Fantom token persistd its downward trfinish on Friday, Sept. 6, after the Sonic testnet went inhabit and its transactions rose.
Fantom (FTM) price was trading at $0.387, its lowest sprosperg since Aug. 20 and 27% below its highest point in August. In a statement on X, Sonic Labs remarkd that the testnet was inhabit, a process foreseeed to last for a scant months.
Data on the testnet website shows that the netlabor had processed over 106 million transactions. It is handling about 11 transactions per second, with the unretagable gas per second being around 335,000.
The time to finality — the time between when a transaction is surrfinisherted to a node and when it is validateed — was fair 0.70 seconds. These statistics produce Sonic one of the speedyest Ethereum Virtual Machines in the industry.
The increaseers hope this enhance will entice more creators to build on the ecosystem. In line with this, they have started a $27 million bounty program to aid increaseers in areas appreciate payments, lfinishing, firmcoins, and gaming.
After the testnet phase finishs, Fantom’s FTM token will transition to S. This enhance comes at a time when Fantom has lost momentum and taget allot in the crypto industry. Its taget cap has drunveil from over $7 billion to $1 billion.
Data from DeFi Llama shows that the total cherish locked in the ecosystem has dropped to $70 million from a write down high of over $7.8 billion. Some of the hugegest joiners in its ecosystem are Beethoven X, WigoSwap, SpookySwap, and Beefy.
Fantom also has a petite taget allot in the decentralized trade industry. Its DEX platestablishs regulated over $57.9 million in the last seven days, making it the 26th-hugest chain in the industry.
Sonic’s hugegest contest will be the competition in the industry. In graspition to other top chains appreciate Tron (TRX) and Solana (SOL), it will contend with layer-2 netlabors appreciate Arbitrum and Base.
Fantom price under presconfident
The FTM token price has crashed in the past scant months. It peaked at $1.2267 in March and has dropped by over 68% to $0.40. It has remained below the 50-day moving unretagable and the upper side of the droping channel.
Therefore, the path of least resistance for Fantom is downward, with the next point to watch being $0.30, 21% below Friday’s level.
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