Sonic Mainnet Goes Live with 190.5M Token Airdrop, EVM Support

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As a seasoned researcher with years of experience diving into the complex world of blockchain technology, I find the launch of Sonic Labs’ mainnet, Sonic, to be a noteworthy event in the ever-evolving landscape of web3 solutions. Having followed the growth and success of Fantom (FTM) network, it’s fascinating to see its offspring stepping into the limelight as a high-throughput layer one blockchain compatible with the Ethereum Virtual Machine (EVM).

In simple terms, Sonic Labs, a company specializing in web3 technology leveraging the strength of the Fantom network, has unveiled the release of their own mainnet, known as the Sonic mainnet. This mainnet is a fast blockchain that works with the Ethereum Virtual Machine (EVM) and can be considered as a layer one (L1) blockchain. After the launch, token holders of Fantom (FTM) can exchange their tokens for S tokens of equal value via Sonic’s designated platform.

As reported by Sonic Labs, holders of FTM tokens on the Ethereum (ETH) network are able to move their assets to a compatible centralized platform. On this platform, the upgrade to the S token is carried out automatically.

The Sonic Labs team advises Wrapped FTM holders on the Opera network to convert their wrapped tokens into regular ones and then utilize the designated upgrade platform available at MySonic for a smooth process.

Just as with the completed claiming process, it will take approximately 24 hours for both staked and delegated FTM tokens to undergo an upgrade.

Key Features of Sonic Mainnet

The Sonic network represents a significant achievement within the web3 community, aiming to provide the foundation for the upcoming wave of decentralized applications. It also presents a flexible environment for developers in the DeFi sector, enabling them to construct apps with seamless user experiences that span various blockchain networks.

Primarily, the Sonic network boasts the ability to handle approximately 10,000 transactions every second, and it promises finality within a fraction of a second. The goal for the Sonic network is to serve as a native, decentralized entry point to the Ethereum ecosystem, which has expanded into a significant web3 hub with more than $76 billion in total value locked (TVL) and roughly $110 billion in stablecoins market capitalization.

On the Sonic network, it’s possible to create and refine smart contracts and Decentralized Finance (DeFi) systems using either Solidity or Vyper coding languages. This versatility allows developers to construct cross-chain compatible applications while ensuring robust security standards are maintained throughout the development process.

Regarding the S token, Sonic’s developers plan to distribute 190.5 million units as an incentive for both its own users and those on the Opera network. On the initial day of the distribution, each user will receive a quarter of their allotted amount, while the rest (75%) will be distributed gradually over a period of 270 days.

To entice a larger number of software developers, the Sonic team has established strategies designed to motivate them over the long term. Specifically, the Sonic network offers DeFi developers as much as 90% of the transaction fees accrued from their applications.

Drawing inspiration from revenue models on web 2.0 platforms like YouTube, the Sonic team mentioned that with FeeM, you can personally reap the rewards when your apps attract visitors to Sonic.

The Sonic team has introduced an Innovator Fund, providing up to 200 million S tokens from their treasury to speed up the utilization of their recently launched blockchain. Moreover, they are collaborating with strategic angel investors, along with their venture partners headed by Hashed, Signum Capital, and UOB Venture Management.

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2024-12-18 21:24