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Fantom has rebranded to Sonic Labs, one of many major our bodies supporting Sonic, a brand new layer-1 blockchain with a layer-2 bridge that connects to Ethereum.
The venture’s official documentation acknowledged:
“We rebranded to Sonic Labs on August 1, 2024. Beforehand, our firm was referred to as ‘Fantom Basis’ and our Opera chain was known as ‘Fantom.’”
The rebrand follows an announcement made six months prior about Sonic Labs and the Sonic Basis. In Might, Michael Kang, CEO of the Fantom Basis, acknowledged that Sonic Labs will give attention to creating decentralized functions whereas the Sonic Basis will deal with governance and treasury features.
The agency acknowledged that the transfer addresses Fantom’s Opera community points, together with congestion and enhancing consumer expertise. Sonic goals to resolve these issues by processing extra transactions per second and supporting a shared sequencer for layer-1 and layer-2 chains, focusing on over 180 million transactions each day.
Sonic Labs has promoted Sonic because the quickest EVM and a Layer1 platform with safe Ethereum connectivity. The protocol features a vital incentive program designed to deal with over 10,000 transactions per second.
A number of decentralized tasks like Equalizer, a yield-bearing protocol, have promised to be accessible on the Sonic chain proper from launch. Equalizer acknowledged:
“Having already delivered and persevering with to ship spectacular outcomes on Fantom, our platform is ready to deliver the identical sustainable, actual yield alternatives to customers on Sonic. Our dedication stays robust as we intention to solely construct upon our success, alongside a vibrant ecosystem of revolutionary protocols.”
The Sonic protocol is predicted to launch by November or December later this 12 months. It is going to introduce the S token, which can change into an integral a part of the ecosystem via intensive airdrops, simplified staking choices, incentive applications, and different methods.
FTM holders may have the possibility to transform their tokens to the brand new Sonic native token at a 1:1 ratio. This migration is designed to make sure a easy transition for present Fantom customers to the brand new community.
Sonic just isn’t a alternative however moderately an enlargement and enhancement of the Fantom ecosystem. Each networks will coexist, with Sonic bringing new capabilities and alternatives whereas the Opera chain continues to obtain help.
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