Fantom (FTM) Onboards Google Cloud As Validator, Price Rally Incoming?

Godfrey Benjamin
May 29, 2024
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Fantom Rebrands To Sonic Labs Ahead Of Major EVM Launch

Highlights

  • Fantom and Google Cloud have inked a strategic partnership
  • Google Cloud will help power the development of smart DApps on Fantom
  • The price of Fantom (FTM) is in recovery pace following the news

Fantom (FTM), the Directed Acyclic Graph (DAG) protocol has unveiled it has onboarded Google Cloud as one of its major node validators.

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Fantom and Google Cloud: Beyond Node Validation

It is worth noting that beyond the role of the tech giant in validating Fantom transactions as a node validator, it will also help in incentivizing innovation on Fantom. With this incentivization scheme, Fantom developers will be set up to build the next generation of decentralized applications on the protocol.

Google Cloud is not a new dominant partner with crypto-related companies. Despite its numerous partnerships with Web3 firms, its offerings or support are generally customized. In the case of Fantom and Google Cloud, the DAG said it will leverage the “secure, scalable and resilient infrastructure” of the latter as well as its Artificial Intelligence (AI) capabilities to help its developers.

With this access, Fantom developers can build “smart and safer products that engage users in more meaningful ways.” It is worth noting that the validator responsibilities of Google will be carried out on the protocol’s Opera Network. Later, Fantom plans to migrate Opera to its new EVM compatible Sonic Network.

Fantom identified its partnership with Google Cloud as a major pathway in its transformation journey. The partnership will build on the existing relationship wherein Google Cloud indexes Fantom’s data in BigQuery as part of its public datasets program.

As a DAG protocol, Fantom is generally more scalable compared with its peers. However, with the Google Cloud linkup, it hopes to further extend its lead in order to gain significant market share.

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Courting the FTM Evolution, Price Reaction

While Fantom is one of the most capitalized digital currency projects in the market today, it is still regarded as one of the most undervalued. This might change with the Google Cloud linkup. With the partnership, the entire Fantom ecosystem will become attractive in performance and throughput.

This will in turn attract more developers, more DApps and more enhanced usage to drive value that can bolster FTM’s price. At the time of writing, Fantom is changing hands for $0.8231, down by 0.83% in 24 hours. Notably, this is a major recovery price for the coin which fell by more than 6% intra-day. At the moment, trading volume is pegged at 39% to $241,594,633 as interest is beginning to build.

The whole Google Cloud partnership is also coming at a time when Fantom is looking to pivot in the smart contract scene. With Sonic Network and the launch of a Sonic Labs and strategic funding secured, the upside of the partnership remains high.

Read More: Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.