The migration process will let users swap between $FTM and $S tokens easily. Fantom’s price may keep rising above $1. Fantom Foundation recently revealed more about its new Sonic Network, a Layer-1 blockchain that connects to Ethereum via a Layer-2 bridge, giving it access to many users, liquidity, and protocols.
Fantom is launching the Sonic chain with $S tokens matching the $FTM supply. Users can swap $FTM for $S at a 1:1 ratio. This rollout gives developers time to transition to the new platform.
Sonic Network and Sonic Bridge: A New Era in Blockchain Technology
The combination of Sonic Network and Sonic Bridge positions Sonic in a league of its own. For the first time, an ecosystem will fully benefit from a layer-1 blockchain while offering native access to ETH. This unique integration combines the low cost, scalability, and speed of a layer-1 blockchain with the security of a layer-2 bridge, providing access to native ETH and other assets on Ethereum.
Sonic technology has undergone intense development, resulting in the upgraded Opera chain, which now achieves 2,000 TPS of real-world traffic with single-second finality. This upgrade significantly reduces storage needs and costs. As a next-generation platform for builders, Sonic will empower dApps and communities to thrive.
Smooth Transition to Sonic Chain: $FTM to $S Migration
Upon the launch of the Sonic chain, the supply of $S tokens will align with that of $FTM, ensuring a smooth transition process. According to the press release, pending the outcome of the governance vote initiated today, users will be able to migrate their $FTM tokens to the new $S tokens at a 1:1 ratio during the genesis phase. This introduction of the Sonic chain will provide developers, applications, and users within the Fantom ecosystem ample opportunity to transition to this innovative platform.
Initially, the migration process is expected to be bidirectional, allowing users to switch between $FTM and $S tokens. Since $S will exclusively exist on Sonic and $FTM on Opera, a bridge is anticipated to facilitate these bidirectional swaps. This approach ensures a seamless migration for current Opera network participants to embrace the Sonic experience.
However, once the transitional period ends, the migration will become one-way from $FTM to $S. This news can further boost the Fantom (FTM) price, which has already been on a strong surge over the past week. As of press time, Fantom (FTM) is trading 7.13% up at $0.8595, with a market cap of $2.4 billion.
Over the last week, Fantom’s price has increased by nearly 20%, driven by the surge in the total value locked (TVL) on the protocol.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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