NewsletterFantom Rebrands To Sonic Labs Ahead Of Major EVM Launch
Highlights
- Fantom has rebranded to Sonic Labs
- Along with this identity is a new EVM protocol dubbed Sonic
- Sonic is on track to launch before the end of this year
Directed Acyclic Graph (DAG) protocol Fantom has made a significant move that will change its trajectory going forward. The protocol announced on its official X page that it has fully rebranded to Sonic Labs. Noteworthy, the name of the X page is no longer Fantom but now “Sonic Labs.”
The Rebranding Journey From Fantom to Sonic Labs
This rebranding journey began a few months back with Fantom announcing the launch of the duo Sonic Labs and Sonic Foundation. Notably, Sonic Labs will take responsibility for the development and growth of Decentralized Applications (DApps) with ties to Sonic. Michael Kang, the CEO of the Fantom Foundation noted that:
“The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the networks’ governance and treasury management functions, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users.”
The successful transition comes amidst preparation to launch the fastest Ethereum Virtual Machine (EVM) dubbed Sonic. According to the description provided on the Sonic Labs splash page, Sonic is a Layer-1 platform with a secure gateway to Ethereum.
🎉 IT’S OFFICIAL! We’re now Sonic Labs.
We’re excited to launch #Sonic Labs across all platforms as we move toward the release of Sonic, the fastest EVM chain with a secure gateway to Ethereum.
Check out the new Sonic Labs splash page.
🔗 https://t.co/RwTCVom6Oi pic.twitter.com/aCZCLXL33a
— Sonic Labs (prev. Fantom) (@0xSonicLabs) August 1, 2024
Moreso, Sonic Labs touted the platform as one that provides the fastest settlement layer for digital assets with over 10,000 TPS and complete, one second confirmation times.
A New Era With Sonic Labs
Sonic Labs plans to gain support by introducing massive incentive program. Unlike Fantom which utilized FTM as its native token, Sonic will use the S token. This new token will enter the ecosystem via massive airdrop, simplified staking, incentive programs and other means. Though the transition from Fantom to Sonic Labs is complete, the launch of Sonic is not coming until the 4th quarter.
Some of the top supporters and investors of Sonic Labs are CEO of Compound Robert Leshner, CEO of Aave Stani Kulechov, CEO of Frax Finance Sam Kazemian, and some others.
Meanwhile, the Ethereum landscape has seen some new developments since the United States Securities and Exchange Commission (SEC) gave its approval to spot Ethereum ETF trading. The Ethereum ETFs have registered good numbers but are now experiencing huge outflows.
On Wednesday, all eight spot Ethereum ETFs experienced substantial outflow of $77.2 million.
Read More: Microsoft Launches GitHub AI Model To Empower Developers
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