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Sonic Labs, formerly known as Fantom, has announced a bounty program aimed at incentivizing developer activity ahead of the Sonic network launch.
The Sonic Boom and Sonic Gems bounty program seeks to support the first wave of applications on the Sonic platform, according to a press release. The initiative targets key blockchain verticals, including exchanges, payments, tooling, stablecoins, gaming, and lending, among others.
Fantom (FTM) will transition to Sonic (S) later this year.
Boosted rewards for users
Sonic Gems are points that will allow holders to earn a share of the new Sonic token. Developers will receive Gems, which will then be distributed to users.
The bounty program will run for nearly 13 weeks, concluding on Nov. 4. During this period, up to 30 projects will receive Gems as part of a 190.5 million S airdrop, accounting for 37.5% of the allocation. Users have the opportunity to access a variety of applications and benefit from boosted rewards.
The total reward is approximately $28 million, Sonic Labs noted in a post on X.
We’re adamant about providing our ecosystem of developers with the rewards they deserve, both in the short and long term, and we’re thrilled to roll out Sonic Boom to accomplish just that. I can’t wait to see our builder’s creative solutions as we prepare for Sonic’s mainnet launch later this year.
Michael Kong, chief executive officer of Sonic Labs.
Sonic’s upcoming mainnet follows the Fantom Foundation’s launch of the Sonic upgrade, which aims to offer a layer-1 network with high throughput. Sonic is capable of processing over 10,000 transactions per second, a significant increase from the 2000 TPS possible with the Fantom Opera network.