As a seasoned researcher who has been closely following the crypto space for years, I must say that Sonic Labs’ launch of the Sonic Protocol on mainnet is undoubtedly a game-changer. With its impressive capabilities like high transaction speed and EVM compatibility, it opens up endless possibilities for developers to create innovative DApps.
After a period of development, testing, and modifications based on community input, Sonic Labs (formerly known as Fantom) has officially debuted its Sonic Protocol – a versatile, Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain platform designed for high-throughput. This mainnet launch aims to provide developers with compelling incentives and robust infrastructure to create efficient Decentralized Applications (DApps).
Sonic Protocol on Mainnet, What it Means for Crypto
In a recent blog update, Sonic Labs detailed their newest advancement, highlighting key features such as processing up to 10,000 transactions in a single second, achieving near instant finality times, and incorporating a self-governing connection point to the Ethereum network (ETH).
Sonic is live.
— Sonic Labs (@SonicLabs) December 18, 2024
Equipped with these features, developers can create the upcoming wave of decentralized applications (DApps). Fundamentally, this release provides an opportunity to deliver users the most seamless blockchain interaction. This significant achievement positions Sonic Labs to vie for a larger share in the Decentralized Finance (DeFi) and Non-fungible Token (NFT) marketplaces.
To ready for the upcoming mainnet debut, Sonic Labs declared they’d reached the Genesis Block in their advanced smart contract network. This milestone came after the successful wrap-up of their testing phase, known as “Blaze 2.0”.
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.
Significantly, token holders of Fantom (FTM) can now enhance their tokens to ‘S’ on Sonic. This conversion process occurs on a one-to-one basis through the Fantom-Sonic upgrade platform. For example, 100 FTM tokens after the upgrade will be equivalent to 100 S tokens. This transition will also grant users access to various applications developed within the Sonic ecosystem.
Users who currently hold their FTM tokens on Ethereum or centralized exchanges (CEX) must transfer their tokens prior to starting the upgrade process, and the Sonic Gateway can assist with this task.
For the initial 90 days following the mainnet launch, users can freely exchange FTM and S tokens via the assigned platform. After that, only upgrades from FTM to S will be possible. The planned transition may cause FTM to diminish in significance, potentially leading to a significant sell-off.
In May, both Sonic Labs and Sonic Foundation were introduced into the system, coinciding with the launch of the Sonic token. Sonic Labs focuses on fostering and expanding Decentralized Applications (DApps) that wish to utilize the protocol, while Sonic Foundation manages the network’s governance and financial resources (Treasury Management).
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2024-12-18 20:36