Key Takeaways
Fantom has successfully completed its Go-Opera upgrade, adding one-second finality, faster node synchronization, and other improvements.
The network’s FTM token rose throughout yesterday and has continued its ascent since the update completed.
Fantom is a high-speed Proof-of-Stake network built for smart contracts.
Share this article
Fantom has rounded off its “most significant network upgrade so far” earlier this morning.
“Big Milestone” Pumps Fantom
Fantom, one of the crypto space’s fastest-growing Proof-of-Stake (PoS) networks, has successfully implemented its Go-Opera update.
The biggest improvements include the addition of one-second finality and faster synchronization between nodes. Finality refers to the guarantee that a block can not be altered once added to the chain. Fantom’s upgraded time to finality means that new blocks are now confirmed on the network within one second.
Fantom added that peer-to-peer synchronization is now three times faster. This means that new nodes synchronize quicker when they join the network. The project is also prolonging event emissions when consensus can not be reached due to validators being offline. Emission is also now more efficient, the post noted.
Fantom can execute high-speed transactions thanks to its PoS framework, and it relies on validators to secure the network rather than miners. It’s a similar system to the one Ethereum is hoping to launch this year.
Like Ethereum, Fantom runs smart contracts, suited to processing transactions for activities such as decentralized finance.
In tandem with the Go-Opera update, Fantom has upgraded its Special Fee Contracts so that both validators and delegators claim rewards. Users will now be able to claim their staking rewards in one click.
Andre Cronje, part of the team behind Fantom and one of DeFi’s most recognizable developers, said that the upgrade was “a big milestone.”
Big milestone for Fantom, faster TTF, network propagation, confirmation times, and all in a permissionless setting. Really proud of the team, now if they can just decrease the minimum stake requirements so I can run more validators! https://t.co/ZoGhslhJaj
— Andre Cronje (@AndreCronjeTech) April 29, 2021
Following the announcement, Fantom’s native FTM token jumped from $0.48 to $0.70 from Wednesday through Thursday morning, a 40% gain. It’s slightly retraced since then, trading at $0.64 at publication.
FTM is used for payments, governance, and network fees within the Fantom network. Fantom users can earn tokens by running a validator node to stake their holdings. Stakers need 3.175 million FTM to become a validator, which equates to a cost of over $2 million.
By contrast, Ethereum requires validators to stake 32 ETH, which comes in at $88,608 at today’s prices.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. Andre Cronje is an equity-holder in Crypto Briefing.
This news was brought to you by ANKR, our preferred DeFi Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Yearn Finance Founder Andre Cronje Launches yCredit
Andre Cronje has been building more decentralized finance infrastructure. This time, he’s created a protocol called yCredit. It builds on the StableCredit protocol he announced in September and works by giving…
Key Ethereum Researchers Vote to Ship Proof-of-Stake in 2021
Ethereum looks set to launch Proof-of-Stake this year. Proof-of-Stake on the Horizon Ethereum could ship Proof-of-Stake before the year is out. Justin Drake, one of the researchers working on Ethereum…
After Solana, Tether Launches on Polkadot, Kusama
Another two chains for Tether: USDT will soon be available on Polkadot and Kusama. Tether Primed for Growth Tether is preparing to launch on another two blockchains. The Tether team…
What Are Non-Fungible Tokens (NFTs)?
Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. A fungible asset’s representation on blockchain makes commodities tradable 24/7 via borderless and frictionless transactions. Fungible goods are…
