Fantom is now officially Sonic Labs as it looks to mainnet launch of Sonic, the EVM chain that offers a secure gateway to the Ethereum network.
The decentralized finance and enterprise applications focused blockchain revealed the rebranding via X, noting that the new Sonic Labs was now live across all of its platforms.
According to Sonic Labs, the rebrand is a major step forward in the blockchain platforms’ roadmap towards the launch of Sonic.
The upcoming rollout of the EVM chain is expected later in the year and the various developments in place provide further clarity to the project’s community, including FTM holders, network developers, and validators.
What is Fantom’s Sonic upgrade?
The Sonic upgrade is Fantom’s new technology that offers better scalability, security and user experience compared to the Opera chain, which launched in December 2019.
Opera processes 200 transactions per second, while the new Sonic chain offers 2,000 TPS with sub-second finality.
Sonic Labs (previously Fantom) CEO Michael Kong outlined Sonic Upgrade in March 2024. The first validator on Sonic went live in April.
In May, the Fantom Foundation announced the testnet for Fantom Sonic, which saw the price of FTM surge as the community cheered the new milestone.
With Sonic, the blockchain network eyes not just the 2,000+ TPS at sub-second finality, but a new virtual machine, enhanced database storage, and optimized consensus. Fantom Foundation said in May that the upgrade to Opera allows the DeFi platform to bolster its network without having to go for sharding or additional layers.
Notably, the Sonic chain is designed to be a Layer-1 platform that uses a bespoke L2 bridge to connect to Ethereum.
According to the Fantom Foundation, this allows dApps on Sonic to benefit from the liquidity, users, and vast number of protocols built on Ethereum.
Following the latest announcement, the team at Sonic Labs have reiterated that support for the Sonic chain will happen alongside that of Opera.
Meanwhile, the Fantom Foundation and Sonic Labs recently partnered with Alchemy, a Web3 infrastructure platform that is a launch partner for Sonic.
Incentivizing migration to Sonic
In June, the Fantom Foundation committed up to 200 million S, the native token of Sonic, to an innovator fund aimed at accelerating partner migration ahead of the highly anticipated launch.
Other than the $100 million accelerator fund, the platform also announced airdrop and bonus mechanisms for FTM holders as they incentivise the 1:1 migration from FTM to S.
FTM currently trades around $0.41, down 9% this past week. The altcoin has shed 25% of its value in the past 30 days.
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