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Fantom’s price is exhibiting high volatility due to the upcoming migration from FTM to the Sonic (S) token.
According to CoinGecko data, Fantom’s price has surged over the past two weeks, climbing by 63.1%. Additionally, the token has risen by 31% in just one week.
On September 5, Fantom’s price stood at $0.38, and by September 10, it had surpassed $0.50. Over the course of these two weeks, the token reached a high of $0.66.
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Fantom price history for the last 14 days | Source: CoinGecko
Fantom Price Rises Amid the Upcoming Migration
The recent price rise is largely driven by anticipation of the FTM to Sonic token migration. As per Fantom, 66% of validators have already updated their nodes for the new Sonic network. An important condition for the migration is that at least two-thirds of validators must complete the update.
Once this threshold is met, the chain will be migrated to Sonic.
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The progress of Fantom validators for migration to Sonic | Source: Fantom
Fantom introduced the Sonic chain and the S token on May 20. The new chain is expected to launch in November or December 2024.
1/ “Hope is a Fantom that makes a man run a long way."
In comes the spooky revival arc for @fantom with the Sonic-fication of its chain + new token migration into $S.
We discuss the Sonic upgrades + parallelized virtual machine + how to position yourself and get ready 🧵 pic.twitter.com/nD0e91ScvK
— Ash (@ahboyash) May 18, 2024
The Sonic is a Layer 1 (L1) blockchain designed to serve as a bridge to Ethereum. Developers anticipate that the network will process up to 10,000 transactions per second.
After the transition to the new network, the FTM holders will be able to exchange their tokens for S at a 1:1 ratio.
Fantom TVL Up 20% in a Week
The excitement surrounding the migration has also impacted Fantom’s total value locked (TVL) in decentralized finance (DeFi). According to DeFiLlama, the Fantom’s TVL has increased by 20.06% over the past week.
However, it’s important to note that over the past 30 days, the Fantom’s TVL has dropped by 22.91%.
Fantom is currently ranked #41 in DeFi, with a total TVL of $101.65 million.
