George Town, Cayman Islands, December 13th, 2024, Chainwire
Sonic Labs today announced the launch of the Sonic mainnet, an EVM-compatible layer-1 blockchain platform that offers developers attractive incentives and powerful infrastructure.
With 10,000 transactions per second (TPS), sub-second finality, and a native, decentralized gateway to Ethereum, Sonic empowers developers to build the next generation of applications on unparalleled infrastructure and liquidity.
Developed by the same team behind Fantom, Sonic and its S token deliver a significant leap forward from both Fantom and FTM. Through a one-to-one upgrade process from FTM to S, existing FTM holders can seamlessly start using Sonic.
Sonic leverages proven expertise to establish itself as a DeFi hub by revolutionizing developer incentives while providing users with smooth user experiences and access to vast amounts of liquidity.
Fee Monetization: Developers Come First
Fee Monetization (FeeM) on Sonic rewards developers with up to 90% of the network fees generated by their applications, adopting the Web2 ad-revenue strategies popularized by platforms like YouTube. While many blockchains offer limited developer incentives and primarily focus on value extraction, Sonic addresses this issue effectively through its FeeM model.
“Recently, we’ve seen many new chains launch, especially centralized layer 2s where the founders pocket all network fees. This excludes developers from the equation, forcing them to impose extra fees on users to earn revenue. FeeM addresses this by coding developer rewards directly into the chain, ensuring that network fees are shared with developers from the start.”— Sam Harcourt, Business Development Lead, Sonic Labs
Developers on the Sonic chain receive a share of network fees generated by the traffic and engagement their applications attract, offering a built-in mechanism for ongoing revenue.
Fantom to Sonic: Upgrading FTM to S
Fantom and its FTM token are officially transitioning to Sonic and the S token. Sonic Labs is facilitating the transition by offering a dedicated upgrade portal on MySonic that allows FTM holders to seamlessly upgrade their FTM to S on a one-to-one basis.
“We are proud to launch the new Sonic chain as the next evolution of Fantom, building on its impressive track record of nearly 100% uptime since 2019. Sonic is a revolutionary platform that prioritizes developers, empowering them to create applications with seamless user experiences while earning a share of network fees.”— Michael Kong, CEO, Sonic Labs
During the initial 90 days after Sonic’s mainnet launch, holders can freely swap between FTM and S using the upgrade portal. After this period, holders will only be able to upgrade from FTM to S.
Sonic Gateway: Secure, Decentralized Interoperability
With the rise of cross-chain activity, secure and trustless bridges are more crucial than ever. Traditional layer-1 and layer-2 bridging solutions often rely on centralized systems, risking billions in potential losses.
The Sonic Gateway addresses these challenges as a decentralized and trustless bridge between Ethereum and Sonic, offering:
- Security: A fail-safe ensures user funds can be recovered on Ethereum if the Gateway is down for 14 days, guaranteeing asset protection.
- Speed: Asset transfers are batched efficiently (every 10 minutes from Ethereum to Sonic and hourly in reverse). The Fast Lane feature lets users pay a small fee to bridge instantly.
- Decentralization: Operated by Sonic’s validators on both chains, the Gateway is as decentralized as Sonic itself, preventing centralized manipulation.
“To empower users with effective and trustless control of their assets, we developed the Sonic Gateway, which provides liquidity from other platforms. Powered by our own validators and secured by a fail-safe, the Gateway lets users and apps safely leverage the benefits and incentives of bringing new liquidity to Sonic.” — Bernhard Scholz, Chief Research Officer, Sonic Labs
Sonic Labs will expand the Gateway beyond Ethereum in the future, enabling direct, decentralized access to multiple blockchains’ native assets.
Sonic Airdrop: Distributing the S Token
To encourage network growth, Sonic Labs is distributing 190.5 million S tokens through an airdrop program focusing on both users and developers. The program includes two incentive structures:
- Sonic Points: Rewards end-users for early adoption, asset holding, and overall engagement.
- Sonic Gems: Rewards developers for creating applications that drive user activity and innovation. Developers can convert Gems to S and share the tokens with their users to incentivize continuous usage.
About Sonic
Sonic is an EVM layer-1 platform that offers developers attractive incentives and powerful infrastructure. The chain provides over 10,000 TPS, sub-second confirmation times, and a secure gateway to Ethereum for enhanced liquidity and asset security.
For more information, users can visit Sonic’s official website and follow Sonic’s Twitter.
Contact
Sonic Labs
press@soniclabs.com
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