Fantom transforms with new network Sonic, L2 can bridge Ethereum, new token S

Fantom Foundation member Sam Harcourt announced the launch of Sonic Network, a new Layer-1 blockchain with its native token $S. The network will feature unique Layer-2 bridges to connect with Ethereum, promising improved performance and scalability.

$FTM Holders to Transition Smoothly

$FTM token holders will have the opportunity to migrate their tokens to $S on the Sonic network at a 1:1 ratio upon its launch. This migration will be subject to community governance voting to ensure the transition aligns with the token holders' intentions.

Sonic Network Infrastructure

According to the Fantom Foundation, Sonic's advanced secure bridging architecture aims to provide better performance for users and decentralized applications (dApps) than the existing Opera network. This innovation combines the advantages of Layer-1 and Layer-2 technologies, promising to enhance the blockchain experience.

Continued Support for the Opera Network

Fantom has stated that it will continue to provide validator support for the Opera network, while another entity, Sonic Operations, will focus on the Sonic network. This dual support ensures the smooth transition and ongoing operation of the existing network.

The Fantom Foundation has also announced the allocation of hundreds of millions of FTM from its treasury to support the development of the Sonic network. These funds will be used for marketing, business development, migration grants, and other initiatives aimed at promoting adoption and ecosystem growth.

Introduction to Sonic $S

High Throughput Chain with Layer-2 Bridging

The Fantom Foundation has stated that the Sonic network will be a high-throughput Layer-1 chain connected to Ethereum through custom Layer-2 bridging. This setup allows Sonic to leverage Ethereum's vast liquidity, user base, and protocols while maintaining low costs, scalability, and speed.

Unique Product Offering

The Fantom Foundation has highlighted that the integration of Sonic network and Sonic bridging technology establishes a unique ecosystem that combines the advantages of Layer-1 blockchain with the ability to interact natively with Ethereum assets. This groundbreaking approach sets Sonic apart in the blockchain industry.