Decentralized smart contract platform Fantom has undergone a transformation, rebranding itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Virtual Machine (EVM). The rebrand was officially announced via X on August 1, with Sonic Labs now fully operational across all platforms.
Fantom’s Transformation Into Sonic Labs
This rebranding marks a new milestone in Sonic Labs’ roadmap toward the launch of Sonic, scheduled for later this year. According to the protocol, the move is intended to provide greater clarity and visibility to the project’s community, which includes FTM holders, network developers, and validators.
The core of Fantom’s transformation lies in the Sonic upgrade, a reportedly “cutting-edge technology” designed to “revolutionize” the platform by delivering increased scalability, security, and user experience compared to its predecessor, the Opera chain.
As disclosed in April, the Opera network, which launched in December 2019, processed 200 transactions per second (TPS), while the new Sonic chain aims to boast a significant 2,000 TPS with sub-second finality.
“The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the network’s governance and treasury management functions, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users,” explained Michael Kang, CEO of the Fantom Foundation.
Airdrops For FTM Holders
Sonic will also increase database storage, and optimized consensus mechanisms. By upgrading from Opera to Sonic, the decentralized finance (DeFi) platform aims to fortify its network without resorting to sharding or additional layers.
Another key feature of the Sonic chain is its status as a Layer 1 (L1) platform that uses a custom Layer 2 (L2) bridge to establish a secure connection to the Ethereum ecosystem. This integration enables decentralized applications (dApps) on Sonic to tap into Ethereum’s network, including its liquidity, user base, and new range of protocols.
To further bolster the transition to Sonic, the Fantom Foundation committed up to 200 million S, Sonic’s new native token, to a new fund aimed at expediting partner migration in anticipation of the upcoming launch. Additionally, the platform introduced airdrops and bonus mechanisms for FTM holders as part of the incentivized 1:1 migration from FTM to S.
“The strategic significance of this rebrand cannot be overstated,” Kong further said. “By launching the Sonic network and establishing the Sonic Foundation and Sonic Labs, we are positioning ourselves to become a leading player in the decentralized finance and enterprise blockchain space, with a focus on delivering unparalleled performance, security, and user experience.
At the time of writing, as the final touches are being put on the migration to the S token, FTM is trading at $0.4253, up over 2% in the last 24 hours.
Featured image from Monaco Life, chart from TradingView.com