Bittime -Fantom Foundation officially revealed details of their new blockchain network, Sonic. This news comes with exciting opportunities for users and developers in the Fantom ecosystem.
Sonic: The New Layer 1 Blockchain Network
Sonic is designed as a new Layer 1 blockchain , offering an alternative to Opera's existing Fantom network. Sonic will connect directly to the Ethereum network via a built-in cross-chain bridge, facilitating seamless asset movement between the two ecosystems.
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Migration to Sonic: 1 FTM = 1 S
Subject to community approval via governance voting, existing Fantom token ($ FTM ) holders will have the opportunity to migrate their holdings to Sonic's native token, $S. This migration will occur at a 1:1 ratio when Sonic launches.
Source: @FantomFDN/X
Performance Improvements for Users and Developers
Fantom promises significant performance improvements on Sonic compared to the current Opera network. This is achieved through an advanced bridging architecture specifically designed for faster and more efficient transactions.
Continued Support for Opera Network
Even after Sonic was launched, Fantom ensured continued support for the Opera network. Fantom's operating company will maintain validator support, ensuring its functionality continues to run.
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Investment in the Sonic Ecosystem
The Fantom Foundation is committed to Sonic's success. They have allocated hundreds of millions of FTM dollars from their treasury to support the development of the Sonic ecosystem. This funding will be directed towards initiatives such as marketing, business development and migration grants.
Shaping the Future Together
The Fantom Foundation recognizes the importance of community involvement. They plan to launch a series of governance votes to ensure community support for the transition to Sonic. This collaborative approach will allow users to actively participate in shaping the future of Sonic Networks.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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