Fantom Unveils More Details for Sonic Network, FTM Price Rally to Continue?
Highlights
- Fantom is set to launch the Sonic chain, introducing $S tokens that will match the supply of $FTM.
- Users will have the opportunity to exchange their $FTM tokens for $S tokens at a 1:1 ratio.
- The Sonic chain's rollout gives developers ample opportunity to transition to new platform.
In the latest development, the Fantom Foundation has revealed additional details of its new Layer-1 blockchain Sonic Network, which connects to Ethereum via a Layer-2 bridge. This will allow Sonic to tap into a large number of users, liquidity, and other protocols.
Connecting Fantom’s Sonic With Ethereum
The combination of these two cutting-edge technologies, Sonic Network and Sonic Bridge, will position Sonic in a class of its own. For the first time, an ecosystem will enjoy the full benefits of a layer-1 blockchain while offering native access to ETH.
This enables the network to integrate the low cost, scalability, and speed of a layer-1 blockchain with the security of a layer-2 bridge, providing access to native ETH and other assets on Ethereum.
Sonic technology has undergone intense development, culminating in the upgraded Opera chain, which now achieves 2,000 TPS of real-world traffic with single-second finality, significantly reducing storage needs and costs. As a next-generation platform for builders, Sonic will empower dApps and communities to flourish.
Upgrading from $FTM to $S
Upon the launch of the Sonic chain, the supply of $S will align with that of $FTM, facilitating a smooth transition process, as per the press release. Pending the outcome of the governance vote initiated today, users will have the opportunity to migrate their $FTM tokens to the new $S token at a 1:1 ratio during genesis. With the introduction of the Sonic chain, developers, applications, and users within the Fantom ecosystem will have ample opportunity to transition to this innovative platform.
Initially, this migration process is expected to be bidirectional, allowing users to switch between $FTM and $S tokens. Given that $S will exclusively exist on Sonic and $FTM on Opera, a bridge is anticipated to facilitate bidirectional swaps. This approach ensures a seamless migration for current Opera network participants to embrace the Sonic experience
However, once the transitional period ends, the migration will be one-way from $FTM to $S. This news can provide additional fuel to the Fantom (FTM) price which has already been on a strong surge over the past week. As of press time, the Fantom (FTM) price is trading 7.13% up at $0.8595 with a market cap of $2.4 billion.
Over the last week, the Fantom price is up by nearly 20% amid the surge in the total value locked (TVL) on the protocol.
- SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians
- Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts
- David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community
- Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury
- CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
