Fantom Sees 11% Price Increase Amid USDC.e Launch and Sonic Upgrade

Fantom (FTM), a cryptocurrency focused on decentralized finance services, has seen an 11% increase in its value over the past week. This puts it among the top performers in the top 50 cryptocurrencies by market capitalization.

The surge comes after the announcement of the USDC.e stablecoin launch and an upcoming network upgrade called Sonic. The Sonic upgrade aims to significantly enhance transaction processing speeds, with the goal of achieving up to 2,000 transactions per second (TPS) and a time to finality of 1.1 seconds.

The upgrade will replace the current mainnet, Opera, which currently supports a throughput of only 3.2 TPS. Andre Cronje, Fantom's lead developer, has been actively working on boosting the platform's memecoin ecosystem and invited developers to contact him directly to launch their coins on the network.

Up to 10% of tokens will be allocated for marketing-related expenses, up to 5% for supporting the meme team, and the remaining 85% will be added to the FTM/token Liquidity Pool in the foundation multisig. The launch of USDC.e, a native stablecoin, also contributed to Fantom's price increase.