- Decentralized smart contract platform Fantom has rebranded to Sonic Labs, preparing for the Sonic Ethereum Virtual Machine (EVM) rollout.
- This change aims to enhance clarity and visibility within its community, comprising FTM holders, developers, and validators.
- Michael Kang, CEO of the Fantom Foundation, stated that the launch of Sonic will introduce a new governance framework and treasury management through the Sonic Foundation.
Sonic Labs, emerging from Fantom’s transformation, is set to enhance the platform’s scalability, security, and user experience, positioning itself as a leader in the decentralized finance space.
Fantom’s Transformation Into Sonic Labs
Fantom’s rebranding to Sonic Labs signifies a major milestone, aligning with the upcoming Sonic launch. Announced on August 1, Sonic Labs is now fully operational, promising significant upgrades over the existing Opera chain. The new Sonic chain targets a leap from 200 transactions per second (TPS) to 2,000 TPS with sub-second finality, marking a significant enhancement in network performance.
Key Features of the Sonic Chain
Central to this transformation is the introduction of Sonic, described as cutting-edge technology. This upgrade is anticipated to revolutionize the platform’s scalability, security, and user experience. Sonic seeks to advance network capabilities without the need for sharding or additional layers. Furthermore, Sonic Labs will spearhead growth among decentralized applications (dApps), partnerships, and user engagement.
Enhanced Connectivity and Incentives
A critical aspect of Sonic is its Layer 1 (L1) platform status, integrated with a custom Layer 2 (L2) bridge linking to the Ethereum ecosystem. This connection enables Sonic to leverage Ethereum’s liquidity, extensive user base, and array of protocols. The upgrade includes increasing database storage and optimizing consensus mechanisms to ensure a robust, secure network.
Incentivizing Migration to Sonic
To facilitate a seamless transition, the Fantom Foundation has dedicated up to 200 million S, Sonic’s native token, to a fund promoting partner migration. Additionally, FTM holders are incentivized through airdrops and bonus mechanisms during the 1:1 migration from FTM to S. Such initiatives underscore the strategic importance of this rebrand, aiming to establish Sonic as a prominent force in decentralized finance and enterprise blockchain technologies.
Conclusion
The rebranding of Fantom to Sonic Labs not only signifies a visual and operational overhaul but also a strategic repositioning within the blockchain and DeFi ecosystem. With the impending launch of the Sonic network and the establishment of both the Sonic Foundation and Sonic Labs, the platform is poised to deliver enhanced performance, security, and user experience, marking a new era for its community and stakeholders.
