All Updates

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Product updates
Fantom rebrands to Sonic Labs in preparation for EVM chain launch
Decentralized Finance (DeFi)
Aug 3, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

Aug 3, 2024

Fantom rebrands to Sonic Labs in preparation for EVM chain launch

Product updates

  • Fantom, a decentralized smart contract platform, has rebranded to Sonic Labs in preparation for the launch of "Sonic," an Ethereum Virtual Machine (EVM) chain.

  • Sonic aims to address the network issues of the company’s Opera chain referred to as "Fantom," including congestion and user experience. The new blockchain promises to process more transactions per second (over 10,000 TPS), support a shared sequencer for layer-1 and layer-2 chains, and target over 180 million transactions daily. 

  • Sonic is designed to expand and enhance the Fantom ecosystem, with both networks coexisting. As part of the transition, the company plans to offer airdrops and bonus mechanisms for FTM token holders, with a 1:1 migration from FTM to S, Sonic's new native token. Additionally, the Fantom Foundation has committed up to 200 million S tokens to a fund to accelerate partner migration to the new platform. 

  • The Sonic protocol is expected to launch by November or December 2024. 

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