From the price range around 0.38, the FTM token has moved to 0.66 in three weeks with 60 percent growth. This gradual surge is the result of FTM’s ongoing migration to Sonic ($S). The moving depends on the updation of nodes by the validators, and 70% of the validators have upgraded. When it reaches 100%, the chain will reshape into Sonic.
Crypto experts opine that the FTM tokens will follow an uptrend till the completion of the transformation, and when the newly formed Sonic delivers the scalability and security it promised, we can see another long-term uptrend in $FTM/$S with the arrival of institutional whales.
Fantom’s Migration to Sonic: A Timeline
It all started with the arrival of new players in the EVM chain arena, and Fantom Foundation’s loss of its customers because of the scalability issues. With the announcement of the migration, the platform again geared up and started receiving new users. Let’s check the timeline.
- October 2023: Fantom Foundation launched Fantom Sonic, a layer 1 solution in the Ethereum blockchain, with brand new EVM (called FVM, the Fantom Virtual Machine) and improved storage capacity. It was released as a testnet to find out potential errors and user experience.
- December 2023: Fantom Foundation dissolved Fantom Sonic to Sonic Labs, and gathered the developers to build dApps. The program was open to all the developers, and there was a reward pool of 1 million FTM for top devs.
- February 2024: Sonic achieved a 95% cost reduction in running the mainnet’s archive nodes. A major improvement was in the storage; the nodes used only one-third of the disk space of traditional Opera nodes, and it synchronized data 10x faster.
- March 2024: Sonic’s transactions per second reached 2,000, a substantial improvement. The technical capability handled over 180 million transactions daily. Also, it received new partners and investors.
- June 2024: Fantom announced a Sonic Labs Innovator Fund to accelerate the migration. 200,000,000 $S coins were allocated to create the adoption of dApps. Various wallets, indexes, bridge apps, and other mini dApps received the allocation.
- July 2024: Fantom & Sonic partnered with Alchemy, a web3 development platform, to enhance the scalability. Opera, the Fantom’s smart contract platform, increased its transaction number per second, and this helped the developers build high-speed dApps.
- September 2024: The platform’s validators achieved 70% migration. When it reaches 100%, users can swap FTM for S coins without any extra costs. Then the Fantom will completely dissolve into Sonic.
Fantom to Sonic ($FTM to $S): How to Migrate? How is the Value Calculated?
Upon the launch, the FTM can be swapped to S coins with a 1:1 ratio through their official site. So, the price will be the same. The latest data reveals that there won’t be any changes in the tokenomics and other features.
Apart from the working mechanism, the algorithm of the nodes, names, and symbols, there are no changes in market capitalization, token supply, and wallet addresses. So, it is enough to check the price predictions of FTM to understand the chart flow of S.
FTM’s Uptrend: An Investment Opportunity or a Bear Trap?
The current uptrend in the charts is different from the pump-and-dump kind of movement. It seems like an organic flow generated through the news of the migration event and from the expectations regarding S. However, it is important to do a thorough analysis of the market condition and the project value before investing.
Conclusive Thoughts
The Fantom Opera network was released in December 2019, and it grew from a small platform into one of the most used networks with 10 billion dollars of assets locked in 2022. After the network became congested, it lost its users, and now with its immigration, Fantom entered a revival phase.
After the completion of the migration, we can expect a rise in the charts. However, the crypto market is a highly volatile space and anything can happen with the price. Various factors affect the charts and always try to do your research if you are planning to purchase HODL FTM.
