The developer team behind Fantom (FTM), a leading Layer 1 blockchain network, has announced the release of Fantom Sonic. According to the announcement, Fantom Sonic represents a significant upgrade to the Fantom blockchain. It is designed to replace Fantom Opera and is also known as the new technology stack for the network.
Fantom Opera was launched in 2019 as Fantom’s first layer. It is an EVM-compatible smart contract platform and a Proof-of-Stake (PoS) network that uses Lachesis for validators to validate transactions and create new blocks. The upgrade is expected to come with three important features: the Fantom Virtual Machine (FVM), a Carmen database storage space, and an optimized consensus mechanism called Optimized Lachesis.
FVM is a virtual machine designed to be faster and more efficient than the current EVM running on Opera. This development will allow Fantom to process transactions faster and reduce costs for users. Sonic will also introduce a new data storage engine called Carmen database storage. It is expected to reduce node storage requirements in Fantom and improve the overall performance of the network.
Regarding the consensus mechanism in the upgraded network, Sonic will introduce the Optimized Lachesis consensus mechanism. As mentioned, Fantom Opera adopts the Lachesis consensus, which allows validators to process transactions independently and asynchronously on the network. Validators may no longer need to wait for others to finish processing a block before moving on to the next one.
With the optimized version of this mechanism, transaction verification in Sonic is designed to be more efficient, faster, and reliable. Fantom has launched a testnet where network users can test some of the new upgrades. According to the announcement, the mainnet will be launched in spring 2024.
Additionally, there has been a surge in demand for FTM, reaching the highest levels in several months. An evaluation of the daily number of new addresses created for FTM trading revealed an 86% increase between October 22 and 23.
According to data from analytics firm Santiment, the number of new addresses that completed FTM transactions for the first time reached 371 as of October 23. This is the highest number of addresses since July. The increase is attributed to the ongoing upward momentum in the overall crypto market and indicates a growing demand for FTM.