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Fantom

Fantom Rebrands To Sonic Labs, Gears Up For Highly Anticipated EVM Chain Launch

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Decentralized smart contract platform Fantom has undergone a transformation, rebranding itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Virtual Machine (EVM). The rebrand was officially announced via X on August 1, with Sonic Labs now fully operational across all platforms.

Fantom’s Transformation Into Sonic Labs

This rebranding marks a new milestone in Sonic Labs’ roadmap toward the launch of Sonic, scheduled for later this year. According to the protocol, the move is intended to provide greater clarity and visibility to the project’s community, which includes FTM holders, network developers, and validators.

Related Reading: Pro-XRP Lawyer Slams Upbit Co-Founders’ Support For Kamala Harris

The core of Fantom’s transformation lies in the Sonic upgrade, a reportedly “cutting-edge technology” designed to “revolutionize” the platform by delivering increased scalability, security, and user experience compared to its predecessor, the Opera chain. 

As disclosed in April, the Opera network, which launched in December 2019, processed 200 transactions per second (TPS), while the new Sonic chain aims to boast a significant 2,000 TPS with sub-second finality.

“The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the network’s governance and treasury management functions, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users,” explained Michael Kang, CEO of the Fantom Foundation.

Airdrops For FTM Holders

Sonic will also increase database storage, and optimized consensus mechanisms. By upgrading from Opera to Sonic, the decentralized finance (DeFi) platform aims to fortify its network without resorting to sharding or additional layers.

Another key feature of the Sonic chain is its status as a Layer 1 (L1) platform that uses a custom Layer 2 (L2) bridge to establish a secure connection to the Ethereum ecosystem. This integration enables decentralized applications (dApps) on Sonic to tap into Ethereum’s network, including its liquidity, user base, and new range of protocols.

Related Reading: Worldcoin Under Fire Again: Unpacking The Latest Controversy

To further bolster the transition to Sonic, the Fantom Foundation committed up to 200 million S, Sonic’s new native token, to a new fund aimed at expediting partner migration in anticipation of the upcoming launch. Additionally, the platform introduced airdrops and bonus mechanisms for FTM holders as part of the incentivized 1:1 migration from FTM to S.

“The strategic significance of this rebrand cannot be overstated,” Kong further said. “By launching the Sonic network and establishing the Sonic Foundation and Sonic Labs, we are positioning ourselves to become a leading player in the decentralized finance and enterprise blockchain space, with a focus on delivering unparalleled performance, security, and user experience.

Fantom
The 1D chart shows FTM’s macro downtrend experienced over the past months. Source: FTMUSDT on TradingView.com

At the time of writing, as the final touches are being put on the migration to the S token, FTM is trading at $0.4253, up over 2% in the last 24 hours. 

Featured image from Monaco Life, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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