The Fantom (FTM) token continues its downward trend following the activation of the Sonic testnet and the subsequent rise in transaction volumes.
Sonic Testnet Activation
According to Sonic Labs, the Sonic testnet is now live and has already processed over 106 million transactions. The average time to finality for transactions is just 0.70 seconds, making Sonic one of the fastest Ethereum Virtual Machines in the industry. In response, developers hope to attract more creators to the ecosystem by launching a $27 million bounty program to support developers in areas such as payments, lending, stablecoins, and gaming.
Fantom Market Status
The price of the Fantom (FTM) token continued to fall, reaching $0.387, its lowest level since August 20. Fantom's market capitalization dropped from over $7 billion to $1 billion. Data from DeFi Llama shows that the total value locked (TVL) in the ecosystem decreased to $70 million from a record high of $7.8 billion. Fantom ranks 26th among decentralized exchanges, having processed over $57.9 million in transactions over the last seven days.
Competition and Prospects
Sonic's main challenge will be competing with other top chains like Tron (TRX) and Solana (SOL), as well as layer-2 solutions like Arbitrum and Base. After the test phase, the Fantom (FTM) token will transition to S, which is expected to help the project regain its lost market position.
Despite the current state of Fantom's market, the launch of the Sonic testnet demonstrates a potential for rapid development and attracting new developers. Upcoming changes and competition with other networks could significantly impact the project's future.
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