Fantom rebrands to Sonic Labs, focusing on new high-speed blockchain
Fantom has rebranded to Sonic Labs, one of the main bodies supporting Sonic, a new layer-1 blockchain with a layer-2 bridge that connects to Ethereum.
The projects official documentation stated:
We rebranded to Sonic Labs on August 1, 2024. Previously, our company was called Fantom Foundation and our Opera chain was referred to as Fantom.'
The rebrand follows an announcement made six months prior about Sonic Labs and the Sonic Foundation. In May, Michael Kang, CEO of the Fantom Foundation, stated that Sonic Labs will focus on developing decentralized applications while the Sonic Foundation will handle governance and treasury functions.
The firm stated that the move addresses Fantoms Opera network issues, including congestion and improving user experience. Sonic aims to resolve these problems by processing more transactions per second and supporting a shared sequencer for layer-1 and layer-2 chains, targeting over 180 million transactions daily.
Sonic Labs has promoted Sonic as the fastest EVM and a Layer1 platform with secure Ethereum connectivity. The protocol includes a significant incentive program designed to handle over 10,000 transactions per second.
Several decentralized projects like Equalizer, a yield-bearing protocol, have promised to be available on the Sonic chain right from launch. Equalizer stated:
Having already delivered and continuing to deliver impressive results on Fantom, our platform is set to bring the same sustainable, real yield opportunities to users on Sonic. Our commitment remains strong as we aim to only build upon our success, alongside a vibrant ecosystem of innovative protocols.
The Sonic protocol is expected to launch by November or December later this year. It will introduce the S token, which will become an integral part of the ecosystem through extensive airdrops, simplified staking options, incentive programs, and other strategies.
FTM holders will have the option to convert their tokens to the new Sonic native token at a 1:1 ratio. This migration is designed to ensure a smooth transition for existing Fantom users to the new network.
Sonic is not a replacement but rather an expansion and enhancement of the Fantom ecosystem. Both networks will coexist, with Sonic bringing new capabilities and opportunities while the Opera chain continues to receive support.
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Text source: CryptoSlate
