From Fantom to Sonic Labs: A New Era of DeFi Begins

Directed Acyclic Graph (DAG) protocol Fantom has undergone a significant transformation, rebranding itself as Sonic Labs.

DeFi protocol Fantom has officially completed its rebranding journey, emerging as Sonic Labs. The X page, which was previously linked to Fantom, now proudly displays the name "Sonic Labs." This marks a new chapter for the decentralized project.

Announcing a New Era: From Fantom to Sonic Labs

Several months ago, Fantom announced the launch of two new entities as part of its rebranding efforts: Sonic Labs and the Sonic Foundation. Sonic Labs will play a crucial role in fostering decentralized applications (DApps) within the Sonic ecosystem.

As Michael Kang, CEO of the Fantom Foundation, explained, "The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will oversee network governance and treasury management. Furthermore, Sonic Labs will drive growth by nurturing dApps, partnerships, and user engagement."

This transition aligns with the upcoming launch of Sonic, which is being touted as the fastest EVM chain in existence. As described on the Sonic Labs splash page, Sonic operates as a Layer-1 platform with a secure gateway to Ethereum. It boasts impressive capabilities, including over 10,000 transactions per second (TPS) and one-second confirmation times.

Sonic Labs to Rally Support with Incentives

To garner widespread support, Sonic Labs is introducing an extensive incentive program. In contrast to its predecessor, which utilized FTM as its native token, Sonic will feature the S token. This new token will be integrated into the ecosystem through massive airdrops, simplified staking mechanisms, and other strategic initiatives.

While the transition from Fantom to Sonic Labs is now complete, the official launch of Sonic is still pending, expected to occur in Q4. Among the prominent supporters and investors in Sonic Labs are Compound CEO Robert Leshner, Aave CEO Stani Kulechov, Frax Finance CEO Sam Kazemian, and several others.

At the time of writing, Fantom's (Now Sonic Labs) native token, FTM, is valued at $0.4114, having decreased by nearly 2% in the last 24 hours, according to data from CoinMarketCap.

Latest on Ethereum ETF Developments

In other news, the Ethereum landscape has seen recent activity following the U.S. Securities and Exchange Commission (SEC) approval for spot Ethereum ETF trading. While these ETFs initially experienced strong performance, they are now encountering substantial outflows.

On Wednesday, all eight spot Ethereum ETFs collectively saw an outflow of $77.2 million. As Sonic Labs continues to chart its course, the crypto community eagerly anticipates the launch of Sonic, speculating on its potential impact within the broader blockchain ecosystem.