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Assessing if Fantom’s new mainnet upgrade is enough to fuel FTM’s recovery

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  • Fantom’s new mainnet upgrade comes with several new features
  • Unique addresses and revenue have increased, but a few metrics remain bearish 

Fantom [FTM] recently launched a new mainnet upgrade named go-opera version 1.1.2-rc.5 which brings a few new features. For instance, the latest upgrade comes with improvements in batched Genesis block processing, configurable DB management, parallel EVM log search, and optimizations in the P2P protocol.

Read Fantom’s [FTM] Price Prediction 2023-24

And the new features are…

Fantom mentioned in the official announcement that the mainnet upgrade will increase Genesis file processing by three times, except for archive Genesis files. Searching logs has become five times faster and each log search should take only 1/5 of the time it took previously. In addition to that, block processing time has increased by about 30% as a result of major improvements in P2P and block processing.

Fantom’s health seems to be improving 

While the new upgrade was being released, DeFiLlama’s data revealed that Fantom’s declining total value locked (TVL) registered a slight uptick- An optimistic development for the network. Not only that, but the number of unique addresses on Fantom also skyrocketed over the past few weeks and reached nearly 45 million. 

Fantom Insider’s monthly recap highlighted a hike of 33% in both fees and revenue, suggesting greater usage of the network. However, though the number of unique addresses went up, FTM’s daily active addresses declined steadily over the last 30 days. 

Source: Santiment

Realistic or not, here’s FTM market cap in BTC‘s terms

FTM ready for a price pump?

While most of the cryptos were affected by the ongoing bearish sentiment in the market, FTM, on the other hand, reacted differently. Fantom’s price appreciated by over 6% in the last 24 hours, and at press time, it was trading at $0.4213.

The possibility of this surge continuing was high as CryptoQuant revealed that FTM’s stochastic was in an oversold position – A bullish indicator. Another bullish signal was FTM’s MVRV Ratio, which showed signs of recovery by rising slightly over the last few days.

Source: Santiment

Here, it is interesting to note that FTM accumulation also rose over the course of the month as supply held by top addresses shot up.

However, a closer look revealed a bearish scenario. Santiment’s chart suggested that FTM’s supply outside exchanges registered a decline, while the supply on exchanges increased, something that is typically bearish.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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