The Fantom Foundation disclosed its new Layer-1 blockchain, Sonic Network, which connects to Ethereum through a Layer-2 bridge, enabling Sonic to access a vast user base, liquidity, and various protocols.
As per the announcement, Sonic Network and Sonic Bridge together will put Sonic in a league of its thanks to their innovative features. For the first time, an ecosystem that provides native access to ETH will benefit fully from a layer-1 blockchain.
Sonic opens doors to native ETH and other Ethereum assets by integrating the advantages of a layer-1 blockchain – such as low costs and high scalability – with the security of a layer-2 bridge.
Notably, Sonic technology achieves remarkable milestones, with the upgraded Opera chain now boasting 2,000 transactions per second (TPS) and single-second finality, thereby reducing storage requirements and costs significantly. As a cutting-edge platform for developers, Sonic paves the way for dApps and communities to thrive in the digital landscape.
$S’s supply will match $FTM’s, allowing for a seamless transition when the Sonic chain launches. Users have the option to convert their $FTM tokens at a 1:1 ratio to the new $S token during Genesis, contingent on the results of the governance vote that was started today.
The Fantom ecosystem’s developers, apps, and users will have plenty of opportunities to switch to this cutting-edge platform with the launch of the Sonic chain.
Initially, migration between $FTM and $S tokens will be bidirectional, facilitated by a bridge. This seamless transition allows current Opera network participants to embrace the Sonic experience. Nevertheless, the migration from $FTM to $S will only be one-way after the transitional period expires.
Following this announcement, there was an additional pump in the Fantom (FTM) price, which has already been at a peak over the past week. The Fantom (FTM) price is up 7.52% at $0.8655 as of the time of writing, with a $2.4 billion market capitalization, and it continues to march towards $1.
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