Some details you need to know about FTM to S token conversion

Written by: Sleeping in the Rain 1/ Sonic is a new high-performance Layer 1 (you can look at the Sonic performance mentioned in Fantom’s promotion, but just look at it, if there are no users and developers, it will still be just a ghost chain), the launch of Sonic does not affect the Fantom Opera chain. But it is clear that the future focus of the Fantom Foundation will be on Sonic.

2/ $S is the native token of Sonic Network and can be exchanged with $FTM in both directions at 1:1 during TGE for a period of six months. The Fantom Foundation calls Sonic’s cross-chain bridge with other chains a Layer2 cross-chain bridge (this is a new Layer1 chain with a native Layer2 cross-chain bridge that can connect to Ethereum and other blockchains).

3/ Airdrop

In the tweet, Fantom mentioned that it will airdrop 190M $FTM to users.

How to operate:

Sonic’s second proposal mentioned that it hopes to encourage Fantom Opera users and new Sonic users through airdrops. The airdrop points activity is expected to last for more than 6 months. The airdrop aims to incentivize activities, application revenue and gas fee revenue in the Opera and Sonic ecosystems to promote TVL growth.

Possibility (LP will definitely be airdropped first):

Official update

• Launched a webpage for users to check the current number of points.
• Anti-witch measures.

Token burning

• Airdrop collection is unlocked in stages.
• Initial release 25%.
• Users can accelerate unlocking through on-chain activities.
• If you claim the airdrop in advance, you will be punished (part of the rewards will be destroyed).
• Officially partnered with PaintSwap to launch the fNFT market, allowing trading of unlocked $S airdrop NFTs.

Remaining 75% $S Release Rules

• Non-270 antenna linear unlocking.
• The proportion that can be collected is determined based on the collection time.

Example

Andrew receives 1,000 $S airdrop:

• Claim 250 $S immediately.
• Receive the remaining airdrop after 90 days: 249.75 $S (33.3% of the remaining 750 $S)
• Destroy 500.25 $S (66.7% of the remaining 750 $S).

  

  5/ Token Inflation

Six months after Sonic’s launch, a portion of $S tokens will be minted to fund subsequent marketing, ecosystem development, and partnerships. The official guarantee is that 100% of $S will be used for Sonic ecological development, and unused $S will be destroyed.

6/ Summary

Different from the previous method of directly distributing money like Avalanche Rush, the current project team has learned how to PUA users. The same goes for Sonic. If we assume that Fantom’s people’s intention is to build this ecosystem and use airdrops to attract users, then the ecosystem needs to give users sufficient incentives—at least in the first 6 months. And it’s worth mentioning that, unlike airdrops from other protocols, the total value of 190M $FTM fluctuates with its price at any time. Therefore, the higher the $FTM price, the more attractive it is for farmers to farm.

All information comes from here⬇️

https://forum.fantom.network/c/sonic-network/9

The above is the detailed content of Some details you need to know about FTM to S token conversion. For more information, please follow other related articles on the PHP Chinese website!