Phantom’s smart contract platform token, FTM, was upgraded by 52% from Thursday morning following the successful implementation of the new network upgrade.
Phantom’s latest update, called Go-Opera, includes a number of technical changes that, according to a recent interpretation from the Phantom Foundation, make the network faster, more efficient and more reliable.
Complete update announced on Thursday at 05.42 (UTC + 1). It took two hours before the price of the FTM coin reached its peak in the middle of a sharp jump that made it 52% more valuable than the previous day.
The price of the coin rose from $ 0.461821 to $ 0.705069 before and after Thursday’s update.
Phantom blockchain is not used in the traditional sense of the word, but is dependent on non-rotating vector graphics technology. This enables asynchronous confirmation of transactions, which means that users do not have to form a single queue for block space as in a typical blockchain.
According to the Fantom Foundation, the Go-Opera update makes Fantom more efficient at processing transactions, reducing confirmation times to one second. It also reduces the time it takes for a node to synchronize with the network by a quarter compared to a previous decade.
Phantom’s valuation has increased by more than 4000% since the beginning of 2021 as the price of the coin continued to reach full-time highs. On Wednesday, the Fantom Foundation received an additional $ 15 million from Hyperchain Capital, which increased the company’s initial investment by 100%.