Layer 1 blockchain Fantom has unveiled upgrades to boost settlement speed and platform efficiency, the Fantom Foundation announced on Thursday.
See related article: Fantom overtakes Binance Smart Chain in DeFi TVL
Fast facts
- Fantom’s upgrades include the implementation of all London EIP-1559 changes and a new variation of the consensus mechanism called Lachesis Light Repeater, which stores minimum information from the chain to boost speed.
- It also includes Snapsync, which lowers the time needed for validators to join the network, improving decentralization, Fantom Foundation said in a statement.
- Over the past year, Fantom has witnessed a 3,800% increase in the number of unique wallet addresses on the network, while daily transactions increased 15,460%, the statement claimed.
- The total value locked (TVL) in decentralized finance (DeFi) on Fantom increased by around 11,000% over the last year, currently ranking seventh with US$1.54 billion TVL.
- Fantom’s TVL took a hit earlier this year after Andre Cronje departed from decentralized finance, but the star developer was recently reported to have been involved with a Fantom-related project.
See related article: Andre Cronje: Crypto needs regulation
