The price of Fantom (FTM) rose by 28.33% in the past week, related to the latest developments on the Fantom network.
Recently, the Fantom Foundation revealed details about their newest layer-1 chain, Sonic Network.
According to their blog post, this new blockchain network will connect to and be able to leverage a large number of liquidity, users, and protocols from “Ethereum and others” via a native layer-2 bridge.
As previously revealed, Sonic Network is expected to launch alongside a new token ticker S.
In a recent memo, the project revealed that FTM token holders will be able to migrate Sonic tokens at a 1:1 ratio, depending on the outcome of the governance vote.
The project notes that the supply of new S tokens will be matched with the supply of FTM to facilitate the token migration process after the launch of Sonic Network.
It is worth noting that the price of Fantom saw a significant spike after the update regarding Sonic Network on May 17.
What is the Impact for Investors?
With the launch of Sonic Network expected soon, it's important to keep an eye on further developments and announcements from the Fantom Foundation. The successful launch and adoption of Sonic Network could be a major catalyst for increasing FTM value.