Fantom Network’s primary token – FTM – saw a sharp increase of 10% over the past 24 hours, following the latest updates regarding its upcoming protocol.
Fantom is a layer 1 blockchain platform that supports decentralized finance (DeFi) applications. The team at Fantom have laid out plans to improve its network, reducing memory consumption as well as promising new security features and better storage capabilities. “This technology can potentially help process transactions faster with much smaller memory consumption, thereby improving the network performance,” the Fantom Foundation wrote in their blog post. When compared to the Ethereum blockchain, which asks for multiple block confirmations to ensure the transactions are safe, Fantom seems to be more superior since it only requires one confirmation.
Fantom, however, are facing some difficulties regarding its personnel. Andre Cronje, former DeFi architect, recently announced that he would no longer be a crypto market developer. FTM immediately dropped to $1.32 after Cronje’s statement, which is more than 60% below its lifetime high of $3.46 last October. Michael Kong, Foundation CEO, has promptly soothed investor concerns by assuring that the project will still continue with existing teams.
