Fantom (FTM) Unveils Major ‘Opera’ Upgrade As Price Eyes Rebound
Fantom, which recently inked a strategic partnership with Google Cloud, has announced the official launch of the upgrade of its existing Opera chain after it reached the 66% threshold consensus level.
Fantom Opera Upgrades to 2,000 TPS
The launch date aligns with the expectations that were set right at the beginning of Sonic’s testnet phase that took place in October 2023. This is exciting for Fantom as the protocol lauds its “diligent progress”, citing that it stayed on track without adding any delays to the roadmap.
With nearly 80% of staked FTM on Sonic nodes, Opera is officially considered UPGRADED!
Our new, innovative technology enables the chain to achieve:
2,000 TPS — realistic traffic
4,000 TPS — token swaps
10,000 TPS — token transfers
1-second finality
We will… pic.twitter.com/KvjJbF9bhw
— Fantom Foundation (@FantomFDN) May 29, 2024
Even with the introduction of the new Sonic network, Fantom noted that it would continue to refer to the chain as “Opera”. As part of the upgrade, Opera, which boasts of a better-in-class technology, can now process as much as 180 million transactions daily. This comes with sub-second confirmation times.
The expectation now is that Opera will help achieve approximately 2,000 Transactions Per Second (TPS ) at around 1 second finality. Transactions that fall in this category are those that are regarded as complex, mixed or with variable. For token swaps, Fantom Opera should achieve an estimate of 4,000 TPS at approximately 1.3 seconds finality. Token transfers gets as much as 10,000 TPS at 1.6 seconds finality.
In addition to this new development, the protocol will experience a decrease of about 66% in storage requirements while it’s operational category is expected to equally drop by 95%. While this happens, Fantom developers are hopeful that transaction volume will surge significantly. With a jump in this metric, the plan is to undertake additional testing and data collection on the network’s improved performance.
Going through this testing phase will help provide more feedback and updates on the chain’s capabilities in practice.
Launch of Sonic Network Excites FTM Ecosystem
For Fantom, this upgrade move is its way of ensuring that users have access to its futuristic technology. The protocol still has some upcoming improvements and addition that it intends to launch in the near future including tokenomics, audience engagement programs, partnerships, brand, and strategic direction.
Since the launch of the Sonic network, Fantom has consistently sought occasion to improve the protocol. Barely a week ago, Fantom developer team teased the potential launch of Sonic Labs and Sonic Foundation. Sonic Labs will take responsibility for the development and growth of Decentralized Applications (DApps) with ties to Sonic. On the other hand, the Sonic Foundation will take responsibility for the network’s governance and Treasury Management.
The latest upgrade comes at a time when the FTM is hinting at an imminent rebound. CoinMarketCap data shows that FTM is currently trading at $0.8125 with a 0.91% in the last 24 hours. The token has been fluctuating sideways for a while, however, market experts and analysts believe that FTM holds great potentials.
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