Fantom’s FTM Price Surge After Unveiling Sonic Network

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As a researcher with a background in blockchain technology and a keen interest in the latest developments within the ecosystem, I am particularly intrigued by Fantom Foundation’s announcement of their new Layer-1 blockchain, Sonic Network. This innovative solution bridges the gap between Ethereum and Sonic, allowing the latter to tap into Ethereum’s extensive user base, liquidity, and various protocols.

The Fantom Foundation revealed their latest Layer-1 blockchain named Sonic Network. This new blockchain can interface with Ethereum via a Layer-2 connection, granting Sonic the ability to tap into a large user community, deep liquidity pools, and multiple protocols.

Announcement: Governance Updates for Fantom’s Future

— Fantom Foundation (@FantomFDN) May 17, 2024

According to the announcement, Sonic Network and Sonic Bridge will allow Sonic to compete at a higher level due to their groundbreaking characteristics. For the first time, an ecosystem linked to Ethereum will be able to fully leverage the advantages of a layer-1 blockchain through Sonic.

Sonic enables access to native Ethereum tokens, including ETH, by combining the cost-effectiveness and flexibility of a layer-1 blockchain with the robust security of a layer-2 bridge.

Significantly advancing the bar, Sonic technology reaches impressive feats. The enhanced Opera network now handles an astounding 2,000 transactions per second (TPS) and achieves finality in just one second. This results in substantial savings on storage needs and costs. As a trailblazing development platform, Sonic lays the foundation for dApps and vibrant communities to flourish in the digital realm.

As an analyst, I would express it this way: When the Sonic chain goes live, $S’s supply will equal that of $FTM, ensuring a smooth transition for users. You have the opportunity to swap your existing $FTM tokens for an equal number of new $S tokens during the Genesis event, subject to the outcome of today’s governance vote.

As a crypto investor, I’m excited about the upcoming launch of the Sonic chain in the Fantom ecosystem. Developers, app creators, and users alike will have the chance to make the switch to this advanced platform, taking advantage of its innovative features.

At first, it will be possible for tokens to move back and forth between $FTM and $S, thanks to a bridge. This process makes it easy for those currently using the Opera network to try out the Sonic experience. However, after a set time, the transfer of tokens from $FTM to $S will become a one-way process.

After this latest announcement, I’ve observed a noticeable surge in Fantom (FTM) price, which had already reached its peak over the past week. At present, Fantom (FTM) is priced at $0.8655, representing a 7.52% increase. With a market capitalization of $2.4 billion, it’s steadily advancing towards the $1 mark.

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2024-05-18 13:56