
Initially, the migration process is expected to be bidirectional, allowing users to switch between $FTM and $S. Since the $S token will only exist in Sonic and $FTM will only exist in Opera, we anticipate using a bridge to enable two-way exchanges. This process enables a glossy migration of existing Opera users to Sonic. After a transition period (to be determined in the future), the migration process is expected to move towards a one-way migration from $FTM to $S.
The project noted that the supply of the fresh S token will match the FTM supply to facilitate the token migration process once the Sonic chain is launched. It is worth mentioning that the price of Fantom saw a significant enhance after the update on Sonic Network on May 17.
Phantom price at a glance
At the time of writing, Phantom is trading around $0.908, reflecting an almost 15% gain over the last 24 hours.
Featured image from iStock, chart from TradingView
