Fantom’s 14% growth today hinges on its anticipated database rebrand
Fantom (FTM) is recording a massive breakout today as its price is up by 14.2% at the time of writing to $0.4649. While such massive price breakouts are not unusual for the digital currency, the sustenance of the growth since the start of the week has showcased the possibility that FTM is charting a new agenda this year.
Unlike other known digital currencies, Fantom is not a regular blockchain but was designed as a Directed Acyclic Graph (DAG) smart contract platform providing Decentralized Finance (DeFi) services to developers using its own bespoke consensus algorithm. The Fantom protocol has grown to be as unique as its design, and its capabilities are even about to be expanded.
Riding on the launch of the Fantom Ecosystem Vault earlier this month, the protocol’s Chief Marketing Officer, Simone Pomposi, highlighted a number of upgrades that are coming to Fantom according to its revised roadmap.
Some of these upgrades include Go-Opera’s profiling and bottleneck identification, a brand new database dubbed Carmen.
New Database: Carmen pic.twitter.com/Q41TrQ2Fro
— Simone Pomposi (@theotherpomp) January 26, 2023
This database permits customization and faster cryptographic hashes. As unveiled by Simone, Fantom will be getting a new virtual machine dubbed Tosca, while also increasing the mainnet performance by eight times and reducing storage by approximately 98%.
Fantom rebranding impact
As a DAG, Fantom is a testament to how a nontraditional blockchain protocol can host as many functional applications or smart contracts as the traditional Distributed Ledger Technologies (DLT).
Fantom has been getting increased patronage since the start of the year, and with these new upgrade announcements, users can rest assured that the protocol is actively building and evolving with the times, a realization that can renew interest across the board.
Per the current embrace of Web3.0 innovation and its growth rate and the more than 129% growth over the past 30 days, Fantom may be on track to retest new price landmarks this quarter.