A Brief History of Fantom and the Sonic Upgrade
Fantom launched in 2018 as a Layer 1 blockchain known for its speed and low transaction costs. During the 2021 bull market, it became a go-to network for DeFi projects and speculative trading. Fantom reached a Total Value Locked (TVL) of $8 billion, gaining immense popularity. However, the market crash in early 2022 led to a significant drop in activity on the chain.
What Is the Sonic Upgrade?
The Sonic Upgrade is designed to make transactions on the Fantom network faster and more efficient. With the upgrade, Fantom is expected to handle over 2,000 transactions per second and achieve single-second finality. This performance will put Fantom on par with fast blockchain networks like Solana.
The speed improvement comes with the introduction of the new Fantom Virtual Machine (FVM), which replaces the old Ethereum Virtual Machine (EVM) model. The FVM optimizes transaction execution, offering a 65x speed boost over the previous system.
Moreover, the Sonic Upgrade will reduce storage requirements by about 90%. Validators will be able to discard unnecessary data, making the network more efficient in terms of storage.
Incentives for the Fantom Ecosystem
Fantom is also introducing the Gas Monetization Program to incentivize developers. This program rewards dApp developers with 15% of the gas fees their applications generate, encouraging more development on the network.
Conclusion
The Sonic Upgrade is set to make Fantom faster, more efficient, and more user-friendly than ever before. With these technological advancements, Fantom is poised to regain attention in the crypto world, offering great opportunities for developers and users alike.
