The token of the Fantom smart contract platform, FTM, was subject to a 52% price hike leading up to Thursday morning after the successful implementation of a new network upgrade.
Fantom’s latest upgrade, called “Go-Opera”, introduces a series of technical changes that, according to a recent explanation from the Fantom Foundation, make the network faster, more efficient and more reliable.
The upgrade was announced as completed on Thursday at 05:42 AM (UTC + 1). It was two hours later before the FTM coin price peaked amid a surge that made it 52% more valuable than the day before.
Coin price rose from $ 0.461821 to $ 0.705069 leading up to and after Thursday’s upgrade.
Fantom does not use blockchain in the traditional sense, but instead is based on Directed Acyclic Graph technology. This allows for asynchronous confirmation of transactions, meaning users don’t have to queue up for block space like a typical blockchain.
According to the Fantom Foundation, the Go-Opera upgrade makes Fantom more efficient at processing transactions, reducing confirmation time to 1 second. It also reduces the time it takes for nodes to sync with the network to a quarter of what it was before.
Fantom’s valuation is up more than 4,000% since the beginning of 2021 as the coin price continued to rise to new all-time highs. On Wednesday, the Fantom Foundation received an additional $ 15 million investment from Hyperchain Capital, a 100% increase from the company’s initial investment.