Fantom (FTM), a rival of Ethereum (ETH), has experienced a significant surge in price this week due to a new upgrade. At the time of writing, FTM is trading around $0.801.

In the past 24 hours, FTM, which is ranked 55th by market cap, has seen a nearly 5.5% increase, and over the past week, it has surged by more than 15%. In comparison, the overall crypto market cap has decreased by 1.5% in the past 24 hours but has risen by approximately 5% in the past seven days.

Validators on the Fantom Opera mainnet have started upgrading their nodes to utilize the project’s new “Sonic” technology, which began on Tuesday. According to Fantom, Sonic will allow the network to scale to new heights and process 2,000 transactions per second. Additionally, the new technology will reduce storage requirements by up to 90%.

This is not the only recent technological development for Fantom. Last month, the project announced a partnership with Circle, the issuer of the stablecoin USDC, to introduce a new stablecoin called USDC.e. Fantom utilized the cross-chain messaging protocol Wormhole (W) to launch this stablecoin. According to the Fantom Foundation, USDC.e on Wormhole is bridged from native USDC on Ethereum and has the potential to be upgraded to native USDC in the future. It will serve as the official stablecoin of the Fantom ecosystem and all future network upgrades.

This initiative aims to reduce liquidity fragmentation, introduce stability, and provide more on-ramps to the Fantom ecosystem. Through the Wormhole Native Token Transfers (NTT) standard, USDC.e will be accessible to all users and developers on Fantom.

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