Fantom Foundation to Launch Sonic Chain to Boost DeFi Use Cases
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Fantom Foundation has announced it’s planning to create another blockchain known as Sonic Chain
The foundation intends to use the new protocol to expand the boundaries of decentralized finance
Sonic Chain will also cater to, among other things, gaming needs
Fantom Foundation is planning to launch a new blockchain to boost and extend the boundaries of decentralized finance (DeFi). Dubbed Sonic Chain, it’ll be different from the existing Fantom Opera network and its development will include a bridge connecting it to the Ethereum network. The new blockchain will be a layer one network with a base token that will be equivalent to Fantom’s FTM token on a 1:1 ratio, a sign that the foundation may in the future consider merging Opera with Sonic Chain.
From DeFi to Trading to Gaming
According to the foundation’s Michael Kong, the new network is part of the team’s continued exploration of how to transform DeFi, gaming, trading and interaction with real-world assets.
Sonic is on the launch pad, and we’re excited to provide more details about our upcoming Sonic chain, $S token, and launch of a new strategic funding round.@MichaelFKong‘s latest blog post sheds more light on the new Sonic organization, slate of innovative new partners, and… pic.twitter.com/R4NHIwcUEX
— Fantom Foundation (@FantomFDN) May 23, 2024
Sonic Foundation will manage the new chain, handling everything from partnerships to development to the formation of a decentralized governance structure. Fantom Foundation will fund the initial works like “marketing, business development [and] migration grants.”
Fantom claims that the new blockchain will be able to reach speeds of 2,000 transactions per second, making it ideal for applications requiring near-instant processing.
Celo Moves from Layer One to Layer Two
Although Kong didn’t expressly say they’ll be sunsetting the existing Fantom blockchain, the foundation said that it’ll “fully expect the Opera ecosystem to fully migrate over to the Sonic Chain given its superior performance.”
The Sonic Chain community will vote on things like airdrops, growth program and validator rewards. As Fantom moves to create a layer one blockchain, others like Celo have expressed intentions to move from a layer one network to a layer two protocol.
Although the new blockchain promises better performance, it’s unclear whether Fantom is in a rebranding mode.
The post Fantom Foundation to Launch Sonic Chain to Boost DeFi Use Cases appeared first on FullyCrypto.
Filed under: Bitcoin - @ May 26, 2024 8:00 am