Bitrabo Editorial
The decentralized smart contract platform Fantom has undergone a significant transformation and is now known as Sonic Labs as it gears up for the launch of Sonic, an Ethereum Virtual Machine (EVM). The rebranding was officially announced via X on August 1, with Sonic Labs now fully operational across all platforms.
Fantom’s Evolution Into Sonic Labs
This rebranding signifies a major step in Sonic Labs’ roadmap towards the launch of Sonic later this year. The goal is to offer greater clarity and visibility to the project’s community, which includes FTM holders, network developers, and validators.
The heart of Fantom’s evolution lies in the Sonic upgrade, a cutting-edge technology aimed at revolutionizing the platform by enhancing scalability, security, and user experience compared to its previous version, the Opera chain.
As revealed in April, the Opera network processed 200 transactions per second (TPS), while the new Sonic chain targets an impressive 2,000 TPS with sub-second finality.
The launch of the Sonic network will introduce the Sonic Foundation, overseeing network governance and treasury functions, along with Sonic Labs driving growth in dApps, partnerships, and user base, as explained by Michael Kang, CEO of the Fantom Foundation.
Airdrops and Upgrades for FTM Holders
Sonic will enhance database storage and optimize consensus mechanisms. By transitioning from Opera to Sonic, the DeFi platform aims to strengthen its network without relying on sharding or additional layers.
Notably, the Sonic chain is a Layer 1 (L1) platform using a custom Layer 2 (L2) bridge to connect securely to the Ethereum ecosystem, enabling dApps on Sonic to leverage Ethereum’s network, liquidity, user base, and new protocols.
To facilitate the transition to Sonic, the Fantom Foundation allocated up to 200 million S, Sonic’s new native token, towards a fund to speed up partner migration. Additionally, airdrops and bonus mechanisms were introduced for FTM holders as part of the incentivized 1:1 migration to S.
“The strategic importance of this rebrand cannot be overstated,” Kong emphasized. “By launching the Sonic network and establishing the Sonic Foundation and Sonic Labs, we are positioning ourselves as a key player in the DeFi and enterprise blockchain sector, prioritizing unmatched performance, security, and user experience.
As the migration to the S token nears completion, FTM is currently trading at $0.4253, reflecting a more than 2% increase in the last 24 hours.