Crypto News

FTM: Core Proposals Spark 16% Rally Ahead Of Sonic Mainnet Launch Details

FTM: Core Proposals Spark 16% Rally Ahead Of Sonic Mainnet Launch  Details
© Copyright Image: NewsBTC

Fantoms migration to Sonic is now underway, putting the platform under the spotlight which caused FTM, the native token of Fantom, to jump. According to CoinGecko, FTM gained more than 17% since last week, representing the hype their network migration caused within the community. 

The new Sonic Labs is poised to continue Fantoms legacy as four core proposals are now underway for the eventual release of the Sonic mainnet. If passed, the proposals will provide users and developers with a smooth transition to the Sonic network once D-day arrives. 

Core Proposals Promise Smooth Transition To Sonic

According to the Sonic Labs X account, four proposals will affect the user experience during the switch to the Sonic network. The most notable is the proposed one-to-one ratio between FTM and $S, the native token of the new network. The new token will act like the old FTM token, with 3,175,000,000 $S tokens on Genesis Day. 

As a general thank you gesture to Opera users, the platform will allocate over 190,500,000 $S tokens to airdrop. The airdrop also has safeguards to protect the market from a sudden influx $S tokens. It will have a burn mechanism that penalizes users who choose to claim their airdrop position on day 1, burning almost 100% to 88.9% of the tokens vested for the user. 

This gives users time to contribute to the overall on-chain activity while providing a guaranteed long-term gain. The new users are also eligible to receive the airdrop once the network is released. 

Funding for the new network is also secured as they allocate 47,625,000 $S tokens for running Sonic Spark and Sonic University, providing developers the know-how to build on the platform. To ensure zero wastage of the funds, Sonic will burn the remaining funds if not used within a specified time frame. For example, if only half of the whopping 47,625,000 $S tokens were used, the other half would be burned to protect the integrity of the network while ensuring the funds are not wasted. 

Validator rewards will also be migrated from Opera to Sonic to promote the use of the network while protecting $S from too much inflation in the first four years. 

FTM Price To Stabilize On This Level Ahead Of Sonic Network Launch 

As of press time, the token is struggling to flip the $0.3689 ceiling to support which is crucial for the bulls in the long term. 

Although the token is seemingly slowing down, the markets general positivity will pick up in the coming days, pushing bears off of the FTM market. This will open the opportunity to retake $0.3689 in the short term while providing the bears a solid support level to take $0.4855 in the long term. 

Featured image from Zipmex, chart from TradingView

Read more: https://www.newsbtc.com/news/ftm-core-proposals-spark-16-rally-ahead-of-sonic-mainnet-launch-details/

Text source: NewsBTC

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories