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- Fantom’s Sonic Network boosts FTM price by 32% in a week, trading at $0.9043, while overall crypto market dips slightly.
- Sonic Network connects Fantom to Ethereum, offering speed, scalability, and low costs, with bidirectional migration from FTM to S tokens.
Fantom (FTM) is making waves in the cryptocurrency market as it unveils details about its Sonic Network. With FTM trading at around $0.9043, the 46th-ranked crypto asset by market cap has witnessed a remarkable uptrend, surging nearly 4.47% in the past 24 hours and over 32% in the past week. Additionally, the crypto market cap has experienced a slight gain of 5% over the past 24 hours and seven days.
Sonic Network helps in Bridging Ethereum with Layer-1 Innovation
The Fantom Foundation recently announced more details about Sonic Network, a new Layer-1 blockchain that promises to revolutionize crypto. Sonic Network will seamlessly connect to Ethereum via a native layer-2 bridge, offering users the full benefits of a layer-1 blockchain while providing native access to ETH and other assets on Ethereum. This integration ensures low costs, scalability, and speed, coupled with the security of a layer-2 bridge, paving the way for a new era of decentralized applications (dApps) and communities to thrive.
The advent of Sonic Network heralds a host of benefits for developers, applications, and users within the Fantom ecosystem. With the upgraded Opera chain boasting a staggering throughput of 2,000 transactions per second (TPS) and single-second finality, Sonic Network sets the stage for unprecedented innovation and scalability. This next-generation platform empowers dApps and communities to thrive, providing a fertile ground for the development of cutting-edge solutions and decentralized applications.
Token Migration from FTM to S
As part of the transition to Sonic Network, Fantom Foundation announces a seamless token migration process. Upon the launch of the Sonic chain, the supply of $S tokens will align with that of $FTM, enabling users to transition effortlessly at a 1:1 ratio during the genesis phase. Pending the outcome of a governance vote initiated by the community, users will have the opportunity to migrate their $FTM tokens to the new $S token, ensuring a smooth and inclusive transition process.
During the initial transitional period, users can expect bidirectional migration between $FTM and $S tokens, facilitated by a dedicated bridge. This approach ensures continuity and flexibility for current Opera network participants, allowing them to embrace the innovative features of Sonic Network at their own pace. However, it is important to note that once the transitional period concludes, the migration will transition to a one-way process, with $FTM tokens being exchanged exclusively for $S tokens.
TVL Growth Reflects Increasing Adoption
In addition to technological advancements, Fantom’s Total Value Locked (TVL) has witnessed substantial growth in recent days. Data from DeFiLlama indicates that the TVL on the Fantom network surged by nearly 2% in the last 24 hours, which is currently at $138.29m
Fantom TVL Chart: Defilama
This slight surge in TVL is indicative of a broader trend of increasing adoption across various decentralized exchanges, lending platforms, yield aggregators, and other decentralized applications (dApps) operating within the Fantom ecosystem. By implementing the Sonic upgrade, Fantom is not only enhancing its network’s capabilities but also delivering greater value and utility to its users.
