The Fantom Foundation has teamed up with Sam Kazemian of Frax Finance to boost their chances of development.
The Fantom Foundation and Frax Finance’s creator, Sam Kazemian, have just announced a major collaboration. As an angel investor, Kazemian has joined. With his guidance and backing, Fantom will be able to enter its next development stage. By strengthening its ecological and technical capacities, this partnership represents a watershed moment for Fantom.
Frax Finance has promised to use its native issuance assets in connection with this cooperation. When the Fantom Sonic technology stack is live, these assets will be available. The strategic move between Fantom and Frax Finance is a symptom of their growing relationship. It demonstrates that they are both dedicated to making blockchain technology better.
Fantom has attracted significant attention following the introduction of the Fantom Sonic testnet. Updates to the consensus method, better database storage, and a whole new virtual machine are all part of this. Specifically, a hard fork is unnecessary for this change. Sonic has no effect on Fantom Opera’s existing smart contracts or technologies.
The update to Fantom Sonic showcases the foundation’s dedication to staying ahead of the curve and accommodating growth. Fantom makes sure that developers and consumers don’t have any trouble transitioning by staying compatible with current services. Redefining the platform’s performance will depend on its Facilities, which include innovations like the Fantom Virtual Machine (FVM).
Subin An, a crypto data analyst at Hashed, has conducted an evaluation that highlights the encouraging trend in the Fantom ecosystem. On the other hand, DEX volume has been declining for DeFi since the summer of 2020; however, things have been different this past week. Although the verdict is yet out, An’s findings suggest that Fantom could soon experience a bullish phase. More and more investors and tech fans are following it, and it’s also drawing in new followers.
The blockchain-based decentralized exchange SpookySwap, developed by the Fantom hat business, set a new weekly trading volume record of $81.8 million, putting it in first place. What this means is that there has been an increase of almost 2.5 times. There are other DEXs that use Fantom and have an active volume greater than 2x, such as Equalizer and Beethoven X. The FMSM is doing well, according to these numbers. As the DeFi market grows, these metrics reveal a multiplicative effect on demand, transaction volume, and exchange frequency.
Wallets