Comparing Fantom and Sonic: What’s New with Token S as FTM Price Pumps Again
- Susan SarandonOriginal
- 2024-10-01 18:38:21495browse
Fantom (FTM) has officially rebranded to Sonic Labs on August 1st. However, the change from native token FTM to new native token $S will happen by the end of 2024
After months of anticipation, Fantom (CRYPTO: FTM) has finally unveiled its new identity as Sonic Labs on August 1.
However, contrary to earlier reports, the transition from the native token FTM to the new native token $S will not occur until the end of 2024, as confirmed by the Fantom team.
With the introduction of Sonic, a new layer-1 contender will emerge in the market.
Meanwhile, the price of FTM, still the native token, continues to soar with another 8% pump today. This news may come as a welcome surprise to holders, especially considering that most altcoins are either staying flat or correcting 5-15% as we enter Q4.
During the migration process, existing FTM holders will be able to convert their tokens to S at a 1:1 ratio.
The rebranding of Fantom to Sonic Labs marks a significant shift in the project’s identity. As a layer-1 blockchain, Sonic aims to compete with established players in the market. The transition from FTM to $S tokens is expected to be a key milestone in this evolution.
Sonic aims to become a top layer-1 chain by the end of 2024. To achieve this goal, the project is introducing a new tokenomics model, burning a portion of transaction fees, and preparing for the launch of a decentralized exchange (DEX).
In the coming months, Sonic will also be rolling out a cross-chain bridge, an NFT marketplace, and a GameFi hub. Moreover, the project is planning to launch a hardware division and a Sonic mobile application.
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