Though word had been circulating for a few months, Fantom made its rebranding to Sonic Labs official on Aug. 1, 2024, through an announcement on X. That day, the team declared, “As the launch of Sonic approaches, we’re eager to provide users, developers, stakers, and validators additional guidance on migrating to the new chain.”
Sonic’s documentation describes the blockchain as a layer one (L1) network, designed to offer a secure bridge to Ethereum. Moreover, Sonic sets out to deliver the quickest settlement layer for digital assets, touting over 10,000 TPS and one-second confirmation times.
It also debuts a revamped Ethereum Virtual Machine (EVM) for greater efficiency, supported by an upgraded consensus mechanism aimed at boosting performance. The docs further emphasize that Sonic will use far less storage compared to its predecessor, the Fantom Opera network.
The project has named its native token “S” and is launching an airdrop and incentive program, titled “Sonic Boom,” to engage the community with Sonic. The S token will serve multiple purposes, including powering transactions (gas), staking, and enabling holders to take part in governance decisions.
Sonic testnet on Sept. 12, 2024.
Furthermore, S tokens can be used to operate a validator, though you’ll need at least 50,000 S tokens to get started. “Additionally, the S token will be used with the upcoming Gateway to Ethereum,” Sonic Labs discloses in its documentation. When Sonic’s mainnet goes live, users will have the opportunity to swap their fantom (FTM) tokens for S on a 1:1 ratio.
Validators will also earn a 3.5% target reward once half of the network is staked. Additionally, new tokens will be minted each epoch and distributed, with the reward rate adjusting based on overall network involvement. Not long ago, Andre Cronje, chief technology officer at Sonic Labs, revealed the testnet’s performance, showcasing incredibly fast finality times.
Cronje pointed out that the chain achieved a lightning-fast transaction finality of 720 milliseconds. As of Sept. 12, data shows that 71 million blocks have been processed, with an average block time of around 0.33 seconds. The testnet also showcases the network’s capacity to process over 3.32 million transactions in just 24 hours.
The transition from Fantom to Sonic, marked by standout testnet results and upgrades, is shaping up to be more than a simple rebrand—it has the potential to be a significant leap in blockchain technology. The team has slated Sonic’s official launch for Nov./Dec. 2024.
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