The Fantom Foundation recently announced a significant partnership with Sam Kazemian, the founder of Frax Finance. Kazemian has joined as an angel investor. His expertise and financial support will propel Fantom into its next phase of growth. This collaboration marks a pivotal step for Fantom, enhancing its ecosystem and technological capabilities.
In conjunction with this partnership, Frax Finance has committed to deploying its native issuance assets. These assets will launch on the first day of the Fantom Sonic technology stack. This strategic move signifies the deepening ties between Fantom and Frax Finance. It also showcases their mutual commitment to advancing blockchain technology.
Enhancements and compatibility with Fantom Sonic
Fantom has made headlines with the launch of the Fantom Sonic testnet. This includes a new virtual machine, improved database storage, and an optimized consensus mechanism. Notably, the upgrade does not necessitate a hard fork. Existing smart contracts and tools on Fantom Opera remain fully compatible with Sonic. The technology is designed to significantly enhance transaction speeds, aiming for a throughput of over 2000 transactions per second (TPS).
The Fantom Sonic upgrade demonstrates the foundation’s commitment to innovation and scalability. By maintaining compatibility with existing services, Fantom ensures a seamless transition for developers and users. Its Facilities, such as the Fantom Virtual Machine (FVM) and other developments, will be the key to redefining how the platform will perform.
Decentralized exchange volume surge on Fantom
Crypto Data Analyst Subin An, from Hashed, emphasizes the heartening trend in the Fantom ecosystem through a recent assessment. However, for DeFi, DEX volume has been going down since the summer of 2020; however, the past week has been a different experience. The jury is out in this case, but An’s observations provide evidence that Fantom might see a bullish period soon. Not only are investors and enthusiasts following it, but it is also attracting more investors and tech fans alike.
SpookySwap, a decentralized exchange built on Fantom hat company’s network, takes the lead with a record trading volume of $81.8 million in the last week. This corresponds to an almost two-and-a-half times growth. Other DEXs like Equalizer and Beethoven_x run on Fantom and have more than 2x active volume. Such figures indicate that the FMSM is doing well. They show increased demand, the number of trades, and the volume of the exchange, which are multiplying as the DeFi market expands.
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