As a seasoned researcher with a knack for deciphering the intricacies of blockchain technology and its applications, I find the launch of Sonic Labs’ mainnet to be an exciting development. With my background in DeFi and understanding the challenges faced by developers in this space, I am particularly drawn to the Fee Monetization (FeeM) model that prioritizes developers’ needs.
George Town, Cayman Islands, December 13th, 2024, Chainwire
Today, Sonic Labs unveiled the debut of their own Sonic mainnet, a scalable, Ethereum Virtual Machine (EVM) compatible blockchain platform. This innovative network provides developers with appealing rewards and robust infrastructure.
On Sonic’s platform, capable of handling 10,000 transactions every second, developers can swiftly finalize transactions in under a second. Additionally, it offers a self-governing bridge to Ethereum, making it possible for developers to construct cutting-edge applications on an unrivaled infrastructure and liquidity foundation.
As part of the researcher involved in this project, I’m excited to share that the team behind Fantom has introduced Sonic, along with its native token S. This innovative development represents a substantial advancement compared to both Fantom and its FTM token. By undergoing a straightforward one-to-one upgrade process from FTM to S, current FTM holders can effortlessly transition into utilizing the benefits provided by Sonic.
Sonic positions itself as a leading platform in the DeFi sector by innovatively redefining developer rewards and ensuring seamless user interfaces, all while offering extensive liquidity resources for its users.
Fee Monetization: Developers Come First
As an analyst, I’d rephrase it as follows:
In the recent past, a significant number of new blockchain networks have emerged, particularly centralized layer 2 solutions where the creators keep all transaction fees. This setup sidesteps developers, compelling them to charge additional fees to users as a source of income. FeeM tackles this issue by incorporating developer rewards into the very structure of the chain, thus distributing network fees to developers right from the outset. (Sam Harcourt, Business Development Lead, Sonic Labs)
On the Sonic network, developers earn a portion of the transaction fees that arise from the activity and interaction generated by their apps, providing an automatic system for continuous earnings.
Fantom to Sonic: Upgrading FTM to S
Fantom and its FTM token are officially transitioning to Sonic and the S token. Sonic Labs is facilitating the transition by offering a dedicated upgrade portal on MySonic that allows FTM holders to seamlessly upgrade their FTM to S on a one-to-one basis.
Michael Kong, CEO of Sonic Labs, announces the debut of our latest project – the Sonic chain. This new platform marks the progression of Fantom and capitalizes on its exceptional reliability, boasting an almost uninterrupted service since 2019 with a nearly 100% uptime rate. The Sonic chain is designed to cater specifically to developers, providing them with tools that streamline application development for optimal user experiences. Additionally, this platform allows developers to benefit financially by earning a portion of the network fees generated.
For the first 90 days following Sonic’s mainnet debut, token holders are allowed to exchange their FTM tokens for S tokens or vice versa through the upgrade portal without restrictions. Following this initial phase, holders will have the ability to upgrade their FTM tokens into S tokens, but not the other way around.
Sonic Gateway: Secure, Decentralized Interoperability
As cross-chain transactions become increasingly common, it’s essential that reliable and decentralized connections, or bridges, gain even more importance to prevent potential financial losses running into billions. Many conventional bridge solutions at layers 1 and 2 depend on centralized architectures.
The Sonic Gateway addresses these challenges as a decentralized and trustless bridge between Ethereum and Sonic, offering:
- Security: A fail-safe ensures user funds can be recovered on Ethereum if the Gateway is down for 14 days, guaranteeing asset protection.
- Speed: Asset transfers are batched efficiently (every 10 minutes from Ethereum to Sonic and hourly in reverse). The Fast Lane feature lets users pay a small fee to bridge instantly.
- Decentralization: Operated by Sonic’s validators on both chains, the Gateway is as decentralized as Sonic itself, preventing centralized manipulation.
To give users the ability to manage their assets independently and securely, we created the Sonic Gateway. This tool draws liquidity from other sources, ensuring its operation through our own validators and safeguarded by a reliable backup system. With this Gateway, users can confidently take advantage of the rewards and opportunities that come with adding new liquidity to Sonic, all while using their apps safely and securely. – Bernhard Scholz, Chief Research Officer, Sonic Labs
In the future, Sonic Labs plans to extend the functionality of Gateway beyond just Ethereum. This means users will be able to access various blockchain’s native assets directly and decentralized, without needing intermediaries.
Sonic Airdrop: Distributing the S Token
As a crypto investor, I’m excited about Sonic Labs’ strategy to foster network expansion by issuing 190.5 million S tokens through an airdrop initiative, catering to both users and developers. This plan incorporates two motivational frameworks:
- Sonic Points: Rewards end-users for early adoption, asset holding, and overall engagement.
- Sonic Gems: Rewards developers for creating applications that drive user activity and innovation. Developers can convert Gems to S and share the tokens with their users to incentivize continuous usage.
About Sonic
Sonic serves as a robust foundation for developers, offering appealing rewards and potent resources at its EVM layer-1 platform. The network boasts an impressive transaction processing speed of over 10,000 transactions per second (TPS), swift confirmation times under one second, and a secure bridge to Ethereum, enhancing liquidity and asset safety by providing a gateway.
For more information, users can visit Sonic’s official website and follow Sonic’s Twitter.
Contact
Sonic Labs
press@soniclabs.com
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2024-12-18 18:13