Fantom Unveils More Details for Sonic Network, FTM Price Rally to Continue?

In the latest development, the Fantom Foundation has revealed additional details of its new Layer-1 blockchain Sonic Network, which connects to Ethereum via a Layer-2 bridge. This will allow Sonic to tap into a large number of users, liquidity, and other protocols.

Connecting Fantom’s Sonic With Ethereum

The combination of these two cutting-edge technologies, Sonic Network and Sonic Bridge, will position Sonic in a class of its own. For the first time, an ecosystem will enjoy the full benefits of a layer-1 blockchain while offering native access to ETH.

This enables the network to integrate the low cost, scalability, and speed of a layer-1 blockchain with the security of a layer-2 bridge, providing access to native ETH and other assets on Ethereum.

Sonic technology has undergone intense development, culminating in the upgraded Opera chain, which now achieves 2,000 TPS of real-world traffic with single-second finality, significantly reducing storage needs and costs. As a next-generation platform for builders, Sonic will empower dApps and communities to flourish.

Upgrading from $FTM to $S

Upon the launch of the Sonic chain, the supply of $S will align with that of $FTM, facilitating a smooth transition process, as per the press release. Pending the outcome of the governance vote initiated today, users will have the opportunity to migrate their $FTM tokens to the new $S token at a 1:1 ratio during genesis. With the introduction of the Sonic chain, developers, applications, and users within the Fantom ecosystem will have ample opportunity to transition to this innovative platform.

Initially, this migration process is expected to be bidirectional, allowing users to switch between $FTM and $S tokens. Given that $S will exclusively exist on Sonic and $FTM on Opera, a bridge is anticipated to facilitate bidirectional swaps. This approach ensures a seamless migration for current Opera network participants to embrace the Sonic experience

However, once the transitional period ends, the migration will be one-way from $FTM to $S. This news can provide additional fuel to the Fantom (FTM) price which has already been on a strong surge over the past week. As of press time, the Fantom (FTM) price is trading 7.13% up at $0.8595 with a market cap of $2.4 billion.

Over the last week, the Fantom price is up by nearly 20% amid the surge in the total value locked (TVL) on the protocol.

✓ Share:

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.