Decentralized smart contract platform Fantom has undergone a transformation and rebranded itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Virtual Machine (EVM). The rebranding was made official announced via X on August 1, now that Sonic Labs is fully operational on all platforms.
Fantom’s Transformation into Sonic Labs
This rebranding marks a new milestone in the history of Sonic Labs. road map towards Sonic’s launch, which is scheduled for later this year. According to the protocol, the move is intended to provide more clarity and visibility to the project’s community, including FTM holders, network developers, and validators.
The core of Fantom’s transformation lies in the Sonic upgradea reportedly “cutting-edge technology” designed to “revolutionize” the platform by providing greater scalability, security and user experience compared to its predecessor, the Opera chain.
If announced In April, the Opera network, which launched in December 2019, processed 200 transactions per second (TPS), while the new Sonic chain is targeting a whopping 2,000 TPS with sub-second finality.
“The launch of the Sonic Network will coincide with the introduction of the Sonic Foundation, which will be responsible for the governance and treasury management functions of the network, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users,” said Michael Kang, CEO of the Fantom Foundation.
Airdrops for FTM holders
Sonic will also increase and optimize database storage consensus mechanismsBy upgrading from Opera to Sonic, the decentralized finance (DeFi) platform aims to strengthen its network without using sharding or additional layers.
Another key feature of Sonic Chain is its status as a Layer 1 (L1) platform that uses a custom Layer 2 (L2) bridge to establish a secure connection to the Ethereum ecosystem. This integration makes it possible decentralized applications (dApps) on Sonic to leverage the Ethereum network, including its liquidity, user base, and new suite of protocols.
To further support the transition to Sonic, the Fantom Foundation concerned up to 200 million S, Sonic’s new native token, to a new fund aimed at accelerating partner migration in preparation for the upcoming launch. In addition, the platform introduced airdrops and bonus mechanisms for FTM holders as part of the incentivized 1:1 migration from FTM to S.
“The strategic significance of this rebranding cannot be overstated,” Kong continued. “By launching the Sonic Network and establishing the Sonic Foundation and Sonic Labs, we are positioning ourselves to become a leading player in the decentralized finance and enterprise blockchain space, with a focus on delivering unparalleled performance, security, and user experience.
As I write this, while the final touches are being made to the migration to the S-token, FTM is trading at $0.4253, up over 2% in the past 24 hours.
Main image of Monaco Life, chart from TradingView.com