While developments in the digital world continue at full speed, a project that pushes the boundaries of innovation emerges: Sonic (S). Formerly known as Fantom (FTM), this platform takes the dynamism of technology to the next level by becoming the symbol of speed and efficiency. So, what makes Sonic so special? How does this project, which attracts the attention of both users and developers, shed light on the blockchain technology of the future? Why did it need to be rebranded? The answers to all these questions and more await you in the rest of our article. So, we can start our article by talking about what Fantom, the beginning of Sonic, is.
What is Fantom (FTM)?
Fantom is a layer 1 blockchain platform created with a focus on high performance. Its main goal is to enable fast and low-cost transactions and increase scalability. Hundreds of DeFi, NFT, and GameFi class decentralized application types come together under the Fantom umbrella. Users can easily reach this vast ecosystem when they connect to Fantom.
Fantom offers developers a smart contract platform under the name Opera. Thus, each developer has unique scalability and storage space. Users, on the other hand, meet with a fast and fluid experience. For those wondering how fast, this data; This corresponds to a speed of 2000 transactions per second with a precision of approximately 1 second.
In addition, thanks to the Fantom blockchain’s compatibility with the Ethereum Virtual Machine (EVM), developers can port their existing Etherum applications to Opera with almost no changes. Opera’s passion for decentralization and high efficiency also makes it a good choice for developers targeting next-generation blockchain solutions.
Fantom also has an environmentally friendly technology and is known for its low energy consumption. It pushes the boundaries of blockchain technology with its strong partnerships. Now let’s take a look at this project that continues its life as Sonic (S). Let’s see what Sonic is and what this name change has brought with it.
What is Sonic (S)?
Sonic is actually the same project as Fantom and serves the same purpose. This platform, which is a Layer-1 blockchain, Fantom’s rebranding, continues its existence under the name Sonic by adding more advanced features to its structure. Sonic’s main goal is to provide developers with a platform for both fast and cost-effective transactions. This opens the way for developers to develop more competitive applications compared to other chains. Thus, developers can take their earnings to a higher level.
Users, on the other hand, can act much more effectively in the blockchain world by using functional applications in the ecosystem created by taking power from these advantageous features. They can also participate in stake processes and act as a validator and earn income as a result of all this effort.
Also, as a footnote; The Litepaper file published by Sonic Labs stated that this project hosted 900 million transactions per day and proved its durability with over 99.9% uptime for four years.
Of course, the transformation from Fantom to Sonic was not just a name change. With this transformation, some developments have also taken place, such as:
- Developers can earn up to 90% of the network fee by developing applications that increase on-chain traffic.
- With Sonic, the transaction capacity has increased to 10,000 per second. This is an extremely fast settlement layer for digital assets. The Sonic whitepaper document published by Sonic Labs states that this transaction capacity leads to approximately 900 million transactions per day.
- The finality time has been reduced to less than a second.
- A Virtual Machine change is planned for a faster and more efficient infrastructure.
Sonic, which has managed to attract attention with these developments, also focuses on functionality in the crypto asset it calls S. Let’s see, what is S coin, what is it for?
What is Sonic Coin?
Sonic coin is a crypto asset created to represent the Sonic project. This crypto asset called S has multiple roles. These roles can be listed as follows;
- Participation in governance processes
- Securing the network
- Payment of transaction fees
- Organizing airdrop events
Sonic coin owners can have a say in the development of the project by participating in governance processes. They can take part in securing the network by acting as a validator. They can lock their S coins and be rewarded for their efforts.
The S coin, produced in the ERC-20 standard on Ethereum, offers a supply of 3,175,000,000.
Fantom (FTM) to Sonic (S) Token Conversion
Fantom’s continuation of its services as Sonic now requires FTM coin holders to convert their assets into S tokens. So, how is this done? If you are holding your FTM tokens on ICRYPEX, you are lucky. You do not need to do anything additional for this conversion, because your FTM tokens will be automatically converted into S tokens. If your FTM tokens are on another cryptocurrency trading platform, you should learn the processes for that platform.
If your FTM coins are on Opera and you want to do this conversion manually yourself, you can upgrade your FTM tokens to Sonic (S) at a 1:1 ratio using Sonic’s upgrade portal. To do this, follow these steps.
1- Connect your Web3 wallet to MySonic
2- Enter the amount of FTM coins to be upgraded
3- Verify that you have the same amount of S
4- Click Upgrade and confirm the transaction
Of course, there is also the conversion process for Sonic coins held on Ethereum. This is where Sonic Gateway comes into play.
