Fantom's FTM Token Rises 10% on Upcoming Protocol Upgrades

The Fantom Foundation promises improved network performance after developer exits weighed on investor confidence.

AccessTimeIconMar 16, 2022 at 4:01 p.m. UTC
Updated Mar 16, 2022 at 4:24 p.m. UTC

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

FTM, the primary token of the Fantom Network, rose as much as 10% over the past 24 hours following the announcement of upcoming protocol updates.

Fantom is a layer 1, or base, blockchain platform that powers decentralized finance (DeFi) applications. The foundation behind Fantom plans to enhance its network with lower memory consumption, improved storage capabilities and new security features.

"This technology can potentially help process transactions faster with much smaller memory consumption, thereby improving the network performance," the Fantom Foundation wrote in a Wednesday blog post. Further, while the Ethereum blockchain requires multiple block confirmations to ensure transactions are secure, Fantom only requires one confirmation, according to the foundation.

While today's gain for FTM is sizable, it's a mere blip versus the 60% drop from an all-time high of $3.47 achieved in October 2021.

FTM has been plagued by developer exits, including DeFi architect Andre Cronje. The foundation's CEO, Michael Kong, addressed investor concerns last week and assured that projects will continue to operate with existing teams.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.