Fantom, a successful DeFi project in 2021, has been rebranded as Sonic. Sonic aims to offer a new blockchain technology with faster transaction speeds and better control for developers. The platform plans to launch in December 2024 and focuses on giving developers up to 90% of the gas fees generated by their applications.
Sonic uses a unique consensus mechanism based on Directed Acyclic Graph (DAG) and Proof of Stake. It also has a new S token that will replace the current Fantom (FTM) token at a 1:1 ratio. Sonic has launched several developer incentive programs, including the Innovation Fund and the fee monetization program.
Additionally, Sonic plans to distribute 190.5 million tokens via airdrop to reward past Fantom users and future Sonic adopters. Despite a slight increase in Fantom’s token price since the release of Sonic, the market seems skeptical about its potential. The total value locked in the Fantom protocol remains low, and Sonic faces stiff competition from other blockchain projects.
For Sonic to succeed, it needs to attract applications with its superior speed and scalability and demonstrate the true value of its high-performance infrastructure.
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<p>The post Sonic: Fantom’s Reborn Hope in DeFi’s High-Speed Race first appeared on CoinBuzzFeed.</p>