What is Sonic Gateway?
Sonic Gateway is a decentralized bridge that makes it easy for everyone to transfer ERC-20 tokens between Ethereum and Sonic. It has two valuable features:
Security: It has a failsafe mechanism that protects users’ assets. Although it is stated that it is quite unlikely, in the event of a long-term failure of Sonic Gateway, users can recover their funds bridged on Ethereum.
Speed: Asset bridging is processed in intervals called “heartbeats” to ensure gas efficiency. This process occurs from Ethereum to Sonic every 10 minutes. In the opposite direction, it happens every hour.
Those who want to transfer ERC-20 tokens between Ethereum and Sonic can follow these steps:
1- Deposit: Deposit your assets to the bridge.
2- Wait: After the investment, the bridging process is completed when the next heartbeats time comes. The bridging process is from Ethereum to Sonic every 10 minutes and every hour in the other direction. Those who want to speed up the bridging process can do so by paying a fee with a transaction called Fast Lane. The fee for this is 0.0002 S tokens for Sonic and 0.0014 ETH for Ethereum.
3- Request: Request your assets on the target chain.
After all these steps, the transfer process is completed with Sonic Gateway.
Ethereum Virtual Machine (EVM) Compatibility with Sonic
Sonic is compatible with the Ethereum Virtual Machine, which is used to run smart contracts on the Ethereum network, develop decentralized applications, and ensure the consistent operation of the entire Ethereum network. Developers who want to work with Sonic will benefit from this. Thanks to Sonic’s EVM compatibility, developers can work with existing tools, languages, and infrastructures to quickly develop their projects, create securely, and receive support from a wide community.
One of the strengths of Sonic is that it strives to develop its own Virtual Machine. So, what is Sonic Virtual Machine?
What is Sonic Virtual Machine?
Sonic Virtual Machine (VM) was developed to replace EVM. It is stated that it will provide much faster transactions compared to Ethereum Virtual Machine. Sonic, who thought that this change may create a question mark in the minds of developers, designed Sonic VM to be fully compatible with Solidity and Vyper languages. In other words, the currently used development tools can continue to be used in the same way. In addition, the Sonic platform will also support Geth 1.4 version.
This new VM uses a dynamic translation method. In other words, the codes are converted to a more efficient instruction format, which makes smart contracts work faster. This speed increase is provided by more effective coding methods and special codes called “super instructions”. Super instructions enable shorter and faster representation of frequently used patterns in code.
As a result; Sonic aims to provide a faster and more efficient infrastructure for both users and developers with this new VM.
What is Sonic’s Token Economy?
Sonic token has taken on multiple roles within the network. These tasks can be summarized as follows:
- Used to pay transaction fees.
- Can be staking to ensure the security of the network (minimum 1 Sonic token required).
- Can be used to become one of the validators of the network (minimum 50,000 Sonic tokens required).
- Offers the opportunity to participate in the governance of the platform (for example, participating in voting).
When the Sonic platform is first launched, there will be a total of 3.175 billion S tokens, which will be equal to 3.175 billion FTM tokens. The amount of S in circulation will be the same as the amount of FTM in circulation at that time.
As we have underlined in the previous sections of our article, FTM token holders will be able to convert their tokens into S tokens at a 1:1 ratio. This means that 1 S can be received in return for every 1 FTM owned.
In addition, Sonic management states that various additions to the S token’s economy are among its plans over time.
Sonic’s Future
Sonic has a strong potential to further consolidate its place in the blockchain industry with both its technological superiority and visionary approach. Strategies that balance developer and user needs are important advantages that draw attention in Sonic. If it can sustain the performance it talks about and implement the innovations it promises, it is possible for Sonic to further solidify its place in the blockchain world and become a pioneer of mass adoption.
As a result, Sonic’s future could be quite bright with the right strategies and successful implementations. It can play a key role in the evolution of blockchain technology by bringing both developers and users together.
Where to Buy Sonic Coin?
Sonic coin trade transactions can be made through the ICRYPEX crypto asset trading platform. ICRYPEX is a secure, user-friendly and wide-ranging crypto asset trading platform. An ideal platform for both beginners and experienced investors, ICRYPEX offers its users an excellent experience with fast transaction processes, low transaction fees and high security measures. It also supports investors every step of the way with its 24/7 customer support.
