George Town, Cayman Islands, December 13, 2024, Chainwire
Sonic Labs today announced the launch of Sonic Mainnet, an EVM-compatible layer 1 blockchain platform that provides attractive incentives and robust infrastructure for developers.
With 10,000 transactions per second (TPS), sub-second finality, and a native decentralized gateway to Ethereum, Sonic empowers developers to build next-generation applications with unparalleled infrastructure and liquidity.
Developed by the same team as Fantom, Sonic and its S token represent significant advancements from both Fantom and FTM. The one-to-one upgrade process from FTM to S allows existing FTM holders to seamlessly start using Sonic.
Sonic has positioned itself as a DeFi hub by leveraging its proven expertise to innovate developer incentives, providing users with a seamless user experience and access to massive liquidity.
Generate Fee Revenue: Developers Come First
Sonic’s Fee Monetization (FeeM) rewards developers with up to 90% of the network fees generated by their applications by adopting the Web2 advertising revenue strategy popularized by platforms like YouTube. While many blockchains offer limited developer incentives and focus primarily on value extraction, Sonic effectively solves this problem through its FeeM model.
“Recently we have seen many new chains launching. This is especially true for centralized Layer 2, where the founder bears all network costs. This leaves developers out of the equation, forcing them to charge additional fees to users to make a profit. FeeM solves this problem by coding developer rewards directly onto the chain, ensuring network costs are shared with developers from the start.”—Sam Harcourt, Head of Business Development, Sonic Labs
Developers on the Sonic chain receive a portion of the network fees generated by the traffic and engagement their applications attract, providing a built-in mechanism for ongoing revenue.
From Fantom to Sonic: Upgrade FTM to S
Fantom and FTM tokens will officially be converted to Sonic and S tokens. Sonic Labs is facilitating the transition by providing MySonic with a dedicated upgrade portal that allows FTM holders to seamlessly upgrade their FTM to S on a one-to-one basis.
“We are proud to launch the new Sonic Chain as the next evolution of Fantom, building on our impressive track record of nearly 100% uptime since 2019. Sonic is an innovative platform that puts developers first, helping them create applications with seamless user experiences. We get a share of the network fees.” — Michael Kong, Sonic Labs CEO
During the first 90 days following Sonic’s mainnet launch, holders can freely switch between FTM and S using the upgrade portal. After this period, holders can only upgrade from FTM to S.
Sonic Gateway: Secure, Decentralized Interoperability
As cross-chain activity increases, secure and trustless bridges are more important than ever. Traditional Layer 1 and Layer 2 bridging solutions often rely on centralized systems, risking billions of dollars in potential losses.
Sonic Gateway solves these problems as a decentralized, trustless bridge between Ethereum and Sonic, providing:
- security: Safeguards ensure asset protection by ensuring that user funds can be recovered on Ethereum if the gateway is down for 14 days.
- speed: Asset transfers are efficiently batched (every 10 minutes from Ethereum to Sonic and every hour in the reverse direction). The Fast Lane feature allows users to bridge instantly by paying a small fee.
- dispersion: The gateways operated by Sonic’s validators on both chains are as decentralized as Sonic itself, preventing centralized manipulation.
“To help users gain effective and trustless control over their assets, we developed Sonic Gateway to provide liquidity across other platforms. “The gateway, powered by our own validators and protected by safeguards, allows users and apps to safely leverage the benefits and incentives that bring new liquidity to Sonic.” — Bernhard Scholz, Chief Research Officer, Sonic Labs
Sonic Labs will expand its gateway beyond Ethereum in the future to enable direct, decentralized access to native assets on 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 point: Reward end users for early adoption, asset retention, and overall engagement.
- sonic gems: Rewards developers who create applications that drive user activity and innovation. Developers can convert Gems to S and share tokens with users to encourage continued usage.
Introduction to Sonic
Sonic is an EVM layer 1 platform that provides attractive incentives and robust infrastructure for developers. The chain provides a secure gateway to Ethereum for 10,000+ TPS, sub-second confirmation times, improved liquidity, and asset security.
For more information, visit Sonic’s official website or follow Sonic on Twitter.
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