Fantom milestone as first validator on Sonic goes live

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on  Apr 10, 2024
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  • Fantom Foundation has announced the first validator node on Sonic is live.
  • FTM price surged after the news, reaching highs of $1.03.
  • Fantom founder Andre Cronje recently hinted at the potential for meme coins on the L1 blockchain.

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Fantom has achieved one of its key network milestones after the first validator using Sonic technology deployed.

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The Fantom Foundation announced the feat, noting that this first step will pave the way for further improvements on the Opera mainnet. Top of that list is blockchain scalability.

“Marking a major milestone, this deployment paves the way for unleashing Sonic’s impressive speeds on the Opera mainnet, achieving ~2,000 TPS at sub-second finality,” the Fantom Foundation announced.

Sonic’s capacity for 2,000 TPS, which is achievable at sub-second finality, is a huge improvement on the initial Opera network’s 200 TPS.

Sonic brings new era to Fantom

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While the Opera network experienced tremendous growth following its unveiling in December 2019, peaking at over $10 billion in total value locked (TVL) in 2022, it largely stalled amid massive network congestion.

This saw user experience on Fantom deteriorate. However, the last two years have seen great strides from the Fantom developer team as they worked on Sonic.

In March, Fantom CEO Michael Kong unveiled the launch of Sonic, outlining the next steps for the blockchain network.

The Fantom Foundation envisions ​​Sonic’s use as a shared sequencer for L1 and L2 chains. Developers say the technology can process more than 180 million daily transactions, with sub-second confirmation times.

Sonic will also be the foundation to Fantom’s relaunch as a new chain later in the year.

FTM price soars on Sonic news

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The Sonic upgrade announcement in late March saw Fantom (FTM) soar to above $1.20. FTM however retreated to below $0.80 on April 5, paring gains alongside the broader market.

On Wednesday, Fantom price rose to highs of $1.03 as the community reacted to news of Sonic’s first validator node deploying. The altcoin’s value had soared after meme coins on Fantom hint from founder Andre Cronje.

FTM is currently below the $1 level after the broader crypto market briefly retreated on hot CPI data. FTM’s current price is down 71% from the all-time high of $3.46 reached in October 2021.

Meanwhile, per DeFiLlama data, Fantom’s TVL currently stands at $146 million.

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