Sonic Labs, the team behind the Sonic blockchain formerly known as Fantom, has released an ambitious litepaper that details technological advances and a new token distribution mechanism.
Sonic Labs, the team behind the Sonic blockchain formerly known as Fantom, has released an ambitious litepaper that details technological advances and a new token distribution mechanism. Following the release, the FTM token traded up 48% over the last month, changing hands for $0.74 and giving the project a valuation of $2.09 billion.
The Sonic blockchain boasts an average block time of 0.26 seconds and claims to be able to process up to 900 million transactions per day. For context, this purported throughput even dwarfs Solana's recent peak of 40 million transactions per day, positioning Sonic as a potential game changer in blockchain scalability.
The migration to Sonic from Fantom introduces a new governance token, $S, to be distributed via a multi-faceted approach. This shall include a points-based airdrop, loyalty rewards for previous Opera users, and a one-to-one migration for existing FTM token holders. This strategy thus aims at rewarding long-time supporters and new adopters by fostering a diverse and engaged community right from the beginning.
Central to Sonic's launch strategy is the "Sonic Boom" campaign, a bounty program set to close on Nov. 4. It will distribute Sonic Gems among the most impactful applications on the platform. Similar to the way Blast's system works with Gold, these projects will in turn be allowed to freely distribute their cut of Gems to their user base however they please.
Eventually, Gem holders will receive 37.5% of the $S token airdrop, creating a special incentivization structure that ties together developers, users, and the platform itself into one piece.
Sonic Labs believes that with a full-fledged, high-capacity infrastructure already in place, it can focus on cultivating demand without being constrained by technological limitations.
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