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Key Notes
- The launch of the Sonic mainnet is a huge boost to DeFi developers on the Ethereum network as there are several incentive programs.
- The transition of FTM to S token will happen seamlessly through the upgrade portal and different CEXes.
Sonic Labs, a web3-oriented company building on the success of the Fantom (FTM) network, has announced the launch of the Sonic mainnet, a high-throughput layer one (L1) blockchain compatible with the Ethereum Virtual Machine (EVM). Following the mainnet launch, holders of FTM tokens can now swap for S tokens at equal value through Sonic’s dedicated portal.
According to Sonic Labs, FTM holders on the Ethereum (ETH) network can transfer their assets to a supported centralized exchange, where the upgrade to the S token will happen automatically.
For the Wrapped FTM holders on the Opera network, the Sonic Labs team has urged them to unwrap the tokens and use the dedicated upgrade portal on MySonic.
Similarly, the staked and delegated FTM tokens can be upgraded after the completion of the claiming process, taking 24 hours.
Key Features of Sonic Mainnet
The Sonic network is a major milestone for the web3 ecosystem seeking to power the next generation of decentralized applications. Furthermore, the Sonic network offers DeFi developers a scalable platform to build applications that offer smooth user experience across different chains.
Most importantly, the Sonic network can process up to 10,000 transactions per second, with sub-second finality. The Sonic network intends to function as a native decentralized gateway to the Ethereum ecosystem, which has grown to a major web3 hub with over $76 billion in total value locked (TVL) and around $110 billion in stablecoins market cap.
The Sonic network supports the development of smart contracts and DeFi protocols in Solidity and Vyper programming languages. As a result, DeFi developers can build multi-chain compatible applications without compromising on the security aspect.
As for the S token, the Sonic team intends to airdrop 190.5 million S tokens to incentivize its users and those of the Opera network. On the first day of the S token airdrop, users will access 25 percent of their allocation, with the remaining 75 percent vested over 270 days.
In order to attract more developers, the Sonic team has put in place measures to incentivize them in the long haul. For instance, Sonic network will reward DeFi developers with up to 90 percent of the transaction fees generated by their apps.
“Inspired by Web2 ad-revenue models popularized by platforms like YouTube, FeeM ensures you directly benefit from the traffic your apps bring to Sonic,” the Sonic team noted.
The Sonic team has also launched an innovator fund, which offers up to 200 million S tokens from the treasury to accelerate the adoption of the newly launched chain. The Sonic team announced that it is working with strategic angel investors in addition to its venture partners led by Hashed, Signum Capital, and UOB Venture Management.
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