Sonic Chain Launches Ethereum Bridge, FTM Price Reacts

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As a seasoned crypto investor with a decade of experience under my belt, the recent development in Sonic Chain has piqued my interest. Having witnessed the meteoric rise and fall of numerous projects, I can’t help but feel a sense of cautious optimism about Sonic. The Ethereum bridge, dubbed the ‘Gateway’, is a significant step forward, especially considering it has passed audits from three major security firms.

As a crypto investor, I’m excited about the launch of Sonic Chain, the new spinoff from Fantom. They’ve just unveiled their Ethereum bridge, which they’ve named the ‘Amid Gateway.’ According to their announcement on the X page, this new pathway can help me seamlessly transfer assets such as USDC, EURC, WETH, and FTM from Ethereum to Sonic. What’s more, they assure us that this asset transfer is secure.

The Sonic Chain Bridge Features

The new bridge was introduced after the protocol’s mainnet launch on December 18. As part of the update, Sonic Labs mentioned that the new gateway has successfully undergone audits from three leading security firms: Open Zeppelin, Quantstamp, and Certora Inc. In addition, the team is continuing to collaborate with ImmuneFi regarding a bug bounty program to ensure its safety.

Significantly, it has allocated a sum of $2 million for rewards, which it plans to distribute evenly between Gateway and Sonic Chain. Now, owners of FTM on the Ethereum network can now upgrade to S using the Gateway. For users’ security, the protocol has disclosed the contract addresses for 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.

A reward of two million dollars is up for grabs, distributed between the Gateway and Sonic network – further information will be provided soon.

— Sonic Labs (@SonicLabs) December 25, 2024

Initially unveiled in January, the Sonic Chain surpassed the 1 million block mark, according to Coingape’s report. This milestone suggests a rapid acceptance of the new chain, with an impressive capacity to process over 1,600 transactions per second.

The Fantom Price Outlook

Derived from the Fantom network, the achievements of Sonic Chain continue to significantly influence the value of FTM. However, it’s worth noting that recent updates haven’t notably increased the coin’s price over the past week.

Currently, FTM is being traded at $0.9720, representing a 0.79% decrease over the last 24 hours. It started the day at a high of $1.0228 but dipped to a low of $0.9650 before stabilizing at its current level. Over the past week, it has experienced a significant drop of 21%, but there’s been a modest 3% increase in the last month. There’s an increasing belief that increased activity on the Gateway could potentially inject more liquidity into the market, potentially lifting its price.

Essentially, Sonic Chain’s team is planning to release a series of user-friendly Decentralized Applications (DApps) in an effort to bring the protocol to wider public acceptance and use.

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2024-12-25 22:28