Sonic is a new blockchain project that aims to compete with existing L2 networks and provide a faster, more efficient alternative for developers. It is a complete reboot of Fantom, a successful DeFi project in 2021, using new technology and a fresh start after facing challenges during the bear market.
Sonic focuses on putting developers first, allowing them to earn up to 90% of the gas fees generated by their applications, as well as providing real control over their applications. The platform’s core feature is its new Sonic Virtual Machine (SVM), which is fully compatible with EVM but improves the way it handles code execution.
SVM converts code into a more efficient format on the client, making everything run faster without changing the way developers work. Sonic also uses a consensus mechanism based on Directed Acyclic Graph (DAG) and adopts Proof of Stake, which allows for faster transaction speeds and efficiency. Sonic will launch in December 2024 and will offer developers the tools and incentives they need to build innovative applications, attracting them to the platform with its high performance and unique features.
The Sonic (S) token will be used to pay for gas, participate in governance, and secure the network through staking. The market has had a mixed reaction to Sonic, with Fantom’s token rising slightly since the release of Sonic in August 2023. However, it has not experienced the same significant growth as other altcoins like Sui.
The total value locked in the Fantom protocol has also remained stable at around $100 million, well below the $8 billion peak during the previous bull market. Sonic faces competition from other L1 networks and Ethereum L2s, and it must attract applications with its superior speed and scalability to ensure long-term success.
The team’s focus on developer incentives and airdrops has the potential to attract attention, but they must turn these plans into practice to demonstrate the true value of Sonic’s high-performance infrastructure.
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