- Fantom describes the Sonic upgrade Governance proposals
- Sonic upgrade Indicators suggest that Fantom can be boosted in the long term.
Fantom [FTM]Sonic Labs has been rebranded and is gearing up for the largest event yet. upgrade Sonic Testnet was launched. The launch of Sonic testnet. upgrade The new layer-1 blockchain has a native layer-2 interface to allow for high throughput. Ethereum [ETH].
Sonic’s goal is to combine low-cost, scalable, and fast L2 technology with L1 security, targeting 10,000 TPS. The testnet has already reached 2,000 TPS. The launch of the full version is scheduled for late Q4 in 2024.
Messari Q2 report 2024 highlighted The key developments at Sonic Labs include four important governance proposals.
Sonic Labs, in addition to the 190.5M S Token airdrop as a reward for users, has approved a 1:1 compatibility of the FTM As detailed in the A, there are S tokens as well as a new reward system for builders and validators. thread on X,
This thread is read.
“This proposal approved minting 190,500,000 $S for airdrops that will reward users of Opera and #Sonic.”
These proposals are aimed at building a Sonic community network, and fostering innovation via the Sonic bounty program.
The program rewards developers for creating apps in various fields, such as lending, payment, AI, and NFTs.
FTM falling wedge pattern breakout
Fantom [FTM] It was in a downward trend but has now broken through a wedge-shaped pattern. It then reached $0.50 before retracing to about $0.40. A crucial support zone.
The price of the $0.4 area has risen 37.48%, giving traders a chance to target $0.50.
Sonic upgrade FTM’s price may see an immediate or delayed rally.
Will Sonic be a Hit? upgrade Reverse FTM’s Weekly Losses?
Fantom’s [FTM] Market cap was around $1.14B with trading volume at $62M. This yielded a volume-to market ratio of 5.53%. FTM’s stable market is due to the right amount of liquidity.
The following is a list of CoinMarketCapAs of press time the FTM’s price had fluctuated 17.83% over the past seven days, however, the Sonic is still a few months away. upgrade The circulating stock of 2.8B of the total of 3.2B could be used to reverse this loss.
Positive market sentiment with potential for upside
FTM’s total open interest also decreased, by 3.57%. It now stands at $112.87M. But the OI Weighted Funding rate of 0.0065%, which is a combination of OI and Funding Rates indicates that there’s a little bullishness.
FTM’s chart shows that the OI-Weighted funding rate has been consistently strong over the years, which is a significant factor in confirming the bullish bias of the FTM.
You can read more about it here Fantom’s [FTM] Price Prediction 2024–2025
The recent social dominance, and the volume increase related to Sonic upgradeFTM may be on the verge of a major upward movement.
This development activity and weighted sentiment further supports the possibility of FTM pricing increase. It will also depend on the speed at which Sonic releases new products. upgrade influences market fundamentals.
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Source: ambcrypto.com