Sonic Chain, a subsidiary of Fantom, has launched Gateway, an Ethereum 
$3,470 bridge, as part of its expansion efforts. The protocol announced on its page that users can securely transfer assets such as USDC, EURC, WETH, and FTM from Ethereum to Sonic.
Sonic Chain Expands
Following the mainnet launch on December 18, the protocol revealed that the new bridge has undergone audits by three major security firms: Open Zeppelin, Quantstamp, and Certora Inc. To emphasize its commitment to security, Sonic is also working with ImmuneFi on a bug bounty program. Cyberattacks in the DeFi space often occur due to insufficient attention to code audits, and Sonic does not want to leave anything to chance.
Sonic Labs announced that it has allocated a total of $2 million for the bug bounty to be shared between Gateway and Sonic Chain. Current FTM holders on the Ethereum network will be able to upgrade their assets to Sonic via Gateway. Contract addresses for USDC, EURC, and WETH on Sonic have been published for user safety.
Fantom Price Situation
The successes of Sonic Chain, a side chain linked to the Fantom network, significantly impact the FTM price. Currently, FTM is trading at $0.9720, reflecting a 0.79% decrease within 24 hours.
As FTM fell from a high of $1.0228 to $0.9650, it has stabilized at the current value. The asset experienced a 21% decline over the past week but has seen a slight increase of 3% in the last 30 days. With bi-directional fund movements through Gateway, liquidity is expected to increase and support prices.
Sonic Chain developers plan to launch new decentralized applications (DApps) to increase protocol adoption. The integration between FTM and Sonic Chain promises more asset transfer options for users while prioritizing security measures. These developments are anticipated to contribute to the future growth of both Sonic Chain and the Fantom ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
