Fantom, a layer-1 blockchain platform, has revealed substantial upgrades to its network, as it looks to bolster its infrastructure following a year of significant user growth. The upgrades will supercharge the network’s settlement speed and platform efficiency to ultimately generate greater decentralisation and efficiency for developers building on Fantom.
Fantom continues to cement itself among the most trusted layer-1 platforms in the space, evidenced by its sizable user growth. Over the past year, Fantom has seen a 3,800 per cent increase in the number of unique wallet addresses on the network, while also increasing the number of daily transactions processed by 15,460 per cent on Fantom. Additionally, the total value locked (TVL) in DeFi protocols across the network grew in lockstep with its user base – surging by nearly 11,000 per cent over the past year.
Given the influx of mainstream entrants into the Web3 space over the past year, experts believe that the coming year will see more popular companies embracing decentralised technology. Major brands like AMC, PayPal and Square are all adopting crypto-assets within their respective platforms, while Amazon and Walmart recently began recruiting crypto experts to lead blockchain strategies. Fantom’s network upgrades coincide with the anticipated boom in further mainstream adoption.
“Fantom strives to deliver the most user-friendly, seamless platform possible, and the upgrades the network has implemented will help deliver exactly that,” said Fantom CEO, Michael Kong. “Fantom has experienced unprecedented growth, and we’re preparing for the next wave of Fantom builders. We’re excited to introduce new users, projects and enthusiasts to the high-speed Fantom network.”
The Fantom network upgrades include the following:
- London Upgrade EIP-1559: all London EIP-1559 changes will be implemented, with the burning 30 per cent of transaction fee kept unchanged.
- “Lachesis Light Repeater” (LLR): Fantom developed a new variation of the consensus algorithm which stores minimal information from the chain allowing light-weight stateless syncing.
- Snapsync: implementation improves the decentralisation of the network, significantly lowering the time needed for a validator to join the network. Node operators can generate custom genesis files, which can be validated by comparing the generated hashes with the hashes generated by other nodes.
“I am very pleased to see the latest upgrades to the Fantom Network,” said Owen Palmer, business development manager at SpookySwap. “The Fantom Foundation continues to show its dedication to being the premiere tech in the industry. We deployed on Fantom to build the best user experience in crypto. With these recent speed upgrades and reduced gas fees, I believe we can continue to deliver.”
“The continued support from the Fantom Foundation by way of ongoing network upgrades is what allows SpiritSwap to offer the best possible user experience to our community,” said Nick F., operations manager at SpiritSwap. “As the Foundation continues to push the limits for greater throughput and increased scalability, our protocol will be able to continue to provide the supreme experience that our users deserve. It is our faith in the foundation’s consistency of continued development that made SpiritSwap decide to launch on Fantom in the first place. We look forward to these updates as they continue to roll out.”
“Both users and us as a protocol benefit from the recent upgrades to the Fantom network,” commented Mr. Kind, co-founder of Beethoven X. “Our users are happy their transactions are cheap and lightning-fast and, furthermore, we were able to reduce the cost to run our own RPC node. A slightly underrated angle to the efficiency of the Fantom network is the low energy usage. For us, it means a lot that we can build on a network that is highly sustainable and we can live up to our strategy of leaving a positive environmental and social impact throughout our journey.”
“We’ve been continually impressed with the updates to the Opera Network by the Fantom Foundation,” said Crypto A S, head of business development and strategy of the Byte Masons. “Our products rely heavily on Fantom’s low gas fees and quick transactions to keep our complex strategies economically viable for our customers, and the Foundation continues to exceed our expectations. The latest updates help reinforce Opera as one of the top chains for developers in the entire crypto space.”