Smart contract platform Fantom (FTM) was subject to a 52% price increase leading into Thursday morning following the successful implementation of a new network upgrade.
Dubbed “Go-Opera”, the latest upgrade to Fantom introduces a range of technical changes which, according to a recent explainer by the Fantom Foundation, makes the network faster, more efficient and more reliable.
The upgrade was announced as completed at 5:42 a.m. (UTC+1) on April 29. It was two hours later before the FTM coin price peaked amid a surge which left it 52% more valuable than the day before.
The coin price climbed from $0.461821 up to $0.705069 in the lead up to, and aftermath of, Thursday’s upgrade.
Fantom doesn’t use a blockchain in the traditional sense but is instead based upon Directed Acyclic Graph (DAG) technology. This allows for asynchronous confirmation of transactions, meaning users don’t have to form a single queue for block space like in a typical blockchain.
According to the Fantom Foundation, the Go-Opera upgrade makes Fantom more efficient in processing transactions, cutting confirmation time to one second. It also reduces the time it takes for nodes to synchronize to the network to a quarter of what it was previously.
Fantom’s valuation grew over 4,000% since the start of 2021, as the coin price continued to push new all-time highs. On April 28, the Fantom Foundation received an additional $15 million investment from Hyperchain Capital, marking a 100% increase on the firm’s initial investment.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.