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Fantom upgrades network to boost scalability and decentralization

By:
on Jun 9, 2022
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  • Fantom’s latest upgrades are aimed at enhancing network speed and scalability amid massive user growth.
  • Upgrades include London EIP-1559 with 30% burn and light-weight stateless syncing.
  • Fantom CEO Michael Kong said the upgrades prepare the network for the “next wave” of growth.

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Fantom, one of the fastest growing EVM-compatible layer-1 blockchain platforms, has announced significant upgrades to the network intended to boost settlement speed and scalability.

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The upgrades include London Upgrade EIP-1559, with 30% burn of transaction fee; “Lachesis Light Repeater” (LLR), a new iteration of the network consensus algorithm that ensures light-weight stateless syncing; and Snapsync, an implementation meant to enhance decentralization by significantly reducing the time it takes for validators to participate in the network.

Fantom network’s growth

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According to the platform, the network upgrades are in line with expectations of further growth, especially as major companies like PayPal, Square and AMC dive deeper into the sector.

Fantom CEO Michael Kong said in a statement shared with Invezz that the upgrades are meant to ensure the platform delivers “the most user-friendly, seamless” experience. He added:

Fantom has experienced unprecedented growth, and we’re preparing for the next wave of Fantom builders. We’re excited to introduce new users, projects and enthusiasts to the high-speed Fantom network.” 

Notably, unique wallet addresses on the network shot 3,800% in the past year, while daily transactions increased by 15,460%. The network also saw assets put into DeFi protocols jump, with total value locked (TVL) soaring by 11,000%.

The platform is seeing these massive figures thanks to a network that offer speed, low gas fees and high throughput.

In the market, the native FTM token has shed most of the gains since hitting its all-time high of $3.46 on 28 October, 2021. The losses have come amid a bear market that has decimated most projects.

Currently, FTM/USD trades around $0.34, nearly 38% down in the past month.

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