As a seasoned analyst with over two decades of experience in the tech and blockchain industry, I find Sonic Labs’ bounty program to be a strategic move that could potentially drive significant developer activity and foster a vibrant ecosystem. The focus on key blockchain verticals demonstrates a keen understanding of the market dynamics and a clear vision for the future.
Previously known as Fantom, Sonic Labs has unveiled an incentive-based initiative called a “bounty program.” This program is designed to motivate developers as we approach the launch of the Sonic network.
The Sonic Boom and Sonic Gems incentive program is designed to encourage the initial use of applications on the Sonic platform, as stated in a press announcement. This project aims to focus on significant blockchain sectors, such as exchanges, payments, development tools, stablecoins, gaming, lending, and more.
Fantom (FTM) will transition to Sonic (S) later this year.
Boosted rewards for users
Sonic Gems serve as a means for their owners to gain a portion of the freshly minted Sonic tokens. Developers will receive these Gems initially, and later distribute them among the users.
The bounty program is set to last for approximately 13 weeks, ending on November 4th. Throughout this span, as many as 30 projects may receive Gems in an airdrop worth approximately 190.5 million S, which represents around 37.5% of the total allocation. Users are given the chance to engage with numerous applications and enjoy enhanced rewards during this time.
The total reward is approximately $28 million, Sonic Labs noted in a post on X.
We’re determined to ensure our developer community receives the recognition they deserve, with benefits spanning both the short and long term. To achieve this goal, we’re excited to introduce Sonic Boom. I can hardly wait to witness the innovative solutions our developers come up with as we gear up for the mainnet launch of Sonic later this year.
Michael Kong, chief executive officer of Sonic Labs.
In simple terms, Sonic’s upcoming mainnet is modeled after the Sonic upgrade launched by the Fantom Foundation, which strives to deliver a layer-1 network capable of handling high transaction volumes. Notably, Sonic can process over 10,000 transactions per second, marking a substantial improvement compared to the 2,000 TPS achievable on the Fantom Opera network.
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2024-08-20 21:26