TL;DR
- Sonic Labs’ Milestone: Sonic Labs is set to launch its layer-1 blockchain, Sonic, after successfully completing its Genesis milestone, marking the creation of the first block, “Block Zero.”
- Enhanced Performance: Sonic, an EVM-compatible blockchain, aims to improve network performance by reducing latency and transaction fees, supported by the Fantom Foundation.
- Developer Incentives: Sonic’s blockchain features a proof-of-stake system, rapid transaction finality, and allocates 90% of transaction fees to developers, with strong backing from the Fantom Foundation.
Sonic Labs has announced the imminent public launch of its layer-1 blockchain, Sonic, following the successful completion of its Genesis milestone. This milestone marks the creation of the blockchain’s first block, often referred to as “Block Zero.” The announcement was made on December 2, with Sonic Labs stating, “Genesis achieved. Block zero. Infrastructure deploying. Public soon”.
A Successor to Fantom Opera Network
Sonic is an Ethereum Virtual Machine (EVM)-compatible blockchain designed for speed and efficiency. It is seen as a successor to the Fantom Opera network, with the rebranding aimed at enhancing network performance by reducing latency and transaction fees.
The project is supported by the Fantom Foundation, which has been instrumental in developing Fantom’s decentralized finance (DeFi) ecosystem since 2019.
Innovative Features and Developer Incentives
On December 1, Sonic unveiled “Blaze,” an enhanced testnet, in preparation for its upcoming public launch. The platform also completed its “Snapshot” for an airdrop allocation of its native “S” tokens on December 2.
Approximately 200 million S tokens, which can be swapped 1:1 with Fantom (FTM) tokens, were distributed through interactive arcade games like Coinflip and Plinko. The games have now wrapped up as the platform shifts its focus to the upcoming launch of its mainnet.
Sonic’s blockchain utilizes a proof-of-stake system, enabling holders of S tokens to engage in staking activities. During testnet trials, the blockchain achieved transaction finality in just 720 milliseconds, placing it among the fastest EVM-compatible chains, alongside Solana and Base. The Sonic network is designed to incentivize developers, allocating 90% of generated transaction fees back to them.
Support from the Fantom Foundation
To support the transition from Fantom to Sonic, the Fantom Foundation allocated $120 million in FTM tokens to assist developers in migrating their projects. Earlier this year, the Sonic Foundation was launched to oversee governance, manage the treasury, foster partnerships, and build a comprehensive DeFi ecosystem.
As Sonic Labs moves closer to its public launch, the blockchain community eagerly anticipates the potential impact of this new, high-speed, EVM-compatible blockchain on the DeFi landscape. With its innovative features and strong support from the Fantom Foundation, Sonic is poised to become a significant player in the blockchain space.
