Sonic Labs has produced the first block of transactions for its new blockchain based on the Fantom network and introduced the Sonic Gateway bridge for integration with Ethereum, while announcing that the network will soon be available to the public.
Sonic Labs has announced that it has successfully produced the first block of transactions on its new blockchain, a Layer 1 blockchain project based on the existing Fantom network. With the achievement of this feat, dubbed “Genesis,” the network will “soon be available to the public,” the company said in an X post.
Earlier today, the team announced that they are “calling mainnet Sonic.”
The announcement comes just days after Sonic Labs announced Blaze, its default “testnet 2.0” for the EVM-compatible blockchain. According to a statement last November, the Sonic testnet saw “extraordinary performance improvements,” including an average block time of 1.17 seconds for its first 221,000 blocks and a finalization time of 0.85 seconds.
Sonic aims to set a new standard for high-performance blockchains with sub-second finalization and a capacity of 10,000 transactions per second as the ultimate goal. It also plans to achieve this goal with one-second confirmation times.
The project is derived from Fantom’s Opera blockchain, which launched in late 2019. Sonic Labs has raised $10 million in funding from prominent investors including Stani Kulechov, Robert Leshner, Michael Egorov, and Tarun Chitra, and has brought on Andre Cronje as chief technology officer.
The first phase of the airdrop has been completed
On Sunday, Sonic Labs stated that it had taken a “snapshot” of the airdrop allocation of tokens. Initially, tokens on the Sonic network will use the $S symbol and can be traded 1:1 with Fantom’s existing FTM tokens.
The new chain will feature Sonic Gateway, an integrated bridge with Ethereum that will allow the platform to leverage Ethereum’s liquidity and user base while maintaining its high throughput and low transaction costs. It will also feature a shared sequencer that will allow it to produce and secure blocks for multiple rollups.
Stay tuned