Fantom and THORChain Experience Price Surge Following Coinbase Futures Listing
Coinbase International Exchange has made a significant announcement regarding the addition of support for Fantom (FTM) and THORChain (RUNE) perpetual futures trading. This decision by Coinbase has resulted in a surge in the prices of both Fantom and THORChain, as traders and investors are optimistic about the opportunities presented by these listings on the Coinbase International Exchange.
Following the announcement, the price of FTM experienced a notable increase of over 10%. As of now, the Fantom price stands at $1.17, marking a 10.51% surge on Friday, March 22. The market cap for Fantom is currently $3.29 billion, while the 24-hour trade volume has decreased by 21.78% to $602.83 million.
On the other hand, THORChain, which is part of the Cosmos ecosystem, did not witness a significant change in its price within the 24-hour timeframe. However, after the Coinbase announcement, the RUNE price rebounded from its low of $8.29 and reached $8.70, representing a 5% gain from its lowest point.
The surge in Fantom’s price is particularly noteworthy due to the anticipation surrounding the upcoming launch of the Sonic upgrade. Scheduled to debut during spring, Sonic represents a crucial milestone for Fantom as it brings innovation and efficiency to the network.
Insights into the Sonic Upgrade by Andre Cronje
The Sonic upgrade aims to introduce a revolutionary smart contract coding language and execution engine in the Fantom Virtual Machine. This upgrade marks a departure from Ethereum Virtual Machine (EVM), which Fantom previously relied on. One of Sonic’s key highlights is its focus on enhancing transaction throughput while reducing costs.
Extensive testing of Sonic by the Fantom Foundation on both public and closed testnets has yielded promising results. The closed testnet demonstrated a staggering 95% reduction in transaction costs, highlighting the potential for cost savings. Additionally, the network’s capacity to support 2,000 transactions per second (TPS) with one-second finality showcases its scalability and robustness.
Sonic also aims to achieve a 90% reduction in storage costs and introduce an upgraded consensus mechanism, bolstering the network’s security and resilience. These advancements position Fantom as a leading player in decentralized finance (DeFi) and Web3 gaming, paving the way for innovative use cases that harness the full potential of blockchain technology.
However, concerns have been raised regarding the absence of a provably secure Ethereum-Fantom bridge. Andre Cronje, the co-founder of Fantom, acknowledges the importance of this infrastructure and recognizes the need to integrate a Layer 2 stack for the bridge. Cronje emphasizes that while the chain is ready for deployment, the lack of a canonical bridge has been a historical oversight that must be addressed.
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