Fantom Releases More Details of Sonic Network, FTM Price Rally Continues?

The Fantom Foundation has released more details about its new layer-one blockchain, Sonic Network. This network is connected to Ethereum via a layer-two bridge, allowing Sonic to take advantage of a large number of users, liquidity, and other protocols.

Sonic's connection to Ethereum is achieved through a combination of Sonic Network and Sonic Bridge, which makes Sonic a unique product. It is the first ecosystem that can enjoy the advantages of both layer-one blockchains and native access to Ethereum. This means that Sonic is able to combine the low cost, scalability, and speed of layer-one blockchains with the security of layer-two bridges to provide access to native ETH and other assets on Ethereum.

Sonic technology has undergone intense development and has culminated in an Opera chain upgrade that has increased TPS to 2,000 while significantly reducing storage requirements and costs. As a builder of the next-generation platform, Sonic will drive the thriving development of dApps and communities.

Regarding the transition from $FTM to $S, after the launch of the Sonic chain, the supply of $S will be aligned with the supply of $FTM to facilitate a smooth transition. Users will have the opportunity to migrate their $FTM tokens to the new $S tokens at a 1:1 ratio.

The initial migration process is expected to be bidirectional, allowing users to switch between $FTM and $S tokens, while a bridge will facilitate this two-way exchange to ensure that participants of the current Opera network can seamlessly migrate to the Sonic experience. However, once the transition period is over, the migration will become a one-way migration from $FTM to $S.

The news provides additional impetus for the price of Fantom (FTM), which has already surged strongly over the past week, up nearly 20%, as the protocol's total locked value (TVL) surges.