The Fantom Smart Contract Platform Token, FTM, increased by 52% through Thursday morning following the successful implementation of a new network upgrade.
Called “Go-Opera”, The latest Fantom update introduces a number of technical changes that, according to a spokesman for the Fantom Foundation, make the network faster, more efficient and more reliable.
The update is announced as completed on Thursday at 5:42 a.m. (UTC + 1). It took two hours for the FTM coin price to peak and be 52% more valuable than the day before.
The price of the coin rose from $ 0.461821 to $ 0.705069 on Thursday before and after the update.
Fantom does not use blockchain in the traditional sense, but is based on Directed Acyclic Graph technology. This allows for asynchronous confirmation of transactions, meaning that users don’t have to form a single queue for the block area as in a typical blockchain.
According to the Fantom Foundation, the Go Opera update makes Fantom more efficient in processing transactions and reduces the confirmation time to 1 second. It also reduces the time it takes nodes to synchronize with the network to a quarter of the previous time.
Fantom’s valuation has risen more than 4,000% since early 2021 as the price of the coin continued to climb to new highs. On Wednesday, the Fantom Foundation received an additional $ 15 million investment from Hyperchain Capital, which would represent a 100% increase in the company’s initial investment.