FTM is converted to token S one-to-one and seamlessly connected to Ethereum! Fantom launches new L1 network Sonic

On October 25 last year, the Fantom Foundation announced that it would launch its latest Layer1 blockchain Fantom Sonic, aiming to improve scalability and performance. Today (18th), the Fantom Foundation revealed more details about the network, including Sonic’s native token $S, and the mechanism for migrating the Opera network to the Sonic network.

The announcement stated that the final plan has not yet been finalized, and the foundation will launch a series of governance votes to ensure community support for the plan.

Sonic is composed of Sonic Network and Sonic Bridge

The governance forum announcement stated that Sonic is connected through the high-throughput Layer1 blockchain (Sonic Network) and the exclusive Layer2 bridge (Sonic Bridge) Go to Ethereum to realize interoperability with Ethereum's huge liquidity, users and protocols, and be able to natively withdraw assets on Ethereum.

The announcement stated that the Sonic chain currently achieves 2,000TPS actual traffic and single-second finality, while significantly reducing storage requirements and costs. It is expected that once the new Sonic chain is launched, it will help the dApp and Fantom communities flourish.

Governance Voting: Migrate $FTM to $S

With the upcoming launch of Sonic Blockchain, a new native token $S will also be launched, and its supply will match $FTM , so that users can make a seamless transition. The governance vote launched today will determine whether users will be able to exchange their $FTM tokens for new $S tokens at a 1:1 ratio at the creation of the Sonic chain, making it easier for Fantom developers, dApps and users to migrate to Sonic. .

Initially, this migration process will be bidirectional, allowing users to freely switch between $FTM and $S via a bridge between Sonic and the existing Fantom Opera network. This will allow users to experience Sonic while still being able to return to Opera when needed. However, after a certain period, this migration will become one-way only.

According to the current voting page, 99.7% of the users who have voted have chosen to approve. The total number of votes has reached 29.3%. The minimum voting threshold is 55%. There are still 6 days until the end of the voting.

Governance Voting

FTM rose by more than 7%

Affected by this incentive, CoinGecko data shows that FTM rose by 7.6% in the past 24 hours , currently trading at $0.8635, with a market value of nearly $2.4 billion, making it the 55th largest cryptocurrency.

In addition, DeFiLlama data shows that Fantom Ecosystem TVL has increased by 6.81% in the past 24 hours, reaching 138 million US dollars. Although there is still a long way to go compared with its glorious period of nearly 8 billion US dollars in TVL in early 2022, but with With the launch of Sonic, whether Fantom can make a comeback deserves follow-up attention.

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