Fantom Unveils Sonic Network, a Layer-1 Blockchain That Connects to Ethereum via a Layer-2 Bridge

In the freshest development, the Fantom Foundation has unveiled additional particulars of its new Layer-1 blockchain Sonic Network, which links to Ethereum via a Layer-2 bridge.

The Fantom Foundation has unveiled further details of its new Layer-1 blockchain Sonic Network, which will connect to the Ethereum blockchain via a Layer-2 bridge. This will allow Sonic to tap into a vast number of users, liquidity, and other protocols.

The Fantom Foundation is describing Sonic as "the first-ever layer-1 blockchain to natively integrate with ETH." The two technologies will be linked by Sonic Bridge, a Layer-2 bridge that will provide access to native ETH and other assets on Ethereum.

This will combine the benefits of a layer-1 blockchain, such as low cost, scalability, and speed, with the security of a layer-2 bridge. Sonic technology has been under development and the Opera chain has been upgraded to achieve 2,000 TPS of real-world traffic with single-second finality, reducing storage needs and costs.

As a next-generation platform for creators, Sonic will support dApps and communities to flourish.

The supply of $S will match that of $FTM at genesis to ensure a smooth transition, according to a press release. Pending the outcome of a governance vote that was opened on Friday, users will be able to migrate their FTM tokens to the new $S token on a 1:1 basis during genesis.

As the Sonic chain goes live, developers, applications, and users in the broader Fantom ecosystem will have the opportunity to shift to the new platform. Initially, this migration process will be bidirectional, allowing users to switch between $FTM and $S tokens.

Given that $S will be present only on Sonic and $FTM on Opera, a bridge will be necessary to facilitate bidirectional swaps. This approach will enable seamless migration for current Opera network participants to join the Sonic chain.

Fantom (FTM) price on the brink of $1

FTM price is up by nearly 15% in a day.

Fantom is notably due to debut its Sonic network, which will essentially serve as a high-speed side chain for Ethereum. Among the top cryptocurrencies by market capitalization, Fantom is on the brink of crossing the $1 mark with the majority of its tokens in circulation, which could bode well for investors seeking to capitalize on this development.

The Fantom price is currently at $0.908, according to CoinMarketCap, indicating an almost 15% increase in the past 24 hours.

This recent development has contributed to a broader uptick in the FTM price in the past few months. Sonic is set to enhance Fantom’s technology stack and introduce significant scalability improvements without a disruptive hard fork.

Once the transitional phase is complete, however, the migration will be one-way from $FTM to $S. This announcement is likely to provide further momentum to the Fantom (FTM) price which has already been on a robust surge over the past week.

In the past week, the Fantom price is up by nearly 20% amid the surge in the total value locked (TVL) on the protocol.