The migration process will initially be bidirectional, allowing users to seamlessly swap between $FTM and $S tokens. This transition is expected to support the ongoing Fantom price rally, likely pushing it beyond $1.
New Details on Fantom’s Sonic Network
The Fantom Foundation has recently shared more information about its upcoming Layer-1 blockchain, Sonic Network, which will connect to Ethereum via a Layer-2 bridge. This connection aims to leverage a larger user base, increased liquidity, and various protocols.
Integrating Fantom’s Sonic with Ethereum
By combining Sonic Network and Sonic Bridge, the ecosystem will enjoy the benefits of a Layer-1 blockchain while offering native access to ETH for the first time. This integration provides low cost, scalability, and speed of a Layer-1 blockchain with the security of a Layer-2 bridge, allowing access to native ETH and other Ethereum assets.
Sonic technology has undergone extensive development, leading to the upgraded Opera chain, which now achieves 2,000 TPS with single-second finality, significantly reducing storage needs and costs. Sonic is poised to be a next-generation platform for developers, dApps, and communities.
Transitioning from $FTM to $S
Upon the launch of the Sonic chain, the supply of $S will match that of $FTM, ensuring a smooth transition. Subject to the outcome of a governance vote, users can migrate their $FTM tokens to $S tokens at a 1:1 ratio during the initial phase. This transition will offer developers, applications, and users within the Fantom ecosystem ample opportunity to move to this innovative platform.
Initially, the migration process will be bidirectional, allowing users to switch between $FTM and $S tokens seamlessly. Since $S will be exclusive to Sonic and $FTM to Opera, a bridge will facilitate these swaps. This approach ensures a smooth migration for current Opera network participants to the Sonic platform.
After the transitional period, migration will become one-way from $FTM to $S. This development could further boost the Fantom (FTM) price, which has been surging over the past week. Currently, Fantom (FTM) is trading at $0.8595, up 7.13%, with a market cap of $2.4 billion.
Over the past week, Fantom’s price has increased by nearly 20%, driven by a rise in the total value locked (TVL) on the protocol.
