Fantom has changed its name to Sonic Labs, one of the main entities supporting Sonic, a new layer-1 blockchain with a layer-2 bridge connecting to Ethereum.

The project's official documentation says:

“We changed our name to Sonic Labs on August 1, 2024. Previously, our company was called ‘Fantom Foundation’ and our Opera series was called ‘Fantom.'”

The rebranding follows the announcement six months ago of Sonic Labs and the Sonic Foundation. In May, Michael Kang, CEO of Fantom Foundation, announced that Sonic Labs will focus on developing decentralized applications while Sonic Foundation will manage governance and treasury functions.

The company said the move is intended to resolve issues with Fantom's Opera network, including congestion, and improve user experience. Sonic aims to solve these problems by processing more transactions per second and supporting a common sequencer for layer-1 and layer-2 chains, with the goal of processing more than 180 million transactions daily.

Sonic Labs promoted Sonic as the fastest EVM and a Layer1 platform with a secure connection to Ethereum. The protocol includes a significant incentive program designed to handle over 10,000 transactions per second.

Several decentralized projects like Equalizer, a profitable protocol, have promised to be on the Sonic chain since launch. Equalizer said:

“Having achieved and continued to deliver impressive results on Fantom, our platform will deliver sustainable profitable opportunities for users on Sonic. Our commitment remains strong as we look only to build on our success, alongside a vibrant ecosystem of innovative protocols.”

Sonic Protocol is expected to launch in November or December later this year. It will introduce the S token, an important part of the ecosystem through extensive airdrop programs, simple staking options, incentive programs and other strategies.

FTM holders will have the option to convert their tokens into Sonic's new native tokens at a 1:1 ratio. This migration is designed to ensure a smooth transition for existing Fantom users to the new network.

Sonic is not a replacement but an extension and enhancement of the Fantom ecosystem. Both networks will coexist, with Sonic bringing new capabilities and opportunities while the Opera chain continues to be supported.

Source: https://tapchibitcoin.io/fantom-doi-ten-thanh-sonic-labs.html