The blockchain world is being shaped by rapidly developing technological innovations and constantly changing user expectations. In this dynamic environment, flexibility and adaptability are extremely important for projects to survive and maintain their competitive advantage. Rebranding stands out as an effective way for projects to keep up with these changes. Fantom’s (FTM) rebranding as Sonic Labs responds exactly to this strategic need.
Fantom has entered a major transformation process in order to further advance its competencies in blockchain technology and offer its users more powerful and attractive features. This change covers not only the brand name, but also the technology behind it and the new capabilities brought to the project. Fantom’s rebirth as Sonic promises to usher in a new era in the blockchain industry, while offering new opportunities and advantages for developers and users.
What is Fantom (FTM)?
Fantom (FTM) is a high-performance smart contract platform. It is a project developed as an innovative and high-performance blockchain platform. While offering innovative tools to developers, it brings together solutions that push the boundaries of the blockchain for consumers to perform efficient transactions. It is a very fast, scalable, cost-effective infrastructure provider for hundreds of application partners.
Fantom plays an important role especially in the DeFi ecosystem, providing its users with a fast, secure, and flexible platform. It stands out as a reliable blockchain solution for both individual and corporate users. It has a strong place in the decentralized finance world by hosting hundreds of DeFi applications in its ecosystem.
What are the Features of Fantom Coin?
Fantom is an innovative platform that expands the boundaries of blockchain technology and offers users a fast and efficient experience. Having a decentralized structure worldwide, Fantom draws attention with its sustainable and environmentally friendly approaches, while providing flexibility and accessibility to its users. Here are the prominent features of Fantom:
- Fast Transaction Processing: Fantom is capable of processing transactions in one second, providing an effective Web3 user experience.
- Low Gas Fee Demand: Transactions are made with very low or almost no gas fee.
- Widely Used: It is a decentralized and global blockchain network used in more than 60 countries.
- Environmental Attitude: Fantom reduces its environmental impact by consuming much less energy than other major blockchains.
- EVM Compatibility: Ethereum and other EVM chains can easily migrate.
- Permissionless Structure: Allows anyone to participate as a validator or delegate and transact on the network.
- Open Source Usage: Allows anyone to view, use and contribute to the development of the network.
- On-Chain Governance: Validators and delegates actively participate in the decision-making process by voting on suggestions for the development of the network.
In addition, FTM, Fantom’s native token, is used for purposes such as supporting the operation of the network, paying transaction fees and staking.
What is DAG?
The DAG (Directed Acyclic) in the Fantom project Graph) is defined as a data structure that allows the network to operate efficiently and fast. Instead of traditional blockchains, it offers a system that performs transaction confirmation in parallel and faster. DAG is a structure where data flows in a single direction and there is no return. Think of it like branches on a tree; there is a branch, but the branches should not be intertwined. Transactions can proceed in parallel on this structure, which means a faster and more efficient system.
DAG, unlike traditional blockchains, can perform transactions faster and at lower cost. Thanks to these features, it offers better scalability in blockchain technology.
How is Phantom Mining Done?
Phantom does not use traditional mining operations. Instead, it uses a system called ” staking “, which allows users to ensure the security of the network and earn rewards. So, instead of mining, users contribute to the network by locking their FTM tokens for a certain period of time and receive rewards in return for these contributions.
What is the Sonic Project?
Sonic can actually be thought of as an updated version of Fantom. It is an EVM-based layer-1 blockchain platform that provides a solid foundation for new generation decentralized applications, offering attractive incentives and a strong infrastructure to developers. It offers developers the ability to scale their applications without limits and storage capabilities, while providing superior performance by providing a smooth and uninterrupted experience for users.
This project, which draws attention with its capacity of 10,000 transactions per second, provides finality in less than 1 second. In addition, with the advanced storage system brought by this project, more effective data management can be achieved compared to Fantom.
What is S Token Used For?
S Token was created as the native token of the Sonic network. This crypto asset is used for multiple purposes such as participating in the management of the Sonic project and shaping the future of Sonic, securing the Sonic network and gateway, paying transaction fees on the Sonic network, participating in staking processes, and being distributed in airdrop events.
In addition, additional S tokens will be printed 6 months after the launch of the S Token. This printing process is used to; The aim of this process is to increase its adoption and global presence, grow its team and ensure greater adoption by scaling operations, conduct marketing initiatives, and design DeFi engagement campaigns.
Fantom’s Transition to Sonic
On August 1, 2024, the innovative blockchain project previously known as Fantom (FTM) made an important announcement that it was rebranding under the name Sonic Labs (S). This decision aims to breathe new life into the project and brings with it innovative technological developments. As of December 18, 2024, Sonic officially launched its native token, S. From this date, all FTM tokens became convertible into S tokens at a ratio of 1:1, which initiated a significant transformation process in the ecosystem. So why was this strategic change made and what innovations did it bring?
Innovations Brought by Sonic
Sonic’s rebranding move aims to add new competencies to the project’s deep-rooted successes. The aim is to further develop the existing technological infrastructure and strengthen its competitive position in the blockchain field. First, Sonic Labs significantly increased its transaction capacity, increasing the transactions performed on the blockchain to 10,000 transactions per second (TPS). This development provides an infrastructure that allows users to make faster and more efficient transactions.
Sonic optimized not only transaction speed but also transaction confirmation times. As a result of this optimization, transaction confirmation times were reduced to as little as 1 second. This greatly improves the user experience and increases usability in real-time application scenarios. In addition, Sonic significantly reduced transaction costs; The cost for each transaction has been reduced to less than $0.01. This low cost structure stands out as a feature that will contribute to the wider adoption of digital assets by Sonic.
These new performance and cost standards set by Sonic set a new benchmark in the blockchain industry. The new features and increased speed added to the project make Sonic the fastest and most effective settlement layer for digital assets. With these strategic moves, Sonic Labs aims to offer a more attractive blockchain service to both existing users and potential new users. With these comprehensive changes, Sonic strengthens its position in the industry by offering its users a more flexible, fast and economical transaction experience.
Possible Impacts and Advantages for Investors
The technological developments provided by Sonic with its rebranding may also shed light on important advantages and opportunities for investors. Firstly, thanks to the increased transaction capacity and speed, the platform can expand its user base and create more transaction volume. This can have a positive effect on the token value in the long run.
The decrease in transaction costs can make users prefer the platform more and stimulate market activities. In addition, Sonic’s continued pioneering and innovative approaches in the sector can offer investors the potential to create permanent value in the blockchain field and help it stand out as a safe investment tool in the long run.
