Assess whether Fantom’s new mainnet upgrade is enough to boost FTM’s recovery

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  • Fantom’s new mainnet upgrade comes with several new features
  • Unique addresses and revenue are up, but a few metrics remain bearish

Phantom [FTM] recently launched a new mainnet upgrade called go-opera version 1.1.2-rc.5 which brings a number of new features. For example, the latest upgrade comes with improvements in batch processing of Genesis blocks, configurable DB management, parallel search of EVM logs, and optimizations in the P2P protocol.

Read Phantoms [FTM] Price prediction 2023-24

And the new features are…

Fantom mentioned in the official announcement that the mainnet upgrade will increase the processing of Genesis files by three times, except for archive Genesis files. Searching logs has become five times faster and searching logs takes only 1/5 of the time it used to. In addition, block processing time has increased by approximately 30% due to major improvements in P2P and block processing.

Fantom’s health seems to be improving

While the new upgrade was released, DeFiLlama’s facts revealed that PhantomThe declining Total Value Locked (TVL) registered a slight increase. An optimistic development for the network. Not only that, but the number of unique addresses on Fantom skyrocketed in recent weeks, reaching nearly 45 million.

Fantom Insider’s monthly recap pointed to a 33% increase in both fees and revenue, suggesting increased usage of the network. While the number of unique addresses increased, FTM’s daily active addresses steadily declined over the past 30 days.

Source: Sentiment

Realistic or not, here it is FTM market cap in BTC‘s conditions

FTM ready for a price pump?

While most cryptos were impacted by the ongoing bearish sentiment in the market, FTMon the other hand, reacted differently. Fantom’s price is up more than 6% in the past 24 hours, trading at $0.4213 at the time of writing.

There was a good chance that this wave would last CryptoQuant revealed that FTM’s stochastic was in an oversold position – a bullish indicator. Another positive signal was FTM’s MVRV ratio, which showed signs of recovery by rising slightly in recent days.

Source: Sentiment

Here it is interesting to note that FTM accumulation also increased during the month as the supply of top addresses skyrocketed.

However, a closer look revealed a bearish scenario. Santiment’s chart suggested that FTMOff-exchange supply fell while on-exchange supply increased, which is typically bearish.

Source: Sentiment

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