Fantom (FTM) Price Jumps 8% As Sonic Labs Unveils Genesis Block

Fantom (FTM) price performance is in the spotlight as Sonic Labs just scored a major launch milestone. The startup announced earlier on Monday that it has achieved the Genesis Block for its next-generation smart contract chain. As confirmed by some community members, Sonic Labs has closed the testnet, implying a possible mainnet launch is ahead.

The Sonic Chain Genesis

Sonic Labs said the expert smart contract chain’s Genesis came in at Block 0. The startup highlighted it is now deploying infrastructure in preparation for public mainnet launch.

This Genesis update comes days after Sonic Labs released the “testnet 2.0.” Dubbed Blaze, this testnet is a testament to its EVM compatibility push, the grand plan of its split from Fantom Network.

Genesis achieved.

Block zero.

Infrastructure deploying.

Public soon.

— Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) December 2, 2024

According to data shared, the Sonic Blaze testnet has recorded impressive figures. It reportedly registered more than 10,000 Transactions Per Second (TPS). In addition, the Sonic chain had a one-second confirmation time, making it one of the fastest Layer-1 protocols in the blockchain industry.

Commenting on the Sonic Genesis, co-founder Andre Cronje noted that this is just the start. He said over the next few days, a number of events will take place on-chain. One of this trends to watch out for are the deployment of his Decentralized Applications (DApps).

Andre Cronje hinted that he will also bring back the era of Initial Coin Offerings (ICOs) and fair launches and retroactive airdrops to the Sonic ecosystem. He noted that these are just some of the trends that will show the capability of the new chain.

Fantom Price As the Standout Performer

Fantom price is currently riding the bullish wave at a time Bitcoin (BTC) and most altcoins are in consolidation mode. At the time of writing, the coin was changing hands for $1.176, up by 7.49% in the past 24 hours.

FTM trading volume has skyrocketed by 126%, pegging the total traded at over $1 billion. In a recent FTM price analysis, the prospect of the coin hitting $15 in the coming year was explored. Riding on the Sonic hype and the ongoing bull run, many believe the coin might cross its past All-Time High (ATH) of $3.481.