The Fantom network is going to get a huge update as it transitions from Ethereum to its native Virtual Machine. Fantom is getting ready to migrate from Ethereum Virtual Machine (EVM) to Fantom Virtual Machine (FVM) in a big protocol upgrade. Fantom is a smart contract and decentralized application platform that competes with Ethereum. Additionally, as per DeFi Llama, it has lately gotten a lot of attention and now has a total value locked of $6.5 billion.
To maintain interoperability with Ethereum-based covenants, the network presently employs the EVM. The company’s next major overhaul, which was revealed on March 31, is aimed at improving efficiency. This will be accomplished using its native virtual machine. The EVM is presently being utilized to migrate big DeFi protocols from Ethereum to Fantom, including Curve Finance, Yearn Finance, and SushiSwap.
The EVM, nevertheless, has significant flaws, according to the team. The first is capacity, which is limited to roughly 18 transactions per second. As per the Fantom team, the EVM hasn’t changed much since its first design. To address these performance difficulties, the Fantom Foundation created the Fantom Virtual Machine. It is collaborating on the initiative with the University of Sydney and Yonsei University. The FVM will be upgraded in stages starting in the second-quarter, according to the core team.
A few of the latest platform’s top notch characteristics include:
- Solidity programming language compatibility: Dapps developed on Ethereum can be easily shifted to Fantom.
- Parallel processing: This improves trade finality and processing ability.
- Bytecode-compressed: Data storage will see huge improvement as a result of this.
Furthermore, the team anticipates more engagement and investment as a result of the overhaul:
“Because the update would make Fantom quicker and increase the safety and efficiency of smart contracts, the network is expected to lure additional users, developers, and investment firms.”
The platform’s own token, FTM, is up 5.50% percent in the last 24 hours. As a consequence, as per CoinGecko, the token was changing hands at $1.51 while writing this article. Additionally, the price of FTM has increased by 25% in the last two weeks.
On October 28, the crypto token climbed to a historical peak of $3.46. Nevertheless, it has now dropped 56.5 percent from that high point.
