Phantom and thorchain Price Rise on Coinbase Futures List
Coinbase International Exchange announced the addition of rolling futures support for fantom (FTM) and THORChain (RUNE). In the announcement of the FTM-PERP and RUNE-PERP markets, it was stated that trading will begin at 9:30 am (UTC) on March 28, 2024.
Phantom and THORChain Prices Increase After Coinbase Futures Listing
This landmark decision by Coinbase resulted in a significant increase in the prices of both Fantom and THORChain. Additionally, these permanent trading listings are Coinbase’s “first” listings to be offered “exclusively” on the Coinbase International Exchange. Therefore, optimism about the news was unmatched.
FTM price increased by over 10% after the update. At the time of writing, the Phantom price increased by 10.51% to $1.17 on Friday, March 22. Meanwhile, FTM market value was at 3.29 billion dollars. However, Fantom’s 24-hour trading volume decreased by 21.78% to $602.83 million.
THORChain, a Cosmos ecosystem token, did not witness any significant change in the 24-hour frame. However, RUNE price recovered from the $8.29 low within a few hours of Coinbase’s announcement. At the time of writing, the THORChain price was $8.70, representing a 5% gain from the low.
Additionally, the Phantom’s price increase is particularly notable as it comes on the heels of anticipation for the upcoming launch of the Sonic upgrade. Sonic, scheduled for release in the spring, represents a huge milestone for Fantom and ushers in a new era of innovation and efficiency on the network.
Also Read: XRP Lawyer Reacts to Coinbase’s dogecoin (DOGE) Futures Listing
Andre Cronje Explains Sonic Upgrade
At its core, Sonic aims to deliver a revolutionary smart contract coding language and execution engine to the Phantom Virtual Machine. This marks a departure from the Ethereum Virtual Machine (EVM) that Fantom previously relied on. Additionally, one of the key features of the Sonic upgrade is its emphasis on reducing costs while increasing processing efficiency.
Moreover, the Fantom Foundation’s rigorous testing of Sonic on both public and closed test networks has yielded promising results, with a staggering 95% reduction in transaction costs observed on the closed test network. Additionally, the network’s capacity to support 2,000 transactions per second (TPS) with one-second precision highlights the scalability and robustness of the network.
Additionally, Sonic aims to achieve a 90% reduction in storage costs and strengthen the security and resilience of the network by introducing an upgraded consensus mechanism. These advances position Fantom as a pioneer in the field of decentralized finance (DeFi) and Web3 gaming, paving the way for the development of innovative use cases that leverage the full potential of blockchain technology.
But amid the excitement around Fantom’s upcoming upgrade, concerns have been raised about the lack of a provably secure Ethereum<>Fantom bridge. Fantom co-founder Andre Cronje recognized the importance of this important infrastructure.
He also acknowledged the need to integrate the Layer 2 stack for the bridge. Additionally, Cronje emphasized that although the chain is ready for deployment, the implementation of a canonical bridge is a historical oversight that needs to be addressed.
Also Read: Coinbase Doubles USDC Stablecoin Payments and Ads
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