According to CoinDesk, Fantom's FTM token has seen a 13% increase in the past week, outperforming the CoinDesk 20 Index, a measure of the largest digital assets, which only rose by 1.5%. This rise is attributed to the ongoing Sonic upgrade of the Fantom blockchain and an increase in the total value locked (TVL) on the protocol.
The Fantom blockchain's FTM is one of the top-performing non-meme tokens of the past week. The market has responded positively to the roll-out of its Sonic upgrade and increases in the TVL on the protocol. The FTM token has gained 13% in the past seven days, reaching about 81 cents.
In recent weeks, the Fantom Foundation has been implementing its latest upgrade, codenamed Sonic. At present, 25 out of the 60 nodes have completed the upgrade. The chain will be officially upgraded once the new software is installed on two-thirds of the nodes. The Sonic upgrade is expected to increase transaction speeds to 2,000 transactions per second (TPS) with a 1.1-second finality, a significant improvement from just over 2.5 TPS in the past month.
Investors are also showing interest in the recent increase in the chain's TVL. According to DeFiLlama, Fantom's TVL reached $203 million on May 16, up from $111 million two days earlier. This increase is due to a broad rise in TVL on various decentralized exchanges, lending apps, yield aggregators, and other decentralized apps (dapps). Many dapps that support the Fantom chain have seen their TVL increase by 10%-20% during the last week.