In the most recent improvement, the Fantom Foundation has revealed extra particulars of its new Layer-1 blockchain Sonic Network, which connects to Ethereum through a Layer-2 bridge. This will permit Sonic to faucet into numerous customers, liquidity, and different protocols.
Connecting Fantom’s Sonic With Ethereum
The mixture of those two cutting-edge applied sciences, Sonic Network and Sonic Bridge, will place Sonic in a category of its personal. For the primary time, an ecosystem will benefit from the full advantages of a layer-1 blockchain whereas providing native entry to ETH.
This permits the community to combine the low value, scalability, and pace of a layer-1 blockchain with the safety of a layer-2 bridge, offering entry to native ETH and different property on Ethereum.
Sonic expertise has undergone intense improvement, culminating within the upgraded Opera chain, which now achieves 2,000 TPS of real-world site visitors with single-second finality, considerably decreasing storage wants and prices. As a next-generation platform for builders, Sonic will empower dApps and communities to flourish.
Upgrading from $FTM to $S
Upon the launch of the Sonic chain, the availability of $S will align with that of $FTM, facilitating a easy transition course of, as per the press release. Pending the result of the governance vote initiated immediately, customers can have the chance to migrate their $FTM tokens to the brand new $S token at a 1:1 ratio throughout genesis. With the introduction of the Sonic chain, builders, purposes, and customers throughout the Fantom ecosystem can have ample alternative to transition to this modern platform.
Initially, this migration course of is predicted to be bidirectional, permitting customers to change between $FTM and $S tokens. Given that $S will completely exist on Sonic and $FTM on Opera, a bridge is anticipated to facilitate bidirectional swaps. This strategy ensures a seamless migration for present Opera community members to embrace the Sonic expertise
However, as soon as the transitional interval ends, the migration can be one-way from $FTM to $S. This information can present extra gasoline to the Fantom (FTM) price which has already been on a powerful surge over the previous week. As of press time, the Fantom (FTM) value is buying and selling 7.13% up at $0.8595 with a market cap of $2.4 billion.
Over the final week, the Fantom value is up by almost 20% amid the surge within the complete worth locked (TVL) on the protocol.
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