Fantom Foundation today further disclosed details of its plan to launch the new L1 blockchain, Sonic, at the end of March. The new chain will include Sonic Network and the dedicated Layer2 bridge, Sonic Bridge, and will introduce the new token $S, with a current vote for token migration from $FTM to $S at a 1:1 ratio.
(Table of Contents:
– Sonic consists of Sonic Network and Sonic Bridge
– Governance Voting: Migrating $FTM to $S
– FTM surges over 7%
)
Background:
Fantom launches $6.5 million “Memecoin Development Fund”: Creating Safer Memecoins to Resist Fraudulent Projects
FTM surges 30%, Can Fantom Sonic, AC’s Great Hope, Open a New Chapter in DeFi?)
Sonic, comprising Sonic Network and Sonic Bridge
Governance Voting: Migrating $FTM to $S
FTM surges over 7%
On October 25th of last year, the Fantom Foundation announced the launch of its latest Layer 1 blockchain, Fantom Sonic, aiming to enhance scalability and efficiency. Today (18th), the Fantom Foundation revealed more details about the network, including Sonic’s native token $S and the mechanism for migrating the Opera network to the Sonic network.
The announcement states that the final solution has not yet been determined, and the foundation will launch a series of governance votes to ensure community support for the project.
Announcement on Governance Forum
stated that Sonic connects to Ethereum through its high-throughput Layer1 blockchain (Sonic Network) and the dedicated Layer2 bridge (Sonic Bridge), achieving interoperability with Ethereum’s extensive liquidity, users, and protocols, while also natively accessing assets on Ethereum.
The announcement states that the current Sonic chain has achieved actual traffic of 2,000 TPS (transactions per second) and finality in a single second while significantly reducing storage requirements and costs. Once the new Sonic chain is launched, it is expected to assist in the vibrant development of dApps and the Fantom community.
With the imminent launch of the Sonic blockchain, a new native token $S will also be introduced, and its supply will be matched to $FTM to facilitate a seamless transition for users. The governance vote launched today will determine whether users can exchange their $FTM tokens for the new $S tokens at a 1:1 ratio during the genesis of the Sonic chain, facilitating the migration of Fantom developers, dApps, and users to Sonic.
Initially, this migration process will be bi-directional, allowing users to freely switch between $FTM and $S through the bridge between Sonic and the existing Fantom Opera network. This will enable users to experience Sonic while still being able to return to Opera when needed. However, after a certain period of time, this migration will become one-way only.
According to the voting page, 99.7% of the voted users have chosen to support it, and the total number of votes has reached 29.3%. The minimum voting threshold is 55%, and there are still 6 days until the end of the vote.
(Governance Voting)
Inspired by this news, according to CoinGecko data, FTM has risen by 7.6% in the past 24 hours, currently trading at $0.8635, with a market capitalization of nearly $2.4 billion, ranking as the 55th largest cryptocurrency.
In addition, according to DeFiLlama data, the TVL (total value locked) in the Fantom ecosystem has increased by 6.81% in the past 24 hours, reaching $138 million. Although there is still a long way to go compared to its peak TVL of nearly $8 billion at the beginning of 2022, it is worth paying attention to whether Fantom can make a comeback with the launch of Sonic.
($FTM Information)
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