The decentralized good contract platform Fantom has undergone a metamorphosis and renamed itself Sonic Labs in preparation for the upcoming launch of Sonic, the Ethereum Digital Machine (EVM). Official identify change declare Launching by way of X on August 1st, Sonic Labs is now totally operational on all platforms.
Fantom transforms into Sonic Labs
This rebrand marks a brand new milestone for Sonic Labs route map Sonic is scheduled to launch later this yr. In line with the settlement, this transfer is meant to offer higher transparency and visibility to the challenge neighborhood, together with FTM holders, net builders and validators.
On the coronary heart of Fantom’s transformation lies Sonic upgradeIt’s reportedly a “cutting-edge expertise” that goals to “revolutionize” the platform by providing higher scalability, safety, and person expertise in comparison with its predecessor, Opera Chain.
as disclosed In April this yr, the Opera community, launched in December 2019, processed 200 transactions per second (TPS), whereas the brand new Sonic chain goals to succeed in 2,000 TPS with sub-second finality.
“The launch of the Sonic Community will coincide with the launch of the Sonic Basis and Sonic Labs. The Sonic Basis will probably be liable for the governance and monetary administration capabilities of the community, whereas Sonic Labs will drive the expansion of dApps, companions and customers.” Fantom Fund CEO Michael Kang defined.
Airdrop for FTM holders
Sonic may even improve database storage and optimize consensus mechanism. By upgrading from Opera to Sonic, the decentralized finance (DeFi) platform goals to strengthen its community with out resorting to sharding or different layers.
One other key function of Sonic Chain is its standing as a Layer 1 (L1) platform, which makes use of a customized Layer 2 (L2) bridge to determine safe connections to the Ethereum ecosystem. This integration permits Decentralized applications (dApps) Growing the Ethereum community on Sonic, together with its liquidity, person base, and new protocol scope.
To additional assist the transition to Sonic, the Fantom Basis Firm As much as 200 million S (Sonic’s new native token) will probably be donated to a brand new fund designed to speed up companion migration for upcoming product launches. Moreover, the platform has launched an airdrop and reward mechanism for FTM holders as a part of the 1:1 incentive migration from FTM to S.
“The strategic significance of this rebranding can’t be overstated,” Kong additional mentioned. “By launching the Sonic Community and establishing the Sonic Basis and Sonic Labs, we’ve got positioned ourselves as a frontrunner in decentralized finance and enterprise blockchain, targeted on delivering unparalleled efficiency, safety and person expertise.
As of this writing, FTM is buying and selling at $0.4253, up greater than 2% prior to now 24 hours, as the ultimate phases of the migration to S tokens are underway.
Featured picture from Monaco Life, chart from TradingView.com
