Fantom, a well-established project in the crypto industry, is making significant strides with its upcoming upgrade to the Sonic Network. Launched in 2019, Fantom’s Opera chain was a pioneer in blockchain scalability, offering one of the first Ethereum side chains that was both faster and cheaper.
Introducing Sonic Network ($S): The Biggest Token Upgrade Yet
Fantom is set to launch its largest token upgrade to date with the introduction of the Sonic Network and the new $S token. The $S token will replace the existing $FTM token with a seamless one-to-one conversion rate. This upgrade will be available in the next 1 to 2 months, ensuring that users can easily transition from $FTM to $S. Additionally, the $S token will feature an extra supply dedicated to a community airdrop, fostering greater community involvement.
Read about the airdrop and the unique burn mechanics here.
The Sonic Network: Hyper Scalable Blockchain
The upgrade to the Sonic Network brings an EVM-compatible blockchain showcasing brand-new technology created by Fantom. Sonic is anticipated to achieve 2000+ transactions per second with ultra-short finality. The Sonic chain represents a 10X upgrade from Fantom’s previous Opera chain, which handled only 200 transactions per second. Additionally, Sonic’s reduced storage requirements from 11TB to less than 1TB for archive nodes make it far more affordable and accessible for anyone to launch their own validators.
Token Migration: A Smooth Transition
The token migration from $FTM to $S is reminiscent of similar migrations in the crypto space. Such as Merit Circle’s ($MC) transition to Beam ($BEAM) and Ribbon Finance’s ($RBN) shift to Aevo (AEVO). This structured approach ensures a smooth and efficient transition for all users involved in the upgrade to the Sonic Network.
Strategic Funding and Support
In a significant development, Fantom announced the closure of a $10 million strategic funding round led by Hashed, a prominent cryptocurrency fund based in Korea. The funding round also received backing from notable investors including Stani Kulechov from AAVE, Robert Leshner from Compound, Michael Egorov from Curve Finance, Fernando Martinelli from Balancer, Tarun Chitra from Gauntlet, and Sam Kazemian from Frax Finance. This robust financial support underscores the potential and credibility of the Sonic chain.
A New Wave of Interest and Opportunities
The migration to Sonic, coupled with rebranding and new use cases, is expected to generate significant interest within the crypto community. The extensive support from blue-chip DeFi protocols and the substantial airdrop from the extra token supply further enhance the attractiveness of this upgrade.
Stay tuned for more updates as Fantom transitions to Sonic. Don’t miss out on this groundbreaking evolution in the crypto space!
Disclosures: Not investment advice. The Author, Sarson Funds, Inc. and its affiliated managers may hold positions in the projects mentioned. Talk with your financial advisor before making any investment decisions or have them contact Sarson Funds directly at info@sarsonfunds.com
