Sonic

Fantom

Foundation

<p>In the latest development, the Fantom Foundation has revealed additional details of its new Layer-1 blockchain Sonic Network, which connects to Ethereum via a Layer-2 bridge. This will allow Sonic to tap into a large number of users, liquidity, and other protocols.</p>
<h3 id="connecting-fantom-s-sonic-with-ethereum">Connecting Fantom’s Sonic With Ethereum</h3>
<p>The combination of these two cutting-edge technologies, <a href="https://coingape.com/ftm-price-jumps-20-amid-launch-of-new-scalability-solution-fantom-sonic/" target="_blank" rel="noopener noreferrer nofollow">Sonic Network</a> and Sonic Bridge, will position Sonic in a class of its own. For the first time, an ecosystem will enjoy the full benefits of a layer-1 blockchain while offering native access to ETH.</p>
<p>This enables the network to integrate the low cost, scalability, and speed of a layer-1 blockchain with the security of a layer-2 bridge, providing access to native ETH and other assets on Ethereum.</p>
<p>Sonic technology has undergone intense development, culminating in the upgraded Opera chain, which now achieves 2,000 TPS of real-world traffic with single-second finality, significantly reducing storage needs and costs. As a next-generation platform for builders, Sonic will empower dApps and communities to flourish.</p>
<h3 id="upgrading-from-ftm-to-s">Upgrading from $FTM to $S</h3>
<p>Upon the launch of the Sonic chain, the supply of $S will align with that of $FTM, facilitating a smooth transition process, as per the <a rel="noopener noreferrer nofollow" href="https://forum.fantom.network/t/the-new-frontier-building-the-sonic-boom/875" target="_blank">press release</a>. Pending the outcome of the governance vote initiated today, users will have the opportunity to migrate their $FTM tokens to the new $S token at a 1:1 ratio during genesis. With the introduction of the Sonic chain, developers, applications, and users within the Fantom ecosystem will have ample opportunity to transition to this innovative platform.</p>
<p>Initially, this migration process is expected to be bidirectional, allowing users to switch between $FTM and $S tokens. Given that $S will exclusively exist on Sonic and $FTM on Opera, a bridge is anticipated to facilitate bidirectional swaps. This approach ensures a seamless migration for current Opera network participants to embrace the Sonic experience</p>
<p>However, once the transitional period ends, the migration will be one-way from $FTM to $S. This news can provide additional fuel to the <a href="https://coingape.com/price/fantom" target="_blank" rel="noopener noreferrer nofollow">Fantom (FTM) price</a> which has already been on a strong surge over the past week. As of press time, the Fantom (FTM) price is trading 7.13% up at $0.8595 with a market cap of $2.4 billion.</p>
<p>Over the last week, the Fantom price is up by nearly 20% amid the surge in the total value locked (TVL) on the protocol.</p>
<p>The post <a href="https://coingape.com/fantom-unveils-more-details-for-sonic-network-ftm-price-rally-to-continue/" rel="noopener noreferrer nofollow">Fantom Unveils More Details for Sonic Network, FTM Price Rally to Continue?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Fantom Unveils More Details for Sonic Network, FTM Price Rally to Continue?

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