Fantom brushes off network outage with another 30% price surge

Decentralized smart contract platform Fantom (FTM) continued its resurgent rally on Monday at 32%, despite a temporary network outage where the blockchain stopped producing blocks for seven hours.

Fantom surfaced in the top 100 market cap in January and eventually hit a 5,000% run that peaked in late February. Since then, the coin’s bull run has subsided, but its value against the US dollar is still 3,434% higher than it was on Jan. 1.

However, Fantom experienced a brief power outage on February 25 when block production ceased after two inspectors slowed the emissions rate. Fantom is a proof-of-stake blockchain in which 39 validation nodes monitor the creation of blocks on behalf of Stakers. The two validators in question represented a third of the FTM placed on the platform.

The development team successfully coordinated and applied a temporary patch that brought the network back up and running seven hours later. A recent announcement from Fantom states:

“On Thursday, February 25, 2021, at 3:04 p.m. UTC, the Fantom Opera mainnet stopped new block acknowledgments, which led to a temporary outage. The core development team and the Fantom Validator community responded immediately and successfully resumed the network within 7 hours. “

The fix required consensus from 39 validators across multiple time zones, and the development team notes that no staked funds were at risk during the outage.

In response to the incident, the development team has decided to fix the power imbalance between the validators and will try to distribute the influence more evenly across the nodes. To achieve this goal, the amount of FTM required to set up a Validation Node will be reduced from its currently prohibitive value of 3,175,000 FTM.

In January, that was equivalent to a dollar value of just over $ 30,000. After Fantom’s recent surge, that number is now over $ 1.8 million.

Fantom’s recent surge is due to developments in interoperability and decentralized funding. The project was recently integrated into Multichain.xyz – a decentralized token swap protocol that bridges different blockchains such as Ethereum and Binance Smart Chain and enables token swaps without intermediaries.

Fantom’s rise continued on Monday morning as the coin price rose from $ 0.3827 to $ 0.58, a 32% growth at the time of publication.

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