Coinbase International Exchange has announced the addition of support for Fantom (FTM) and THORChain (RUNE);perpetual futures trading. The announcement of FTM-PERP and RUNE-PERP markets noted that the trading is set to commence at 9:30 a.m. UTC on March 28, 2024.
This landmark decision by Coinbase has catalyzed a significant surge in the prices of both Fantom and THORChain. Moreover, these perpetual trading listings are Coinbase’s “first-ever” listings available “exclusively” on the Coinbase International Exchange. Hence, the optimism around the news was unmatched.
The FTM price gained over 10% after the update. At press time, the Fantom price soared 10.51% to $1.17 on Friday, March 22. Meanwhile, the FTM market cap stood at $3.29 billion. However, the 24-hour trade volume for Fantom slumped 21.78% to $602.83 million.
THORCHain, a Cosmos ecosystem token, didn’t witness a significant change in the 24-hour frame. However, the RUNE price rebounded from its low of $8.29 within a few hours of the Coinbase announcement. At the time of writing, the THORChain price was $8.70, representing a gain of 5% from the low.
Furthermore, the surge in Fantom’s price is particularly noteworthy, as it comes on the heels of anticipation surrounding the impending launch of the Sonic upgrade. Scheduled to debut during the spring, Sonic represents a pivotal milestone for Fantom, ushering in a new era of innovation and efficiency within the network.
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At its core, Sonic aims to introduce a revolutionary smart contract coding language and execution engine in the Fantom Virtual Machine. This marks a departure from the Ethereum Virtual Machine (EVM) that Fantom previously relied upon. Moreover, one of the key highlights of the Sonic upgrade is its emphasis on enhancing transaction throughput while simultaneously reducing costs.
Furthermore, the Fantom Foundation’s rigorous testing of Sonic on both public and closed testnets has yielded promising results, with a staggering 95% reduction in transaction costs observed on the closed testnet. Moreover, the network’s capacity to support a throughput of 2,000 transactions per second (TPS) with one-second finality underscores its scalability and robustness.
In addition, Sonic aims to achieve a 90% reduction in storage costs and introduce an upgraded consensus mechanism, thereby fortifying the network’s security and resilience. These advancements position Fantom as a frontrunner in the realm of decentralized finance (DeFi) and Web3 gaming, paving the way for the development of innovative use cases that harness the full potential of blockchain technology.
However, amidst the excitement surrounding Fantom’s impending upgrade, concerns have been raised regarding the absence of a provably secure Ethereum<>Fantom bridge. Andre Cronje, the co-founder of Fantom, recognized the importance of this crucial infrastructure.
Moreover, he acknowledged the necessity of integrating a Layer 2 stack for the bridge. Additionally, Cronje emphasized that while the chain has been ready for deployment, the implementation of a canonical bridge has been a historical oversight that must be addressed.
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