Fantom Foundation has further disclosed details about its upcoming L1 blockchain, Sonic, which is set to launch at the end of March. The new chain will consist of Sonic Network and a dedicated Layer2 bridge called Sonic Bridge. It will also introduce a new token, $S, and is currently conducting a token migration vote from $FTM to $S at a 1:1 ratio.
On October 25th of last year, Fantom Foundation announced the launch of its latest Layer 1 blockchain, Fantom Sonic, with the aim of improving scalability and efficiency. Today, the foundation revealed more details about the network, including the native token, $S, and the mechanism for migrating Opera network to Sonic network.
The announcement stated that the final solution has not yet been determined, and the foundation will initiate a series of governance votes to ensure community support for the plan.
Sonic, consisting of the high-throughput Layer1 blockchain (Sonic Network) and the dedicated Layer2 bridge (Sonic Bridge), will connect to Ethereum, enabling interoperability with Ethereum’s vast liquidity, users, and protocols. It will also provide native access to assets on Ethereum.
According to the announcement, Sonic network currently achieves 2,000 TPS of actual throughput and finality within a single second, while significantly reducing storage requirements and costs. It is expected that once the new Sonic network is launched, it will help foster the growth of dApps and the Fantom community.
With the upcoming launch of the Sonic blockchain, a new native token, $S, will be introduced, with its supply matching that of $FTM to facilitate a seamless transition for users. The governance vote launched today will determine whether users will be able to exchange their $FTM tokens for the new $S tokens at a 1:1 ratio during the genesis of the Sonic network, making it easier for Fantom developers, dApps, and users to migrate to Sonic.
Initially, this migration process will be bi-directional, allowing users to freely switch between $FTM and $S through the bridge between Sonic and the existing Fantom Opera network. This will enable users to experience Sonic while still being able to return to Opera when needed. However, after a certain period of time, this migration will become one-way only.
According to the voting page, 99.7% of the voted users have chosen to support the migration, and the total number of votes is currently at 29.3%. The minimum voting threshold is 55%, and there are still 6 days until the voting ends.
Encouraged by these developments, CoinGecko data shows that FTM has risen by 7.6% in the past 24 hours, currently trading at $0.8635 with a market capitalization of nearly $2.4 billion, ranking as the 55th largest cryptocurrency.
Furthermore, DeFiLlama data shows that the TVL (Total Value Locked) in the Fantom ecosystem has increased by 6.81% in the past 24 hours, reaching $138 million. Although this is still a significant difference compared to its peak TVL of nearly $8 billion at the beginning of 2022, it is worth paying attention to whether Fantom can make a comeback with the launch of Sonic.
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