Michael Kong, CEO of the Fantom Foundation, unveiled the launch of Sonic, a groundbreaking blockchain technology that promises unparalleled scalability and security. With plans to create a shared sequencer for L1 and L2 chains and introduce simplified staking and liquid staking support, the Fantom team is ready to revolutionize the blockchain world. Stay tuned for more exciting updates and partnerships in the coming weeks.
Michael Kong, CEO of the Fantom Foundation, revealed exciting launch plans and future developments for Sonic, an innovative blockchain technology. Kong highlighted the significant advancements made since the Opera network debut in 2019, which laid the foundation for Sonic’s creation.
Based on concepts studied by Andre Cronje, the Opera network offered improved scalability and finalization times compared to Ethereum at the time. However, as the network gained popularity, it faced problems during peak demand periods, which led to congestion and poor user experience.
To address these challenges, the Fantom team has been working diligently on Sonic for the past two years, with the goal of creating the most scalable and secure blockchain technology to date. Sonic boasts an impressive capacity to process 2,000 transactions per second (TPS) with sub-second finality, a significant performance improvement over Opera’s 200 TPS.
Based on Sonic’s technology, Phantom plans to further innovate and evolve. The team plans to use Sonic to develop a shared sequencer for both L1 and L2 chains, allowing it to process more than 180 million transactions per day in real time, with sub-second confirmation times. This development will serve as the basis for relaunching Phantom as a community-driven brand.
To support Sonic’s growth and adoption, Fantom plans to propose a governance proposal that includes several key initiatives: These initiatives include building a secure, minimal-trust bridge with native Ethereum access, simplifying staking with a fixed 14-day unbonding period, and expanding the Sonic Labs grant program to encourage developers to build unique and valuable applications. .
Fantom also aims to launch an extensive rewards campaign to thank existing users of the Opera network and drive adoption of the new chain. The introduction of Supersets, an upgrade scheduled for the end of 2024, will further improve the performance of Phantom Virtual Machines (FVMs) and increase their overall efficiency. The team also plans to explore parallelization to increase Sonic’s performance and continue research on off-chain execution with on-chain verification.
Additionally, Fantom recognizes the importance of standard stablecoins for the success of decentralized finance (DeFi), both on the Opera network and the new Sonic stack. Efforts are underway to implement a formal stablecoin in the near future.
Michael Kong expressed his excitement about future developments and partnerships. He assured the community that Fantom remains committed to the advancement of its platform through the support of Fantom’s token holders, stakers, and projects.
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