Phantom Launches with Sonic Protocol: High-Speed ​​DeFi Meets Ethereum’s Arrival💯🔥

Phantom (FTM) holders can upgrade their tokens to the new “Sonic” (S) tokens via a 1:1 upgrade portal. This migration gives users access to Sonic’s app ecosystem. Free swaps between FTM and S tokens will be available for 90 days after launch, after which upgrades will become one-way.

Despite these innovations, FTM has seen a decline of 8.47%, trading at $1.23, reflecting market uncertainty around the transition.

With the creation of its advanced smart contract chain, Genesis, Sonic Labs aims to compete in both the decentralized finance (DeFi) and non-fungible token (NFT) sectors. Sonic Labs will oversee application development on the protocol, while the Sonic Foundation will manage governance and treasury, positioning the project as a promising frontrunner in blockchain innovation.

The Sonic Protocol’s launch follows months of preparation, including the Blaze testnet, which confirmed its compatibility with the Ethereum Virtual Machine (EVM). Meanwhile, Ethereum (ETH) has seen a 4.31% drop over the past day and a 6.31% drop over the past week, trading at $3,658.81. $ETH $FTM 🔥🔥