After attaining the required consensus level, the Fantom blockchain has announced an upgrade for its existing Opera chain.
The upgrade now equips Opera with the best-in-class technology and the ability to process more than 180 million transactions daily. The network will also offer fast confirmation times, promoting efficiency.
Fantom Rolls Out Opera Upgrade
The team also says that the upgraded Opera Chain will continue operating indefinitely in the short term, giving more people a chance to tap efficiency.
According to Fantom, Opera will now have higher transaction speeds. The operational cost will drop by 95%, while the storage requirement will drop by 66%. This efficiency is set to improve the network efficiency.
An increase in the transaction volumes will also allow the network to partake in additional testing and data collection to improve the overall performance of the blockchain. It will continue offering regular updates that will demonstrate the capabilities of the blockchain.
“We’re excited about Opera’s upgraded capabilities and remain committed to ensuring all our partners have access to our innovative technology,” Fantom said.
We look forward to sharing more details about our upcoming chain’s technology, tokenomics, audience engagement programs, partnerships, brand, and strategic direction in the coming weeks and months.
The launch date for this upgrade aligns with the expectations announced at the beginning of the Sonic testnet phase in October 2023. The team also noted that the upgrade was made within the set timeframe and without any delays because of the diligent process.
Despite the release of the new Sonic network, Fantom plans to continue operating using the “Opera” name. The chain is set to continue benefiting from the potential of blockchain technology.
FTM Fails to React
While the development will increase the efficiency of the Fantom blockchain, the native token of Fantom, FTM, has failed to react to the news.
FTM was trading at $0.791 on May 30 at 7:29 a.m. EST. The token is down 3.2% in the last 24 hours. The 24-hour price decline brings the weekly losses to nearly 5%.
FTM failed to record gains during the recent altcoin bull run. Many altcoins posted substantial gains following the approval of spot Ethereum exchange-traded funds (ETFs) in the US.
The trend line shows that FTM has created a lower low amid the ongoing bearish momentum. The low price might make an entry point for traders, which explains why the buying support is growing, as seen in the Relative Strength Index (RSI).
The RSI line is tipping north, indicating buyers are flocking into the market. The RSI also grows at the 64 level, which indicates bullish momentum.
The Moving Average Convergence Divergence (MACD) line has moved above the signal line amid the ongoing activity from buyers. The MACD histogram bars further point towards the potential for gains.
The bullish thesis will be confirmed if FTM breaks $0.85 after being rejected at this level several times. At this point, FTM will likely break the May 20 high of $0.96.
