The initial transaction block of Sonic Labs is complete, signaling steady progress toward the mainnet launch.
The announcement boosted Fantom’s FTM token by over 16%, from $1 to $1.20.
Sonic Labs, previously known as Fantom, has generated its mainnet’s first block, marking the completion of its “Genesis” phase. The blockchain project announced that the official mainnet launch is expected soon, aligning with its earlier target of late November to early December.
Ahead of this, Sonic Labs launched its upgraded testnet, Blaze, demonstrating the performance metrics. The Blaze testnet has processed innumerable blocks with an average time not exceeding 0.33 seconds. It also handles eight transactions per second.
Moreover, Sonic Labs also confirmed the completion of its $S token airdrop distribution. A total of 190.5 million tokens will be distributed to eligible participants. These tokens are convertible on a 1:1 basis for FTM tokens from Fantom.
Notably, the $S tokens were earnable through Sonic’s arcade games such as Rock, Paper, Scissors, Plinko, Coinflip, and Mines. These games have been officially closed as the project focuses on its mainnet launch. Besides, the $S token holders can stake their tokens on Sonic’s proof-of-stake mechanism, further enhancing network security and providing staking rewards.
The feature of the new Sonic Labs blockchain is the Sonic Gateway, a link to Ethereum. This will allow users to access Ethereum’s liquidity and user base while benefiting from Sonic. In addition, the announcement has positively impacted Fantom’s FTM token, which saw a gain of over 16%, rising from a low of $1 to a high of $1.20.
The non-profit Fantom Foundation, which shapes Fantom’s decentralized finance ecosystem since 2019, remains to back Sonic Labs as the project transitions to its own blockchain network.
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