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Fantom preparing to launch Sonic introducing shared sequencer for L1 and L2 chains

source-logo  invezz.com  + 5 more 26 March 2024 08:43, UTC

On March 25th, Fantom Foundation CEO Michael Kong unveiled plans for the upcoming release of Sonic, a groundbreaking advancement set to revolutionize the blockchain landscape.

Sonic, a culmination of years of research and development, promises to introduce a shared sequencer tailored for both Layer 1 (L1) and Layer 2 (L2) chains, an innovation poised to bolster transaction processing capabilities to unprecedented levels.

Fantom’s evolution from Opera to Sonic

The journey towards Sonic began with the inception of the Opera network on December 27, 2019.

Built upon pioneering concepts such as Concurrent Common Knowledge (CCK) and Lamport Timestamps, Opera represented a significant leap forward in blockchain scalability and transaction finality.

Over time, Opera garnered widespread recognition and utilization, boasting over $10 billion in Total Value Locked (TVL) by 2022.

However, as demand surged, the network encountered congestion issues, prompting the Fantom team to embark on a mission to enhance scalability and user experience.

Enter Sonic, the culmination of Fantom’s relentless pursuit of innovation.

With its ability to process over 2,000 transactions per second (TPS) and achieve sub-second finality, Sonic represents a monumental leap forward from Opera’s capabilities.

In a nutshell, Sonic’s transformative technology lays the foundation for Fantom’s rebranding as a community-centered entity, poised to cater to the evolving needs of the blockchain ecosystem.

The advancements introduced by Sonic

Beyond its technical prowess, Sonic is poised to catalyze a broader transformation within the Fantom ecosystem.

With a renewed focus on community-centric values, Sonic will usher in a new era of collaboration and innovation.

One of the key highlights of Sonic’s launch is the introduction of a shared sequencer for L1 and L2 chains. This decentralized sequencer will play a pivotal role in facilitating seamless interoperability and scalability across different blockchain networks.

By enabling the processing of over 180 million daily transactions with real-time confirmation, Sonic will lay the groundwork for a more inclusive and interconnected blockchain ecosystem.

In addition to its technical innovations, Sonic will also introduce several governance proposals aimed at further empowering the Fantom community.

These proposals include enhancements to staking mechanisms, support for liquid staking tokens (LSTs), and the expansion of grant programs to foster the development of innovative decentralized applications (dApps) and public goods.

Furthermore, Sonic will pave the way for the introduction of parallel Fantom Virtual Machine (FVM) and ZK execution scaling, further enhancing the platform’s performance and capabilities.

Fantom (FTM) token price

At press time, the FTM token, which is the native token of the Fantom blockchain network, was trading at 1.15, up 1.84% in a day.

The Fantom (FTM) token has shown a strong resilience in March rising by 170% from around $0.39 towards the end of February to its current price.

FTM/USD chart

Analysts believe the token is still showing strength and it could move towards $1.63$ and then $2 buoyed by fundamental catalysts like the Sonic release.

The post Fantom preparing to launch Sonic introducing shared sequencer for L1 and L2 chains appeared first on Invezz


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