The Fantom Foundation has unveiled more details about its new Layer-1 blockchain, Sonic Network.
In the most recent turn of events, the Fantom Foundation has disclosed additional information regarding its new Layer-1 blockchain, Sonic Network.
A Layer-2 bridge connects this network to Ethereum. As a result, Sonic will have access to a large number of users, liquidity, and other protocols.
Connecting Fantom’s Sonic With Ethereum
Through the integration of these two cutting-edge technologies, Sonic Network and Sonic Bridge, Sonic will be able to establish itself as a leader in its own right.
An ecosystem will, for the very first time, be able to take advantage of all the advantages that a layer-1 blockchain has to offer while also providing native access to ETH.
This makes it possible for the network to combine the cheap cost, scalability and speed of a layer-1 blockchain with the security of a layer-2 bridge, which in turn enables the network to provide access to native ETH and other assets on Ethereum.
Sonic technology has undergone intense development, resulting in the improved Opera chain. This chain is now capable of achieving 2,000 TPS of real-world traffic with single-second finality, which significantly reduces the amount of storage required and the associated costs.
Upgrading from $FTM to $S
Sonic, as a platform for creators of the next generation, will enable decentralized applications and communities to thrive. As stated in the press release, the launch of the Sonic chain will align the supply of $S with that of $FTM, facilitating a smooth changeover process.
The outcome of today’s governance vote will determine whether users can transfer their $FTM tokens to the new $S token at a 1:1 ratio during the project’s genesis phase.
With the introduction of the Sonic chain, developers, applications, and users within the Fantom ecosystem will have numerous opportunities to transition to this cutting-edge platform.
We anticipate that this migration process will initially be bidirectional, allowing users to swap between $FTM tokens and $S tokens. Given that $S will exclusively be accessible on Sonic and $FTM on Opera, we envision a bridge capable of facilitating bidirectional swaps.
This strategy ensures a smooth transition for existing Opera network participants, enabling the adoption of the Sonic experience. On the other hand, once the transitory time is over, the migration from $FTM to $S will only operate in one direction.
This revelation has the potential to add fuel to the fire of the Fantom (FTM) price, which has already seen a significant increase over the past week. With a market value of $2.4 billion, the Fantom (FTM) price is currently trading at $0.8595, representing a 7.13% increase from its previous price.
As a result of the increase in the total value locked (TVL) on the protocol, the price of Fantom has increased by almost 20% over the course of the past week.