NewsletterFantom’s Sonic Protocol Goes Live on Mainnet, Will It Spark FTM Revival?
Highlights
- Sonic Chain has finally launched on the mainnet
- The protocol boasts of high throughput and developer-focused features
- The evolution of Fantom is likely to drive FTM growth amid intense selloff
Fantom, now rebranded as Sonic Labs, has finally launched the Sonic Protocol, a high-throughput, EVM-compatible layer-1 blockchain platform, on the mainnet. This launch is designed to offer developers attractive incentives and powerful infrastructure to build functional Decentralized Applications (DApps). The Sonic mainnet launch comes after months of development, testing adjustments based on community feedback.
Sonic Protocol on Mainnet, What it Means for Crypto
Sonic Labs announced the latest development in a blog post and listed the features of the new protocol. This includes the capacity to execute up to 10,000 transactions per second, sub-second finality, and a native decentralized gateway to Ethereum (ETH).
Sonic is live.
🔗 https://t.co/X1QgX0kfQk pic.twitter.com/dMD4GgwyXM
— Sonic Labs (@SonicLabs) December 18, 2024
Armed with these capabilities, developers can design the next generation of DApps. At the core of this launch is the opportunity to offer users the smoothest blockchain experience. This new milestone places Sonic Labs in a position to compete for more share in the Decentralized Finance (DeFi) and Non-fungible Token (NFT) worlds.
In preparation for this mainnet launch, Sonic Labs announced that it had achieved the Genesis Block for its next-generation smart contract chain. This followed the completion of the “testnet 2.0” dubbed Blaze.
The Blaze testnet help ascertain the new protocol’s EVM compatibility push.
What Next For Fantom?
Despite the launch of the Sonic Protocol on mainnet, Fantom price has extended its loss. It is currently trading at $1.23, down by 8.47% in the last 24 hours.
Noteworthy, FTM holders can now upgrade their tokens to S on Sonic. This will be completed on a 1:1 basis using the Fantom-Sonic upgrade portal. For instance, 100 FTM after the upgrade is now worth 100 S. This will also open users to diverse Sonic apps, deployed by developers.
Users holding their FTM either on Ethereum or a CEX also have to migrate the tokens before initiating an upgrade. The Sonic Gateway will help in carrying out this process.
There would be free swapping between FTM and S through the designated portal within the first 90 days after mainnet launch. Thereafter, upgrades will only be from FTM to S. This scheduled swap might make FTM lose its relevance, hence the massive dump.
The Sonic token launched in May, around the same time that the ecosystem welcomed Sonic Labs and Sonic Foundation. While Sonic Labs takes responsibility for the development and growth of Decentralized Applications (DApps) looking to build on the protocol, the Sonic Foundation takes charge of the network’s governance and Treasury Management.
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