Fantom has officially changed its name to Sonic Labs, as the company prepares for the mainnet launch. Sonic is the EVM-chain that provides a gateway secure to the Ethereum blockchain.
Sonic Labs, a blockchain focused on decentralized enterprise and finance applications revealed its rebranding through X. It noted that Sonic Labs is now available across all platforms.
Sonic Labs claims that the new branding is an important step in the roadmap of blockchain platforms towards Sonic’s launch.
It is anticipated that the EVM will be launched later this year. The various development initiatives in place are providing further clarification to all the stakeholders in the project, such as FTM holders and network developers.
What is Fantom Sonic Upgrade?
Fantom has developed a new upgrade called Sonic, that provides better security, scalability and overall user experience than the Opera Chain, launched in December of 2019.
The new Sonic store offers sub-second processing of 2,000 transactions per second.
Michael Kong, CEO of Sonic Labs (previously Fantom), outlined Sonic Upgrade for March 2024. In April, the first Sonic validator went online.
The Fantom Foundation released the Fantom Sonic testnet in May. As the fan community celebrated the milestone, FTM prices soared.
Sonic will not only provide a 2,000+ TPS finality at sub-seconds, but also a virtual machine with enhanced database storage and streamlined consensus. Fantom Foundation stated in May, that Opera’s upgrade allows DeFi to strengthen its network without the need for additional layers or sharding.
The Sonic Chain is a Layer-1 Platform that connects to Ethereum using a bespoke bridge.
The Fantom Foundation claims that Sonic dApps can benefit from Ethereum’s liquidity, user base, and large number of protocols.
Sonic Labs has confirmed that Opera will continue to support the Sonic brand.
The Fantom Foundation, Sonic Labs, and Alchemy have recently formed a partnership with Alchemy. This Web3 platform is the launch partner of Sonic.
Sonic migration incentives
The Fantom Foundation has committed 200,000,000 S (the native token for Sonic) to an innovative fund to accelerate partner migration in advance of the launch.
The platform announced that in addition to the accelerator fund of $100 million, it would also be announcing airdrops and bonuses for FTM owners as they encourage the migration 1:1 from FTM into S.
FTM is currently trading at $0.41. This represents a 9% drop in the past week. Altcoins have lost 25% of their value over the last 30 days.
As new information becomes available, this post Fantom rebrands as Sonic Labs before EVM Chain Launch may be updated.
