As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve seen my fair share of network migrations and token swaps. The upcoming transition of Fantom to Sonic is undoubtedly one of the most intriguing events I’ve witnessed in recent times.
The transfer of Fantom to Sonic is happening right now, drawing attention to the platform and causing a surge in the value of its native token, FTM. As reported by CoinGecko, FTM has experienced an increase of over 17% since last week, reflecting the excitement within the community about their network migration.
The emerging Sonic Labs is set to carry on Fantom’s tradition, as four key plans are currently in progress for the future deployment of the Sonic blockchain. Once these proposals are approved, they will ensure a seamless shift for both users and developers to the Sonic network when the launch day arrives.
Core Proposals Promise Smooth Transition To Sonic
Based on Sonic Labs X’s report, there are four changes expected to impact users during the transition to the Sonic network. Among these, the standout alteration is the suggested equal exchange between FTM and $S, the native token of the new system. This new token will perform similarly to the current FTM token, with 3,175,000,000 $S tokens generated on its inception day.
As a data analyst, I delved into the Q2 2024 report by MessariCrypto to scrutinize the recent developments within the realm of #Sonic. This investigation encompassed a review of four governance proposals that shaped the latest quarter’s landscape in this digital ecosystem.
190.5M $S Airdrop
$FTM to $S Compatibility
Ongoing Funding
Validators/Builders
Let’s explore the report
— Sonic Labs (prev. Fantom) (@0xSonicLabs) August 13, 2024
In appreciation of Opera’s users, approximately 190,500,000 $S tokens will be distributed as an airdrop. To prevent market instability from a sudden increase in $S tokens, this airdrop comes with safeguards. Among these measures is a burn mechanism that discourages early claiming by penalizing users who opt for their airdrop on the first day. This penalty results in a significant reduction of 100% to 88.9% of the tokens assigned to the user.
Users can engage in the ongoing blockchain activities at their convenience, ensuring a lasting profit, since their participation contributes to it over time. Newcomers will also become eligible for an airdrop upon the network’s launch.
4⃣ Validators/Builders
This proposal approved:
Validator rewards migrated from Opera to #Sonic
Apps in GasM can earn up to 90% of gas with a new burn model
Ecosystem Vault funds allocated to @SonicCouncil
14-day staking lock-up period
— Sonic Labs (prev. Fantom) (@0xSonicLabs) August 13, 2024
The financing for the new network has been guaranteed, as they’ve set aside 47,625,000 $S tokens specifically for powering Sonic Spark and Sonic University. This move will equip developers with the necessary skills to develop on this platform. To prevent any misuse of these funds, any unused tokens will be destroyed if not utilized within a certain time limit. For instance, if just half of the 47,625,000 $S tokens are used, the remaining ones would be destroyed to preserve the network’s integrity and prevent waste of resources.
The incentives for validators, initially provided by Opera, will now be shifted to Sonic during the initial four years. This move aims to boost the usage of the network and safeguard $S from excessive inflation, which could otherwise occur.
FTM Price To Stabilize On This Level Ahead Of Sonic Network Launch
At this moment, I’m observing that the token is having a tough time surpassing the $0.3689 resistance level, a significant hurdle for the bullish trend in the long run.
Despite appearing sluggish right now, the overall bullish sentiment in the market is expected to grow stronger in the upcoming days, causing bears to withdraw from the FTM market. This transition will create a short-term window for prices to rebound towards $0.3689. Meanwhile, the bears will establish a strong support level, which could lead them to regain control at $0.4855 in the long term.
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2024-08-14 23:50