TL;DR
- Rebranding to Sonic Labs: Fantom, a DAG protocol, has transformed into Sonic Labs. The project’s official page now bears the name “Sonic Labs,” signaling a fresh direction. Sonic Labs will focus on developing decentralized applications (DApps) within the Sonic ecosystem.
- Sonic’s Impressive Features: Sonic, touted as the fastest EVM, operates as a Layer-1 platform with a secure gateway to Ethereum. It boasts over 10,000 transactions per second (TPS) and one-second confirmation times.
- Sonic’s Incentive Program and Token: Sonic Labs aims to support DApps through an extensive incentive program. Unlike its predecessor, which used FTM as its native token, Sonic introduced the S token.
Directed Acyclic Graph (DAG) protocol Fantom has undergone a significant transformation, rebranding itself as Sonic Labs. The official X page, previously associated with Fantom, now bears the name “Sonic Labs,” signaling a fresh direction for the DeFi project.
🎉 IT'S OFFICIAL! We're now Sonic Labs.
We're excited to launch #Sonic Labs across all platforms as we move toward the release of Sonic, the fastest EVM chain with a secure gateway to Ethereum.
Check out the new Sonic Labs splash page.
🔗 https://t.co/RwTCVom6Oi pic.twitter.com/aCZCLXL33a
— Sonic Labs (prev. Fantom) (@0xSonicLabs) August 1, 2024
From Fantom to Sonic Labs
Several months ago, Fantom initiated its rebranding journey by announcing the launch of two entities: Sonic Labs and Sonic Foundation. Sonic Labs assumes responsibility for developing and nurturing decentralized applications (DApps) connected to the Sonic ecosystem.
Michael Kang, CEO of the Fantom Foundation, explained: “The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will oversee network governance and treasury management. Additionally, Sonic Labs will drive growth by fostering dApps, partnerships, and user engagement.”
This transition aligns with the impending launch of Sonic, touted as the fastest EVM. As described on the Sonic Labs splash page, Sonic operates as a Layer-1 platform with a secure gateway to Ethereum. Notably, it boasts impressive features, including over 10,000 transactions per second (TPS) and one-second confirmation times.
A New Era With Sonic Labs
Sonic Labs aims to garner support through an extensive incentive program. Unlike its predecessor, which used FTM as its native token, Sonic introduced the S token. This new token will enter the ecosystem via massive airdrops, simplified staking mechanisms, and other strategic initiatives.
Although the transition from Fantom to Sonic Labs is complete, Sonic’s official launch is scheduled for the fourth quarter. Prominent supporters and investors of Sonic Labs include Compound CEO Robert Leshner, Aave CEO Stani Kulechov, Frax Finance CEO Sam Kazemian, and others.
At the time of writing, Fantom’s (Now Sonic Labs) native token, FTM is trading at $0.4114, decreasing nearly 2% in the last 24 hours, according to data from CoinMarketCap.
Ethereum ETF Developments
Meanwhile, the Ethereum landscape has seen recent developments following the United States Securities and Exchange Commission (SEC) approval of spot Ethereum ETF trading. While Ethereum ETFs initially performed well, they are now experiencing significant outflows.
On Wednesday, all eight spot Ethereum ETFs collectively saw an outflow of $77.2 million. As Sonic Labs charts its course, the crypto community eagerly awaits the launch of Sonic, anticipating its impact on the broader blockchain ecosystem.
