The Layer 1 (L1) blockchain platform has outperformed meme coins with recent surges.
Fantom (FTM), one of the established projects in the cryptocurrency market, has caught attention with its recent gains. Among the main reasons for the rise are the increasing expectations for the upcoming Sonic update on the Fantom mainnet.
Successfully running on the testnet, Sonic is expected to significantly increase the network’s transaction speed and reduce transaction costs. With these expectations, FTM has surged by almost 200% in the last month, putting it among the top-performing projects outside of meme coins in the cryptocurrency market.
The Sonic update was implemented on the testnet last October. The integration of the Sonic update into the mainnet is expected to take place this spring.
According to CoinGecko data, FTM has shown a 198% increase in the last month, climbing from $0.40 to $1.19. Thanks to this surge, FTM has reached its highest level since April 2022.
