Fantom has rebranded to Sonic Labs, one in every of the well-known bodies supporting Sonic, a peculiar layer-1 blockchain with a layer-2 bridge that connects to Ethereum.

The project’s respectable documentation said:

“We rebranded to Sonic Labs on August 1, 2024. Beforehand, our firm develop into referred to as ‘Fantom Foundation’ and our Opera chain develop into referred to as ‘Fantom.'”

The rebrand follows an announcement made six months prior about Sonic Labs and the Sonic Foundation. In Could possibly moreover simply, Michael Kang, CEO of the Fantom Foundation, said that Sonic Labs will tackle growing decentralized purposes while the Sonic Foundation will take care of governance and treasury capabilities.

The firm said that the transfer addresses Fantom’s Opera community considerations, collectively with congestion and improving user trip. Sonic targets to rep to the underside of these considerations by processing more transactions per second and supporting a shared sequencer for layer-1 and layer-2 chains, concentrated on over 180 million transactions on a traditional basis.

Sonic Labs has promoted Sonic as the fastest EVM and a Layer1 platform with compile Ethereum connectivity. The protocol contains a indispensable incentive program designed to take care of over 10,000 transactions per second.

Several decentralized projects worship Equalizer, a yield-bearing protocol, contain promised to be readily available on the Sonic chain accurate from begin. Equalizer said:

“Having already delivered and persevering with to dispute spectacular results on Fantom, our platform is made up our minds to dispute the identical sustainable, accurate yield opportunities to users on Sonic. Our commitment remains exceptional as we impartial to supreme construct upon our success, alongside a vibrant ecosystem of innovative protocols.”

The Sonic protocol is anticipated to begin by November or December later this year. It will in all probability in all probability perchance introduce the S token, which is able to change into an integral section of the ecosystem via intensive airdrops, simplified staking choices, incentive programs, and other strategies.

FTM holders can contain the option to transform their tokens to the unusual Sonic native token at a 1:1 ratio. This migration is designed to be definite a fragile transition for present Fantom users to the unusual community.

Sonic is no longer a replacement nonetheless moderately a variety and enhancement of the Fantom ecosystem. Both networks will coexist, with Sonic bringing unusual capabilities and opportunities while the Opera chain continues to get make stronger.

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Oluwapelumi Adejumo

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