Fantom, a leading smart contract platform, is gearing up for the highly anticipated release of its new technology stack, Sonic, in Q3’24. However, as part of this preparation, Fantom is prioritizing developer support through various initiatives to foster a thriving ecosystem.
Sonic Labs: Incubating the Future of Fantom
Last December, the Fantom Foundation launched Sonic Labs, an incubator program specifically designed to nurture developers building on the new Sonic technology. In addition, this program provides essential resources and support to kickstart promising projects. However, on February 19th, Fantom unveiled the first five projects accepted into Sonic Labs:
Lynx Finance
A decentralized perpetuals exchange enabling users to trade crypto, forex, and commodities with up to 100x leverage. Unique features include collateralization with any token and zero-gas fees.
Thunder Dome
A social media platform catering to creators. Users can trade creator-specific “Keys,” join communities, and interact via hashtags. Future plans involve an enhanced points system and mini-games.
Debita Finance
A peer-to-peer lending platform offering customizable loan parameters such as collateral type, interest rates, and fixed terms. Unlike traditional platforms, Debita avoids oracles, minimizing reliance on external data feeds. Users can borrow or lend using any ERC-20 or ERC-721 token on Fantom.
Kiri
A green-tech startup promoting eco-conscious behavior through an incentivized points system. Kiri integrates with APIs to track user actions on client platforms, rewarding them for sustainable choices. Points can be redeemed for rewards from partnered marketplaces.
Froqorion
A party-based role-playing game set in an ancient frog civilization. Moreover, Froqorion offers a rich gameplay experience with collectible NFTs, PvP battles, evolving storylines, and seasonal content.
Each of these projects will receive funding of 200,000 FTM tokens, along with invaluable mentorship from industry veterans like Andre Cronje and Marc Tillement (Pyth Network). Additionally, the program offers comprehensive support in areas like compliance, payroll, legal assistance, and inclusion in the Sonic mainnet launch.
Monetizing Success: Fantom Gas Monetization Program
Another key driver of Fantom’s ecosystem growth is the Gas Monetization program. In addition, this initiative aims to reward high-quality applications by providing them with a portion of the transaction fees they generate, ensuring a sustainable income model for developers.
Moreover, In Q3’23, the Fantom Foundation introduced a quarterly bonus system to further incentivize participation. To qualify, dApps need to have processed at least 125,000 transactions and maintained a presence on Fantom for a minimum of three months. In addition, since not all dApps meet these criteria, a portion of the transaction fee reserves is distributed to the top 12 earners in the program.
The recent Q1 distribution saw a total of 86,250 FTM awarded across the top performers, with a tiered system favoring higher transaction volume. Notably, projects like XEX (cross-chain GameFi platform) and Velocimeter (ve(3,3) DEX) received their first gas bonuses in this round.
A Thriving Fantom Ecosystem
With the launch of Sonic Labs, the Gas Monetization program enhancements, and ongoing developer support, Fantom is fostering a robust ecosystem that incentivizes innovation and rewards success. However, as the release of Sonic approaches, Fantom is well-positioned for continued growth and adoption in the ever-evolving blockchain landscape.
