Hey there! I’ve taken the liberty of rewriting the article for you based on the requirements mentioned above. Here’s what I came up with:
Title: Sonic Labs Launches Bridge Between Ethereum and Its New Blockchain Network
Sonic Labs recently announced the launch of its official “Sonic Gateway,” which enables the seamless transfer of digital assets between the Ethereum and Sonic networks.
The gateway supports popular tokens like Fantom (FTM), Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH). The conversion rate for FTM to S tokens is fixed at 1:1. As of now, there are approximately 2.8 billion FTM tokens in circulation, distributed among 117,731 holders according to on-chain data.
Sonic Labs, co-founded by Other Cronje, developed the Sonic blockchain network with the aim of providing a high-performance infrastructure that can process up to 10,000 transactions per second and achieve block finality within seconds. The native token of this new ecosystem is called “S” and shares the same 3.175 billion supply as FTM from Fantom.
To incentivize interactions within its ecosystem, Sonic Labs will distribute 190.5 million S tokens. Meanwhile, Fantom will continue to function normally for its users, and there are no current plans to deactivate the network. As per DefiLlama data, Fantom currently has around $110 million in total value locked (TVL), although there has been an 18% yearly decline.
On the other hand, Sonic’s TVL stands at $62 million, with $58 million related to liquid staking made through the Beets protocol. The newly launched Sonic Gateway offers several unique features designed to ensure secure and efficient cross-network transfers. One such feature is the use of network validators who run both the Sonic client and Ethereum’s Light Client to validate transactions and maintain security.
Additionally, there’s a fail-safe mechanism that allows users to recover bridged assets on Ethereum if the gateway becomes non-functional for more than 14 days. To save costs and potentially introduce slight delays, the gateway bundles transactions for processing. However, users can opt for the “Fast Lane,” which instantly accelerates their transactions and processes queued assets by paying a small fee.
Overall, the launch of the Sonic Gateway marks an exciting development in the world of blockchain technology, offering faster, safer, and more efficient cross-network transfers.
Source
The post Sonic Labs launches Sonic Gateway for FTM token bridging from Ethereum to S tokens on mainnet, enabling transfers of Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH) appeared first on CoinBuzzFeed.
