The token of smart contract platform Fantom, FTM, was subject to a 52% increase leading into Thursday morning after the successful implementation of a new network upgrade.
Referred as “Go-Opera,” the newest upgrade to Fantom introduces a variety of technical changes that, consistent with a recent explainer by the Fantom Foundation, make the network faster, more efficient as well as more reliable.
The upgrade was revealed as completed at 5:42 a.m. [UTC+1] earlier today on Thursday. It had been two hours later prior the FTM coin price peaked amid a surge that left it 52% more valuable than the day before.
The price of the coin climbed from $0.461821 USD up to $0.705069 USD within the lead up to and aftermath of Thursday’s upgrade.
Fantom doesn’t use a blockchain within the traditional sense but is instead based upon Directed Acyclic Graph technology. This enables for asynchronous confirmation of transactions, meaning users don’t need to form one queue for block space like on a typical blockchain.
In line with the Fantom Foundation, the Go-Opera upgrade makes Fantom more efficient in processing transactions, cutting confirmation time to 1 second. It also reduces the time it takes for nodes to synchronize to the network to 1/4th of what it had been previously.
Fantom’s valuation has grown over 4,000% since the beginning of this year, as the coin price reached a push to new all-time highs. Earlier on Wednesday, the Fantom Foundation received an additional $15-mln investment from Hyperchain Capital, marking a 100% hike on the firm’s initial investment.