Sonic Labs has rolled out the Sonic mainnet, an EVM-compatible layer-1 [L1] blockchain platform that offers developers powerful infrastructure and boosted incentives.
Background
- Fantom and its FTM token will officially transition to Sonic and the S token
- Sonic Labs will facilitate the transition by offering an upgrade portal on MySonic
- FTM holders will be able to upgrade their FTM to S on a 1:1 basis
- Sonic Labs will distribute 190.5 million S tokens via its airdrop program
- Both users and developers will be eligible to claim rewards based on the Points and Gems amassed
Why should you pay attention?
- Developed by the same team behind Fantom, Sonic and its S token deliver a significant leap forward from both Fantom and FTM
- The network can process up to 10,000 transactions per second (TPS), putting it in competition with other high-speed networks
- Sonic also boasts of sub-second finality
- The team has parallelly developed a native decentralized gateway to Ethereum to enhance interoperability
- Fee Monetization (FeeM) on Sonic rewards developers with up to 90% of the network fees generated by their applications
Who said what?
- Michael Kong, the CEO of Sonic Labs emphasized that the new Sonic chain is the “next evolution” of Fantom
- He added,
“Building on its impressive track record of nearly 100% uptime since 2019, Sonic is a revolutionary platform that prioritizes developers, empowering them to create applications with seamless user experiences while earning a share of network fees”
- Meanwhile, Sam Harcourt, the Business Development Lead at Sonic Labs underlined that founders of new centralized layer-2 [L2] chains end up pocketing all network fees these days
- This, in turn, excludes developers from the equation, forcing them to impose extra fees on users to earn revenue
- Elaborating on how Sonic stands out from the rest of the clan, the executive added,
“FeeM addresses this by coding developer rewards directly into the chain, ensuring that network fees are shared with developers from the start”
- Chalking out the essence of the Sonic Gateway, Bernhard Scholz, Chief Research Officer at Sonic Labs said,
"To empower users with effective and trustless control of their assets, we developed the Sonic Gateway, which provides liquidity from other platforms. Powered by our own validators and secured by a fail-safe, the Gateway lets users and apps safely leverage the benefits and incentives of bringing new liquidity to Sonic”
Zooming out
- During the initial 90 days after Sonic’s mainnet launch, holders can freely swap between FTM and S using the upgrade portal
- However, after this period, holders will only be able to upgrade from FTM to S
- Meanwhile, the team is looking to expand the Sonic Gateway beyond Ethereum in the future
- This will enable direct, decentralized access to multiple blockchains’ native assets
- Via the latest launch and initiatives under the umbrella, Sonic is looking to establish itself as a DeFi hub
