Andre Cronje is the co-founder of the Sonic project. He calls the newly rebranded layer-1 Blockchain Sonic (S), the “golden standards” for layer-2s.
Cronje claimed on social media platform X, that Sonic (formerly Fantom) is “the only actual decentralized Stage 3 L2.”
No fee extraction. All submissions are 100% ETH. There is no “centralized value extraction”. Decentralized sequencing. Decentralized bridges.
We already did it. The rest of the L2s are still pretending to “decentralize” (why wouldn’t they, when they receive millions in fees each year?) We already did it.
Increased the number of transactions per second on L1 to over 16,000 Storage was reduced by up to 98%, even for archival nodes. Slowed down L1 to the “gold standard” of L2. FeeM, FeeSub and dynamic fees .” are not mentioned.
In 2018, a South Korean computer scientist created Fantom. This project was designed to be a tool for aggregating smart contracts to create decentralized applications.
The development team that created the blockchain last year announced the rebranding of the company as Sonic to increase transactional efficiency.
Investors will be able to exchange their FTM tokens for S tokens that have different functions in the Sonic eco-system.
S was trading at $0.453 as of the time this article is written. S, the 85th most valuable crypto asset in terms of market capitalization, has fallen by nearly 85% over the last 24 hours.
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Andre Cronje says that Sonic is now the ‘Gold Standard’ for Layer-2s after scaling transactions to 16 000+ per second. This article appeared first on The ICD.
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