Fantom has rebranded to Sonic Labs, one of many foremost our bodies supporting Sonic, a brand new layer-1 blockchain with a layer-2 bridge that connects to Ethereum.
The venture’s official documentation said:
“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, said that Sonic Labs will concentrate on creating decentralized purposes whereas the Sonic Basis will deal with governance and treasury features.
The agency said that the transfer addresses Fantom’s Opera community points, together with congestion and bettering person 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 important incentive program designed to deal with over 10,000 transactions per second.
A number of decentralized initiatives like Equalizer, a yield-bearing protocol, have promised to be obtainable on the Sonic chain proper from launch. Equalizer said:
“Having already delivered and persevering with to ship spectacular outcomes on Fantom, our platform is ready to convey the identical sustainable, actual yield alternatives to customers on Sonic. Our dedication stays robust as we purpose to solely construct upon our success, alongside a vibrant ecosystem of revolutionary protocols.”
The Sonic protocol is anticipated to launch by November or December later this yr. It would introduce the S token, which can change into an integral a part of the ecosystem by means of intensive airdrops, simplified staking choices, incentive packages, and different methods.
FTM holders could have the choice to transform their tokens to the brand new Sonic native token at a 1:1 ratio. This migration is designed to make sure a clean transition for current Fantom customers to the brand new community.
Sonic just isn’t a substitute however somewhat 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 assist.
