Sonic Chain Launches Ethereum Bridge, FTM Price Reacts
Highlights
- Sonic Chain has launched the Gateway Bridge to connect to Ethereum
- The protocol is eyeing bug bounties for the bridge amid positive audit testings
- Fantom price has not benefitted from the update with current price slumps
Newly launched Fantom spinoff Sonic Chain has finally released its Ethereum bridge dubbed the amid its sustained expansion drive. Announced on its X page, the protocol said the new gateway can help user bridge assets like USDC, EURC, WETH, and FTM from Ethereum to Sonic. The protocol also noted that this asset bridging can be done securely.
The Sonic Chain Bridge Features
This new bridge comes following the mainnet launch of the protocol on December 18. As part of the update, Sonic Labs said the new gateway has passed audits from three major security firms. These include Open Zeppelin, Quantstamp and Certora Inc. Despite the safety of the bridge, it has confirmed ongoing working plans with ImmuneFi for a bug bounty program.
Notably, it has designated a total of $2 million for the bounties, an offering it will split between the Gateway and Sonic Chain. Now, holders of FTM on the Ethereum network can now upgrade to S through the Gateway. For users’ safety, the protocol released the contract addresses of USDC, EURC, and WETH on Sonic.
We’re working with the global developer community to fortify the Gateway’s security through bug bounties on @ImmuneFi.
$2 million in bounties is on offer, split across the Gateway and the Sonic chain — more details to come. pic.twitter.com/gvBxtDqpYo
— Sonic Labs (@SonicLabs) December 25, 2024
Launched earlier in January, the Sonic Chain crossed the 1 million block milestone as reported by Coingape. This proves the fast rate of adoption of the new chain amid confirmation over 1,600 Transactions Per Second (TPS).
The Fantom Price Outlook
As a spinoff from the Fantom network, the successes of the Sonic Chain still bears a crucial impact on FTM price. Notably, the latest updates have not helped boost the price of the the coin considerable oveer the past week.
At the time of writing, FTM was changing hands for $0.9720, down by 0.79% in 24 hours. The coin has moved from a high of $1.0228 to a low of $0.9650 before settling at the current mark. With a 7-day loss of 21% and a mild 3% uptick in the past 30 days, there is growing expectation that dual movement of funds on the Gateway can help drive more liquidity to boost its price.
Overall, Sonic Chain developers plan to launch new set of Decentralized Applications (DApps) to drive the protocol’s adoption into the mainstream.
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