The Fantom Foundation has officially announced its plans for a brand new blockchain network – Sonic. This next-generation layer-1 blockchain promises to propel Fantom to new heights with its innovative technology designed for unparalleled scalability.
What is Sonic Network?
Think of Sonic as Fantom 2.0. Built from the ground up for speed and efficiency, Sonic Network boasts a brand new architecture that promises to significantly increase transaction processing speeds compared to the existing Fantom blockchain. This paves the way for a smoother user experience and faster execution of decentralized applications (dApps) built on the Fantom ecosystem.
Fantom Token (FTM) Holders Get a Sonic Upgrade
Existing Fantom token (FTM) holders are in for a treat. The Fantom Foundation has announced a 1:1 migration plan for FTM tokens to the new Sonic Network token, dubbed S. This means that FTM holders will have the opportunity to seamlessly transition their holdings to the new network, pending a community governance vote.
Bridging the Gap: Sonic Network and Ethereum Connectivity
The Fantom Foundation understands the importance of interoperability in the blockchain space. To ensure smooth communication between Sonic and other blockchains, Sonic Network will be equipped with a native cross-chain bridge. This bridge will allow users to easily transfer assets between Sonic and Ethereum, fostering a more connected and vibrant DeFi ecosystem.
