Fantom (FTM), a competitor of Ethereum (ETH), has experienced significant growth in price this week thanks to a new upgrade. Currently, FTM is trading at approximately $0.801. This cryptocurrency, ranked 55th by market cap, has seen a nearly 5.5% increase in the past 24 hours and over 15% growth in the past week. In contrast, the overall crypto market cap has decreased by 1.5% in the last 24 hours and increased by approximately 5% in the past seven days.

On Tuesday, validators on the Fantom Opera mainnet began upgrading their nodes to utilize the project’s new “Sonic” technology. According to Fantom, Sonic will revolutionize the network by enabling it to handle up to 2,000 transactions per second and significantly reducing storage requirements by up to 90%.

This recent upgrade is not the only technological development for Fantom. Last month, the project announced a partnership with USDC-issuer Circle to create a new stablecoin called “USDC.e.” Utilizing the cross-chain messaging protocol Wormhole (W), Fantom successfully introduced the stablecoin, which is bridged from native USDC located in an Ethereum smart contract. USDC.e has the potential to be upgraded to native USDC in the future and will serve as the official stablecoin of the Fantom ecosystem.

This initiative aims to reduce liquidity fragmentation, introduce stability, and provide more accessibility to the Fantom ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be accessible to all users and developers on Fantom.

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