Andre Cronje, the DeFi king and Chief Technology Officer of Sonic Labs, announced on Twitter that the Sonic mainnet will officially launch in December this year. He also extended an invitation to developers to build applications on its ecosystem. With the continuous development of Sonic, FTM has shown strong performance recently, with a surge of over 40% in the past month.
Background: Fantom has launched the new L1 network Sonic, which converts $FTM one-to-one into $S tokens and seamlessly connects with Ethereum. Can it reverse the decline?
AC promotes the performance of his own public chain and rewards developer programs
FTM has risen over 40% in the past month
AC is a controversial figure
On October 25th last year, the Fantom Foundation announced the launch of its latest Layer 1 blockchain, Sonic, aiming to improve scalability and performance. On September 6th this year, the Sonic testnet was officially launched. Today, Andre Cronje (AC), the DeFi king serving as the Chief Technology Officer of Sonic, announced on Twitter that the Sonic mainnet will be officially launched in December this year. At the same time, he invited developers to build applications on its ecosystem.
In his tweet, AC promoted the performance of his own Sonic network, including features such as returning up to 90% of transaction fees to developers, exceeding 10,000 transactions per second (TPS), approximately 1-second transaction finality (TTF), and support for native stablecoins. He also emphasized the development of Sonic Gateway, a new native bridging technology that aims to significantly improve the security and convenience of transferring assets from other chains.
Furthermore, Sonic also encourages developers to build applications on its ecosystem by introducing a large-scale incentive program, including the Sonic Boom bounty program, which will provide up to 71.43 million $FTM tokens (equivalent to approximately $5,000) as rewards.
At the end of June, Sonic Labs also announced the allocation of 200 million Sonic native tokens ($S, equivalent to $120 million) as an innovation fund to support new applications and native ecosystem partners migrating to Sonic.
In early September, AC wrote an article on Medium stating that Sonic has introduced a credit scoring mechanism that can provide credit scores for any address, potentially becoming the first public chain to unlock the $11.3 trillion unsecured loan market. This has also led the community to anticipate the emergence of decentralized lending applications.
Although the details have not been released yet, it is expected that the official launch will adopt subsidy policies to attract users. Interested users should continue to follow the updates.
In the Token Generation Event (TGE), $FTM can be converted 1:1 into $S, facilitating a seamless transition to the new network. With the continuous development of Sonic, $FTM has recently shown strong performance.
According to CoinGecko data, $FTM has surged from a low of $0.6168 last night to a high of $0.7132, accumulating a gain of up to 15.6%. At the time of writing, it is trading at $0.6923, with an 8.6% increase in the past 24 hours and a surge of over 40% in the past month.
However, despite AC being the founder of several top crypto projects such as Fantom, Yearn Finance, and Keep3r Network, and designing the widely used ve(3,3) token economic model for DeFi protocols, his past history has been mixed, particularly due to criticism of his practice of launching products to the market before they are fully tested.
A typical example is the Eminence project, which resulted in a loss of approximately $15 million due to its premature release.
Furthermore, while the on-chain lending market is full of potential, it also faces challenges. For example, if a borrower has a poor wallet credit, they can easily evade it by switching to a new wallet, making on-chain unsecured loans without KYC or effective penalty mechanisms difficult to implement.
However, although unsecured loans may be challenging to implement, they may offer higher borrowing limits (higher LTV) and lower interest rates for active and creditworthy DeFi users. This is a trend worth noting when observing innovative DeFi applications by Sonic. Additionally, Aave is a strategic investor in Sonic Labs, so the platform may be among the first to introduce a credit scoring system, which is worth closely monitoring.
Related news:
FTM surges 30%: Can Fantom Sonic fulfill AC’s high expectations and open a new chapter in DeFi?
DEX leader no longer guaranteed! Uniswap’s market share drops sharply to 30%, who are the emerging competitors?
DeFi pioneer Andre Cronje: All seven of the world’s largest industries should be on the blockchain, and decentralized finance is the future.