Fantom Foundation Unveils Sonic Proposal to Accelerate Transition
The post Fantom Foundation Unveils Sonic Proposal to Accelerate Transition appeared on BitcoinEthereumNews.com.
According to the latest report, Fantom Foundation has officially released its Sonic Proposal meant to facilitate network migration. The proposal has also been designed to reduce the minimum and maximum lock-up period for optimal rewards. Fantom Foundation has unveiled its fourth Sonic proposal to enable the community to support the acceleration of validator and stakeholder transition to the new Sonic Network from the Fantom Opera chain. Our review of the official press release discloses that the proposal would outline the plan for Opera-to-Sonic migration for validators’ block reward. In addition to that, it would seek to leverage the potentially ~$750m+ LST ecosystem and improve its overall adoption and Decentralized Finance (DeFi) activities. Currently, block rewards for Opera validators are expected to last for 1,344 days. Interestingly, the new proposal seeks to reduce this drastically. 📣 Governance News 📣Our 4th #Sonic proposal is here, seeking to accelerate the transition of our validators and stakeholders to the new Sonic network by: 🚀 Boosting Gas Monetization revenue to as much as 90% with a new burn model that increases burn rate for transactions… pic.twitter.com/GofSc7zezr— Fantom Foundation (@FantomFDN) June 27, 2024 According to a report intercepted by Crypto News Flash, the annual target of Sonic’s Annual Percentage Yield (APR) is fixed at 3.5%. To ensure that the target is achieved without inflation in Sonic’s first four years, plans have been put in place to ensure the smooth migration of the remaining $FTM block rewards from Opera to Sonic. After this, the opera’s remaining FTM block rewards would target the rate range of 0%. Maximum Stake and Yield Target by the Fantom Foundation Another objective of the proposal is to reduce the minimum and maximum lock-up period for optimal rewards. According to the report, this would be from Opera’s current one-week to one year and…
Filed under: News - @ June 29, 2024 4:20 pm