- The Sonic Protocol positions Fantom as a high-speed DeFi and NFT competitor with perfect compatibility with Ethereum.
- Upgrading FTM tokens to Sonic tokens improves access to the ecosystem, but faces market uncertainty during the transition.
Following the recent update that Band Protocol integrated push-based oracles on Sonic Labs, CNF highlighted improvements in real-time data reliability for dApps, particularly for DeFi and AMM. Fantom, now operating under the name Sonic Labs, has officially launched Sonic Protocol on its mainnet.
As described in a Blockmates article, Fantom was a key player in the equation along with other low-cost, high-speed networks like Avalanche and Solana.
However, as the blockchain space evolves, it is clear that to stay ahead you need to relentlessly innovate and provide real value in an increasingly competitive landscape.
The high-performance, Ethereum-compatible blockchain offers revolutionary features, including processing 10,000 transactions per second and finalizing in less than a second.
This initiative is set to attract developers by providing robust tools for building next-generation decentralized applications (DApps) and integrating seamlessly with Ethereum for wider accessibility.
Smooth transition for FTM holders
With the launch, Fantom (FTM) holders can upgrade their tokens to the new “Sonic” (S) tokens via an upgrade portal on a 1:1 basis. This migration gives users access to Sonic’s application ecosystem. Free trades between FTM and S tokens will be available for 90 days after launch, after which updates will become one-way.
Despite these innovations, FTM saw a price decline of 8.47%, trading at $1.23, due to market uncertainty over the transition.
Building the future of DeFi and NFTs
With the Genesis Block created for its advanced smart contract chain, Sonic Labs aims to compete in both the decentralized finance (DeFi) and non-fungible token (NFT) sectors. Sonic Labs will oversee application development on the protocol, while the Sonic Foundation will manage governance and treasury, positioning the project as a promising entrant in blockchain innovation.
The launch of the Sonic protocol follows months of preparation, including the Blaze testnet, which confirmed compatibility with the Ethereum Virtual Machine (EVM). Meanwhile, Ethereum (ETH) has seen a decline of 4.31% over the past day and 6.31% over the past week, trading at $3,658.81.
