Fantom blockchain platform announced its rebranding to Sonic Labs to launch the EVM (Ethereum Virtual Machine) chain. It is a strategic act to launch an updated high-speed blockchain platform, Sonic. The EVM platform will also allow fast digital asset settlements.
Additionally, to provide developers and users with new chances and benefits, Fantom’s rebranding as Sonic promises to lead in a new time in the blockchain industry.
Since the announcement, Fantom has been trending for introducing its users with features and developments, which has caused mixed feelings among users of the network.
What is Fantom?
Fantom is a smart contract platform with exceptional performance, with FTM as its native token. This project was created as a cutting-edge, highly effective blockchain platform. In addition to providing developers with competitive tools, it combines solutions that push the blockchain’s limits for speedy transactions. It serves as a fast, scalable, and affordable infrastructure provider for hundreds of application partners.
Fantom is a very important part of the Decentralised Finance (DeFi) ecosystem. It is different as it is a trustworthy blockchain solution for both private and business customers. With many DeFi applications within its network, it has a solid position in the decentralized finance space.
What is the Sonic Project?
Sonic can also be looked at as a Fantom. It is an EVM-based layer-1 blockchain platform that offers developers a great infrastructure and alluring incentives, laying the groundwork for next-generation decentralized apps. It gives developers the flexibility to scale their apps without restrictions on storage capacity and offers better performance by giving customers a seamless and uninterrupted experience.
Holders of FTM can now switch to Sonic to obtain ‘S’ tokens, the native tokens of the Sonic network. A windfall of 190 million ‘S’ tokens or 6% of the entire supply or $260 million, is provided to both active and passive users.
According to Sonic Labs CEO Micheal Kong, Sonic represents the hardware of over two and a half years, designed to optimize the Opera Chain. It attracts attention with 10,000 transactions per second (TPS) capability, offering finality in less than a second. Additionally, compared to Fantom, more efficient data handling is possible with its sophisticated storage solution.
The Change From Fantom To Sonic Lab
The change from Fantom to Sonic Labs also entails the use of a new token, S, which will be in the place of FTM. Sonic Labs aims to spread this token through an airdrop, staking, and incentive programs.
The ‘S’ token serves a variety of functions including managing the Sonic project and protecting the network and gateway, influencing its future, and paying transaction fees. It also takes part in staking procedures and receiving distributions during airdrop events. Tokens will vest over nine months following the airdrop.
By scaling operations, implementing marketing efforts, and creating DeFi engagement campaigns, this method aims to boost its global presence and adoption along with expanding its team.
