Fantom rebrands to Sonic Labs, concentrating on brand-new high-speed blockchain Oluwapelumi Adejumo · 1 month ago · 2 minutes checked out
Sonic Labs will release the Sonic blockchain by the fourth-quarter of the year.
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Upgraded: Aug. 2, 2024 at 4:27 pm UTC
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Fantom has actually rebranded to Sonic Labs, among the primary bodies supporting Sonic, a brand-new layer-1 blockchain with a layer-2 bridge that links to Ethereum.
The job’s main documents specified:
“We rebranded to Sonic Labs on August 1, 2024. Formerly, our business was called ‘Fantom Foundation’ and our Opera chain was described as ‘Fantom.'”
The rebrand follows a statement made 6 months prior about Sonic Labs and the Sonic Foundation. In May, Michael Kang, CEO of the Fantom Foundation, mentioned that Sonic Labs will concentrate on establishing decentralized applications while the Sonic Foundation will manage governance and treasury functions.
The company specified that the relocation addresses Fantom’s Opera network problems, consisting of blockage and enhancing user experience. Sonic intends to fix these issues by processing more deals per 2nd and supporting a shared sequencer for layer-1 and layer-2 chains, targeting over 180 million deals daily.
Sonic Labs has actually promoted Sonic as the fastest EVM and a Layer1 platform with protected Ethereum connection. The procedure consists of a substantial reward program created to manage over 10,000 deals per second.
A number of decentralized tasks like Equalizer, a yield-bearing procedure, have actually guaranteed to be readily available on the Sonic chain right from launch. Equalizer specified:
“Having currently provided and continuing to provide remarkable outcomes on Fantom, our platform is set to bring the exact same sustainable, genuine yield chances to users on Sonic. Our dedication stays strong as we intend to just build on our success, along with a dynamic community of ingenious procedures.”
The Sonic procedure is anticipated to release by November or December later on this year. It will present the S token, which will end up being an essential part of the community through comprehensive airdrops, streamlined staking choices, reward programs, and other methods.
FTM holders will have the alternative to transform their tokens to the brand-new Sonic native token at a 1:1 ratio. This migration is developed to guarantee a smooth shift for existing Fantom users to the brand-new network.
Sonic is not a replacement however rather a growth and improvement of the Fantom community. Both networks will exist together, with Sonic bringing brand-new abilities and chances while the Opera chain continues to get assistance.
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