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- A Messari report detailed developments in the layer-1 blockchain Fantom.
- The updates on the blockchain are geared towards improving Fantom’s ecosystem.
- Fantom plans to introduce technical improvements and enhance wallet management options.
A recent report by market intelligence platform Messari detailed developments on Layer-1 blockchain Fantom. According to Messari, Fantom “is well poised to continue driving network adoption” through its plans laid out for the rest of the year.
Per the report, the upcoming updates on the blockchain will enhance its current ecosystem and introduce new features. Many of the optimizations are driven by increasing the blockchain’s efficiency while giving room for the blockchain to support more projects.
The report stated that Fantom wants to offer more support to builders and developers through initiatives like the Gas Monetization program and Ecosystem Vault. It continued that the blockchain has also set out a roadmap to achieve technical user improvements.
Notably, the Fandom Foundation has introduced a testing framework – Project Aida – to improve processing time on the blockchain. The report stated that Fantom wants to implement a new storage system to increase access times.
Furthermore, the report mentioned Project Tosca would aim to implement a new upgrade to update Fantom’s EVM. The upgrade is expected to increase the speed of smart contract execution on Fantom. The date for the release of FVM is yet to be disclosed.
On the user end, Fantom said it noted the complexities associated with wallet management on the blockchain. It mentioned that self-custodying crypto, especially for non-native users, could be difficult and, thus, plan to enhance the application experience and social recovery options for wallets. Additionally, it said the upgrade will allow users to interact with their wallets using emails and passwords.
Launched in 2019, the delegated proof of stake blockchain supports a wide range of DeFi, NFT, and gaming applications. However, the report noted that activities on the blockchain declined alongside a market downtrend that followed the 2021 bull run. At present, the report said the average transactions and active addresses have surpassed the pre-bull run levels.
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