George Town, Cayman Islands, December 13, 2024, PakGazette
Sonic Labs today announced the launch of Sonic mainnet, an EVM-compatible Layer 1 blockchain platform that offers developers attractive incentives and powerful infrastructure.
With 10,000 transactions per second (TPS), sub-second finality, and a native, decentralized gateway, Sonic enables developers to build the next generation of applications with unparalleled infrastructure and liquidity.
Developed by the same team behind Fantom, Sonic and its S token represent a significant advance over Fantom and FTM. Through an individual upgrade process from FTM to S, existing FTM holders can start using Sonic seamlessly.
Sonic leverages its proven expertise to establish itself as a DeFi hub by revolutionizing incentives for developers while providing users with seamless experiences and access to large amounts of liquidity.
Fee Monetization: Developers Come First
Fee Monetization (FeeM) on Sonic rewards developers with up to 90% of the network fees generated by their apps, adopting the Web2 ad revenue strategies popularized by platforms like YouTube. While many blockchains offer limited incentives for developers and focus primarily on value extraction, Sonic addresses this issue effectively through its FeeM model.
“Recently, we have seen the launch of many new chains, especially centralized layer 2 ones where the founders keep all the network fees. This excludes developers from the equation, forcing them to impose additional fees on users to earn revenue. FeeM addresses this by encoding developer rewards directly on-chain, ensuring that network fees are shared with developers from the beginning.”—Sam Harcourt, Business Development Lead, Sonic Labs
Sonic chain developers receive a portion of the network fees generated by the traffic and engagement their apps attract, providing a built-in mechanism for ongoing revenue.
Fantom to Sonic: FTM to S Update
Fantom and its FTM token are officially transitioning to Sonic and the S token. Sonic Labs is making the transition easier by offering a dedicated upgrade portal on MySonic that allows FTM holders to seamlessly upgrade their FTM to S individually.
“We are proud to launch the new Sonic chain as the next evolution of Fantom, building on its impressive track record of nearly 100% uptime since 2019. Sonic is a revolutionary platform that puts developers first, allowing them to create applications with experiences of perfect user opportunities while earning a portion of network fees.”—Michael Kong, CEO of Sonic Labs
For the first 90 days after the Sonic mainnet launch, holders can freely trade between FTM and S using the upgrade portal. After this period, holders will only be able to upgrade from FTM to S.
Sonic Gateway: secure and decentralized interoperability
With cross-chain activity on the rise, secure, trustless bridges are more crucial than ever. Traditional Layer 1 and Layer 2 bridging solutions often rely on centralized systems, risking potential losses in the billions.
Sonic Gateway addresses these challenges as a decentralized, trustless bridge between Ethereum and Sonic, offering:
- Security: A failsafe mechanism ensures that user funds can be recovered in Ethereum if the Gateway is down for 14 days, ensuring asset protection.
- Speed: Asset transfers are done in batches efficiently (every 10 minutes from Ethereum to Sonic and every hour vice versa). The Fast Lane feature allows users to pay a small fee to make a bridge instantly.
- Decentralization: Operated by Sonic validators on both chains, the Gateway is as decentralized as Sonic itself, avoiding centralized manipulation.
“To empower users with effective, trustless control of their assets, we developed Sonic Gateway, which provides liquidity from other platforms. Powered by our own validators and protected by a security mechanism, the Gateway allows users and applications safely leverage benefits and incentives to bring new liquidity to Sonic.” — Bernhard Scholz, Research Director, Sonic Labs
Sonic Labs will expand Gateway beyond Ethereum in the future, enabling direct, decentralized access to assets native to multiple blockchains.
Sonic Airdrop: S Token Distribution
To encourage network growth, Sonic Labs is distributing 190.5 million S tokens through an airdrop program focused on both users and developers. The program includes two incentive structures:
- sonic points: Rewards end users for early adoption, asset ownership, and overall engagement.
- sonic gems: Reward developers for creating apps that drive user activity and innovation. Developers can convert Gems to S and share the tokens with their users to incentivize continued use.
About Sonic
Sonic is a Layer 1 EVM platform that offers developers attractive incentives and powerful infrastructure. The chain provides over 10,000 TPS, sub-second confirmation times, and a secure gateway to Ethereum to improve asset liquidity and security.
For more information, users can visit Sonic’s official website and follow Sonic’s Twitter.
Contactsonic laboratories[email protected]
