As a seasoned crypto investor with a keen interest in decentralized technologies and blockchain platforms, I find the latest announcement from the Fantom Foundation regarding the integration of Sonic Network with Ethereum through a Layer-2 bridge to be an exciting development. This connection will allow Sonic to tap into Ethereum’s vast user base, liquidity, and other protocols while maintaining its unique benefits such as low cost, scalability, and speed.
In a recent announcement, the Fantom Foundation unveiled more information about its new Layer-1 blockchain, Sonic Network. Notably, Sonic can link up with Ethereum through a Layer-2 bridge, expanding its reach to a vast pool of users, resources, and other protocols.
Connecting Fantom’s Sonic With Ethereum
With the integration of Sonic Network and Sonic Bridge, Sonic becomes unique by bringing together advanced technologies. For the very first time, a platform provides access to a layer-1 blockchain’s complete features while allowing seamless interaction with Ethereum.
By integrating a layer-1 blockchain’s affordability, scalability, and swiftness with a layer-2 bridge’s enhanced security, users can access native Ethereum tokens and other assets in a seamless manner.
The technology behind Sonic has experienced rapid advancements, leading to the enhanced Opera chain capable of handling 2,000 transactions per second (TPS) in real-life usage with a definitive one-second conclusion. This improvement significantly decreases storage demands and expenses. As a cutting-edge solution for developers, Sonic will foster the growth of dApps and communities.
Upgrading from $FTM to $S
At the debut of the Sonic chain, the quantity of $S tokens will match that of $FTM, ensuring a seamless transition, as stated in the press release. Assuming a positive result from today’s governance vote, token holders of $FTM can swap their tokens for an equal number of new $S tokens during the genesis event. The arrival of the Sonic chain opens up numerous possibilities for developers, applications, and users within the Fantom community to explore this advanced platform.
As a crypto investor, I’m looking forward to the upcoming migration process between $FTM and $S tokens. At first, this transition will support a bidirectional switch, enabling users to move back and forth between the two platforms. The reason behind this is that $S will be exclusive to Sonic Network, while $FTM will remain on Opera. To make this seamless for current Opera network users, a bridge is expected to be established to facilitate these bidirectional swaps. This approach guarantees a smooth transition for us as Opera network participants, allowing us to explore the new Sonic experience without any hassle.
After the transitional period concludes, the movement of funds will permanently flow from Fantom (FTM) to the alternative currency. This announcement could further boost Fantom’s (FTM) price which has already experienced significant growth in the previous week. At present, the Fantom (FTM) price stands at $0.8595, representing a 7.13% increase, with a market capitalization of $2.4 billion.
In the past week, the price of Fantom has increased by approximately 20%, coinciding with a significant rise in the total value locked within the protocol.
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2024-05-18 11:36