In the freshest development, the Fantom Foundation has unveiled additional particulars of its new Layer-1 blockchain Sonic Network, which links to Ethereum via a Layer-2 bridge. However, this will enable Sonic to tap into a vast number of users, liquidity, and other protocols.
Connecting Fantom Sonic With Ethereum
The fusion of these two leading-edge technologies, Sonic Network and Sonic Bridge, will position Sonic in a league of its own. For the initial time, an ecosystem will relish the complete benefits of a layer-1 blockchain while providing native access to ETH.
This empowers the network to integrate the low cost, scalability, and speed of a layer-1 blockchain with the security of a layer-2 bridge, granting access to native ETH and other assets on Ethereum. Moreover, Sonic technology has undergone rigorous development, culminating in the upgraded Opera chain, which now achieves 2,000 TPS of real-world traffic with single-second finality, significantly trimming storage needs and costs. In addition, as a next-generation platform for creators, Sonic will empower dApps and communities to flourish.
Upgrading from $FTM to $S
Upon the debut of the Sonic network, the supply of $S will align with that of $FTM, facilitating a seamless transition process, as per the press release. However, pending the outcome of the governance vote initiated today, users will have the chance to migrate their $FTM tokens to the new $S token at a 1:1 ratio during genesis.
With the advent of the Sonic chain, developers, applications, and users within the Fantom ecosystem will have ample opportunity to transition to this innovative platform. Initially, this migration process is anticipated to be bidirectional, enabling users to switch between $FTM and $S tokens. Meanwhile, given that $S will exclusively exist on Sonic and $FTM on Opera, a bridge is expected to facilitate bidirectional swaps. This approach ensures a smooth migration for current Opera network participants to embrace the Sonic experience.
Fantom (FTM) price on the brink of $1
Fantom is particularly notable due to its recent Sonic network upgrade, morphing it into a high-speed side chain for Ethereum. With the majority of its tokens circulating, it offers a promising investment opportunity. Moreover, the Fantom price is approximately $0.908 according to coinmarketcap, reflecting an almost 15% increase in the past 24 hours.
The long-awaited Sonic upgrade has been pivotal to the turnaround the Fantom price has witnessed in the recent few months. Sonic is anticipated to enhance Fantom’s technology stack and introduce significant scalability improvements without a disruptive hard fork.
However, once the transitional phase concludes, the migration will be one-way from $FTM to $S. However, this announcement can offer additional momentum to the Fantom (FTM) price which has already been on a robust surge over the past week. In addition, over the preceding week, the Fantom price is up by almost 20% amid the surge in the total value locked (TVL) on the protocol.
