Decentralized sensible contract platform Fantom has undergone a metamorphosis, rebranding itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Digital Machine (EVM). The rebrand was formally introduced through X on August 1, with Sonic Labs now absolutely operational throughout all platforms.
Fantom’s Transformation Into Sonic Labs
This rebranding marks a brand new milestone in Sonic Labs’ roadmap towards the launch of Sonic, scheduled for later this 12 months. In line with the protocol, the transfer is meant to offer higher readability and visibility to the venture’s neighborhood, which incorporates FTM holders, community builders, and validators.
The core of Fantom’s transformation lies within the Sonic improve, a reportedly “cutting-edge expertise” designed to “revolutionize” the platform by delivering elevated scalability, safety, and consumer expertise in comparison with its predecessor, the Opera chain.
As disclosed in April, the Opera community, which launched in December 2019, processed 200 transactions per second (TPS), whereas the brand new Sonic chain goals to boast a major 2,000 TPS with sub-second finality.
“The launch of the Sonic community will coincide with the introduction of the Sonic Basis, which will likely be liable for the community’s governance and treasury administration features, in addition to Sonic Labs, which is able to now drive progress amongst dApps, partnerships, and customers,” defined Michael Kang, CEO of the Fantom Basis.
Airdrops For FTM Holders
Sonic can even enhance database storage, and optimized consensus mechanisms. By upgrading from Opera to Sonic, the decentralized finance (DeFi) platform goals to fortify its community with out resorting to sharding or further layers.
One other key characteristic of the Sonic chain is its standing as a Layer 1 (L1) platform that makes use of a customized Layer 2 (L2) bridge to determine a safe connection to the Ethereum ecosystem. This integration permits decentralized functions (dApps) on Sonic to faucet into Ethereum’s community, together with its liquidity, consumer base, and new vary of protocols.
To additional bolster the transition to Sonic, the Fantom Basis dedicated as much as 200 million S, Sonic’s new native token, to a brand new fund geared toward expediting associate migration in anticipation of the upcoming launch. Moreover, the platform launched airdrops and bonus mechanisms for FTM holders as a part of the incentivized 1:1 migration from FTM to S.
“The strategic significance of this rebrand can’t be overstated,” Kong additional mentioned. “By launching the Sonic community and establishing the Sonic Basis and Sonic Labs, we’re positioning ourselves to develop into a number one participant within the decentralized finance and enterprise blockchain house, with a give attention to delivering unparalleled efficiency, safety, and consumer expertise.
On the time of writing, as the ultimate touches are being placed on the migration to the S token, FTM is buying and selling at $0.4253, up over 2% within the final 24 hours.
Featured picture from Monaco Life, chart from TradingView.com