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Fantom Foundation Unveils Fantom Sonic: A Breakthrough for L1 and L2 Chains

source-logo  crypto-news-flash.com 27 March 2024 11:25, UTC
  • Fantom Foundation unveils Sonic, a blockchain advancement promising faster transactions and improved scalability.
  • Sonic boosts Fantom’s capacity for over 2,000 transactions per second, improving scalability.

Michael Kong, the CEO of the Fantom Foundation, announced Sonic on March 25 in a blog post. Sonic is the latest version of the Fantom network, resulting from years of intensive research and development, and promises to introduce a shared sequencer tailored for Layer 1 (L1) and Layer 2 (L2) chains. This invention has the potential to completely alter the blockchain industry, marking a significant leap forward in transaction processing capabilities.

The Fantom Foundation announced the Fantom Sonic, which will be used to create a new shared sequencer for L1 and L2 chains and sonic’s ability to process 2,000 TPS at sub-second finality represents a evolution from Opera’s 200 TPS. The new chain will launch in the late…

— Wu Blockchain (@WuBlockchain) March 26, 2024

In December 2019, Fantom debuted with the launch of the Opera network, the first permissionless Directed Acyclic Graph (DAG)-based protocol. Opera outperformed Ethereum in terms of scalability and transaction speed, but it encountered difficulties during spikes in demand that impacted user experience and generated congestion.

As a result, Fantom set out on a two-year development process that resulted in the creation of Sonic technology. In contrast to its predecessor, Sonic claims to handle up to 2,000 transactions per second (TPS) with finality times of less than a second. This huge step forward demonstrates Fantom’s dedication to blockchain innovation. 814822 733217

Key Features and Innovations

In addition to its technical capabilities, Sonic can potentially generate more significant changes in the Fantom ecosystem. Key highlights of Sonic’s launch include :

Bridging and Security: With native Ethereum access, Fantom has created a safe bridge that minimizes trust, recognizing the significance of interoperability. This bridge minimizes fees and improves overall network security by utilizing Sonic’s consensus engine as the sequencing layer to enable quick and easy transactions.

Simplified Staking and Liquid Staking Support: Fantom aims to simplify its staking procedure, removing the reliance on lock times and instituting a 14-day unbonding period to promote increased involvement and liquidity within the network. This action is expected to release more than $1 billion in LSTs, or liquid staking tokens, and increase total value locked (TVL) and DeFi activity.

Grant Programs and Rewards Campaign: Fantom plans to extend its Sonic Labs award program, which assists developers in producing public goods and influential applications in various industries to promote creativity and community involvement. Additionally, an extensive rewards campaign will be launched to express gratitude to existing users and incentivize the adoption of the new chain.

Fantom (FTM) Token Performance

At press time, the FTM token, native to the Fantom blockchain network, was trading at $1.08, showing a 0.1% increase daily. The price of FTM had a notable spike in March, increasing by 154% from approximately $0.39 at the end of February. The FTM price is currently up 4.63%, with a $3.22 billion market cap and an 80% increase in daily trading volume to $535 million.

Despite being in the overbought zone, FTM’s price remains supported by positive market sentiment, indicated by its 7-day Relative Strength Index (RSI) and bullish trajectory suggested by the Exponential Moving Average (EMA) lines. The 7-day RSI is currently at 77, a little lower than the 81 it was last week. However, the price of FTM has risen for an extended period despite overbought situations, according to historical data, raising the prospect that it may soon hit a 2-year high.