The cryptocurrency space is coming to the fore with some important developments that will shake things up on May 18, 2024. Here are the biggest developments for cryptos such as FTM coin, Arbitrum, Ripple…
FTM coin is ready for Sonic launch
Fantom Foundation has announced exciting details about the upcoming layer-1 blockchain Sonic Network. This innovative platform has impressive features such as 2,000 transactions per second (TPS) which are finalized in less than a second. But what really sets Sonic apart is that it connects to Ethereum via a layer-2 bridge. This ingenious combination allows users to enjoy the benefits of high-speed, low-cost blockchain while also accessing the security and broad ecosystem of Ethereum, including native ETH assets.
The launch of Sonic also brings with it a token migration. The existing $FTM token will be replaced by a new token, $S, at a 1:1 ratio during the creation phase. This seamless transition ensures minimal disruption for existing Fantom users. Initially it will be possible to switch between $FTM and $S, but eventually it will become a one-way street from $FTM to $S. This news caused an increase in the FTM price, which was already in an upward trend. Analysts believe this momentum could continue with the official launch of Sonic.
Cardano is back to square one on Arbitrum
Cardano (ADA) experienced an extraordinary rise today, pushing its price above the critical $0.48 level. This positive move is particularly important because it brings many Cardano addresses holding tokens purchased at an average price of $0.47 to breakeven. Once this obstacle is removed, further price increases will translate into real profits for these investors. Additionally, analysts are optimistic about the future of Cardano, suggesting a potential bullish trend reversal based on recent technical indicators and a possible bottoming of the ADA/BTC chart.
On the other hand, in a surprising move, the price of Arbitrum (ARB) rose rapidly today, according to Kriptokoin.com data. This spike coincides with a massive whale accumulation of over 4 million ARB tokens by a single address in the last 24 hours. While the reasons behind this whale activity remain unclear, it has sparked a wave of optimism in the market regarding ARB’s future price movements.
What other interesting developments have occurred?
As we reported above, Fantom (FTM coin) will turn into $S coin with the launch of Sonic. The Cardano network milestone is behind us and Arbitrum remains the focus of the whales. So, what are the other developments?
- XRP market rises despite SEC lawsuit: According to Ripple’s Q1 2024 report, XRP spot transaction volumes witnessed a significant increase of 40% compared to the previous quarter. This growth shows that interest in XRP continues despite the ongoing legal battle with the SEC.
- BSC Stablecoin project Lista DAO expands collateral options: Binance Smart Chain (BSC) project Lista DAO announced the adoption of several new collateral options for its stablecoin project, including weETH, STONE, and ezETH. This move aims to increase liquidity and user adoption for the platform.
- Linea Network TVL is rising: Linea Network’s total value locked (TVL) exceeded $900 million, reflecting a significant increase of almost 20% over the past week. This growth shows that investors’ trust in the network is increasing.
- Ethereum staking is on the rise: Data reveals that more than 27% of the total Ethereum supply is currently staked on Beacon Chain. Lido remains the dominant player in this space and holds the largest share of staked ETH.
- Harmony Bridge users are ready for potential ZRO airdrop: The Harmony community is offering an airdrop of LayerZero’s ZRO tokens to users who actively participate in the Harmony Bridge ecosystem before the May 1, 2024 snapshot.
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