Major Blockchain Update Skyrockets Altcoin Price: Insights on Coin X (COINX)

• Fantom Foundation recently unveiled further details about its new Layer-1 blockchain, Sonic Network, which connects to Ethereum through a Layer-2 bridge.
• This integration promises to bring a broad user base, liquidity, and access to other protocols to Sonic.
• “For the first time, an ecosystem will experience all the benefits of a Layer-1 blockchain while offering native ETH access,” stated a spokesperson from Fantom.

Explore the groundbreaking features and potential of the new Sonic Network and its integration with Ethereum.

Introduction of Sonic Network: Bridging Innovations

The Sonic Network, combined with the Sonic Bridge, integrates the low-cost, scalability, and speed advantages of a Layer-1 blockchain with the security of a Layer-2 bridge, providing access to native ETH and other Ethereum assets.

Technological Enhancements and Transaction Capabilities

Following an intensive development process, the Sonic technology has been upgraded to the Opera chain, now capable of processing 2,000 transactions per second with instant finality. This innovation significantly reduces storage needs and costs, supporting the growth of dApps and communities.

Token Transition and Governance

With the launch of the Sonic chain, the supply of $S will align with $FTM, facilitating a seamless transition. Depending on the outcome of today’s governance vote, users will be able to swap their Fantom tokens at a 1:1 ratio for new $S tokens.

Future Prospects and Market Impact

The transition process will initially be bidirectional, allowing users to switch between $FTM and $S tokens. However, once the transition period ends, it will shift to a unidirectional move from $FTM to $S only. This development could potentially add momentum to Fantom’s price, which has seen a 7.13% increase over the past week, trading at $0.8595 with a market cap of $2.4 billion.

Conclusion

The introduction of the Sonic Network marks a significant milestone for the Fantom ecosystem, offering innovative solutions and a smooth transition for developers, applications, and users. This could reshape the landscape of blockchain technology, enhancing user experience and accessibility.