Fantom Registers 10 Million Transactions on its Blockchain at Record Speed
News

Fantom Registers 10 Million Transactions on its Blockchain at Record Speed

John Williams
John Williams

Fantom, the highly scalable blockchain platform that revolves around speed and security — has continued to see exponential levels of growth, putting the network in a position to cross the 10 million total transactions mark today. The passing of this major milestone comes just two weeks after Fantom reached their initial target of 3 million user transactions.

Last month, in the beginning weeks of April, Fantom was experiencing numbers that were ranging between about 10 to 15 thousand transactions per day. During this period, Fantom was still cementing itself as a network that provided unique advantages in order to stand out amidst the competitive blockchain network market.

Interactions and activity within the network began to pick up traction following a major network upgrade that successfully optimized the user experience by way of increased speed and efficiency. This advancement gave Fantom an upper hand over competitors such as Bitcoin and Ethereum specifically due to the newfound opportunities that were offered to developers. The ability to quickly scale and utilize the network as a foundation for app development along with the affordable transaction rates has pushed Fantom to explode within the DeFi sphere.

The core of Fantom is supported by its permissionless aBFT consensus protocol which maximizes decentralization and speed — transactions are able to be completed within one second regardless of the greater network conditions. These characteristics have allowed the blockchain to gain a reputation as one of the most innovative and reliable systems currently offered on the global market.

These integral aspects of the technology have attracted attention from a myriad of users and market niches, propelling the levels of unprecedented growth. This attention is evident when looking at the surge in transactions which has jumped from 10-15 thousand a day to 500-600 thousand a day in a short span of time.

Interest and support from outside parties has been a significant contributor to this exceptional growth as well. Companies such as HyperChain Capital, a leader in the digital assets marketing industry, have committed a 15 million dollar investment to the network so as to continue Fantom’s expansion in the coming years. Along with this, governmental organizations such as Pakistan’s Punjab Prisons Department have partnered with the company to enhance auditing procedures and monitor real time changes that are occurring within the system. An increasing number of official organizations such as this — especially those across Asia — have formulated agreements with Fantom to power the base of their operations.

As Fantom passes the 10 million mark, the company is continuing to build their relationships with exciting new projects — such as SpiritSwap, a native DEX on Fantom offering trading, farming and staking, with more features planned — that are taking the industry by storm. Fantom is continuing to make strides and produce relationships with users around the world to improve general capability and maintain their levels of growth.