FTM Coin Price Rises 17% Before Fantom Migrate to Sonic

Bittime – Fantom (FTM), one of the blockchain projects that has caught the attention of the crypto community, saw a significant price spike of 17% in the past week. 

This increase comes in conjunction with the migration of the Fantom network to Sonic, which is underway and generating great enthusiasm among users and developers.

Fantom to Sonic Migration: What Happened?

Fantom is currently in the process of a major migration to Sonic, a new network developed to continue Fantom's legacy. 

This migration put the Fantom platform under the spotlight, triggering a surge in the price of the FTM token which is now a hot topic of conversation among the crypto community. 

According to CoinGecko, FTM has seen an increase of more than 17% since last week, reflecting the hype surrounding this migration.

Read also: Fix, August 20 DOGS Listing on These 7 Exchanges! There's Bittime from Indonesia!

Core Proposition for a Seamless Transition to Sonic

Sonic Labs, previously known as Fantom, announced that there are four core propositions that will impact the user experience during the transition to the Sonic network. 

One of the most prominent is the proposition to convert FTM to $S tokens at a one to one ratio. $S tokens will function similarly to FTM, with a total supply of 3,175,000,000 $S tokens on Genesis Day.

$S Token Airdrop for Opera Users

As a token of appreciation to Opera users, the platform will allocate more than 190,500,000 $S tokens for the airdrop. 

This airdrop comes with a burning mechanism that will penalize users who choose to claim their airdrop positions on day one. 

Nearly 100% to 88.9% of invested tokens for users will be burned if they claim too early. This mechanism is designed to encourage long-term participation and ongoing on-chain activity.

Validator Reward Migration and New Network Funding

Apart from the airdrop, the migration also includes moving validator rewards from the Opera network to Sonic. This aims to promote use of the Sonic network while protecting $S from excessive inflation in the first four years. 

To support developers and projects looking to build on the platform, Sonic has allocated 47,625,000 $S tokens to Sonic Spark and Sonic University. 

Funds not used within the specified time will be burned to maintain network integrity and avoid waste.

FTM Price Movement Ahead of Sonic Network Launch

At the time of writing this article, FTM price is struggling to break the $0.3689 resistance level and turn it into strong support. 

Successfully breaking this level is critical for bulls to maintain long-term momentum until the official launch of the Sonic network.

Conclusion

Fantom's migration to Sonic has clearly had a positive impact on the price of the FTM token, which rose a significant 17% in the past week. 

With core propositions that promise a seamless transition, as well as innovative airdrop and burn mechanisms, Sonic is poised to continue Fantom's legacy and take the ecosystem to new heights.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.