Fantom has rebranded to Sonic Labs, one of many fundamental our bodies supporting Sonic, a brand new layer-1 blockchain with a layer-2 bridge that connects to Ethereum.
The undertaking’s official documentation acknowledged:
“We rebranded to Sonic Labs on August 1, 2024. Beforehand, our firm was known 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, acknowledged that Sonic Labs will concentrate on growing decentralized functions whereas the Sonic Basis will deal with governance and treasury capabilities.
The agency acknowledged that the transfer addresses Fantom’s Opera community points, together with congestion and bettering consumer 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 day by 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 tasks like Equalizer, a yield-bearing protocol, have promised to be out there on the Sonic chain proper from launch. Equalizer acknowledged:
“Having already delivered and persevering with to ship spectacular outcomes on Fantom, our platform is about 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 modern protocols.”
The Sonic protocol is anticipated to launch by November or December later this 12 months. It would introduce the S token, which is able to turn out to be an integral a part of the ecosystem by way of intensive airdrops, simplified staking choices, incentive applications, and different methods.
FTM holders may 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 easy transition for current Fantom customers to the brand new community.
Sonic isn’t a substitute however somewhat an growth and enhancement of the Fantom ecosystem. Each networks will coexist, with Sonic bringing new capabilities and alternatives whereas the Opera chain continues to obtain help.
