Sonic Labs Announces $28M Bounty Program to Incentivize Developer Activity Ahead of Sonic Network Launch

Sonic Labs, formerly known as Fantom, has announced a bounty program aimed at incentivizing developer activity ahead of the Sonic network launch.

Sonic Labs, the company behind the upcoming Sonic network, has announced a bounty program designed to encourage developer activity before the network's launch. The Sonic Boom and Sonic Gems bounty programs will support the first wave of applications on the Sonic platform, according to a press release. The initiative spans key blockchain verticals, including exchanges, payments, tooling, stablecoins, gaming, and lending, among others.

The program will see Fantom (FTM) tokens gradually transition to Sonic (S) tokens later this year. Boosted rewards for users Sonic Gems are points that will entitle holders to earn a share of the new Sonic token. Developers will receive Gems, which will then be distributed to users.

The bounty program will last for nearly 13 weeks, concluding on Nov. 4. During this period, up to 30 projects will receive Gems as part of a 190.5 million S airdrop, accounting for 37.5% of the allocation. Users will be able to access a range of applications and benefit from boosted rewards. The total reward is approximately $28 million, Sonic Labs noted in a post on X.

We’re adamant about providing our ecosystem of developers with the rewards they deserve, both in the short and long term, and we’re thrilled to roll out Sonic Boom to accomplish just that. I can’t wait to see our builder’s creative solutions as we prepare for Sonic’s mainnet launch later this year.

Michael Kong, CEO of Sonic LabsSonic's upcoming mainnet follows the launch of the Sonic upgrade by the Fantom Foundation, which aims to offer a layer-1 network with high throughput. Sonic is capable of processing over 10,000 transactions per second, a substantial increase from the 2000 TPS possible with the Fantom Opera network.