Sonic Labs Launches the Sonic Mainnet: EVM-Compatible, Verifiable 10,000 TPS, and Sub-Second Finality

Sonic Labs today announced the launch of the Sonic mainnet, an EVM-compatible layer-1 blockchain platform that offers developers attractive incentives

George Town, Cayman Islands, December 13th, 2024, Chainwire

Sonic Labs, the team behind the highly successful layer-1 blockchain Fantom (FTM), today announced the launch of the new Sonic mainnet. Sonic is an EVM-compatible layer-1 blockchain platform that offers developers attractive incentives and powerful infrastructure.

With 10,000 transactions per second (TPS), sub-second finality, and a native, decentralized gateway to Ethereum, Sonic empowers developers to build the next generation of applications on unparalleled infrastructure and liquidity.

Sonic and its S token deliver a significant leap forward from both Fantom and FTM. Through a one-to-one upgrade process from FTM to S, existing FTM holders can seamlessly start using Sonic.

Sonic is also designed to establish itself as a DeFi hub by revolutionizing developer incentives while providing users with smooth user experiences and access to vast amounts of liquidity.

Fee Monetization: Developers Come First

Fee Monetization (FeeM) on Sonic rewards developers with up to 90% of the network fees generated by their applications, adopting the Web2 ad-revenue strategies popularized by platforms like YouTube. While many blockchains offer limited developer incentives and primarily focus on value extraction, Sonic addresses this issue effectively through its FeeM model.

“Recently, we’ve seen many new chains launch, especially centralized layer 2s where the founders pocket all network fees. This excludes developers from the equation, forcing them to impose extra fees on users to earn revenue. FeeM addresses this by coding developer rewards directly into the chain, ensuring that network fees are shared with developers from the start,” said Sam Harcourt, Business Development Lead, Sonic Labs.

Developers on the Sonic chain receive a share of network fees generated by the traffic and engagement their applications attract, offering a built-in mechanism for ongoing revenue.

FTM to Sonic: Upgrading FTM to S

As part of the launch, Fantom and FTM token are officially transitioning to Sonic and the S token. Sonic Labs is facilitating the transition by offering a dedicated upgrade portal on MySonic that allows FTM holders to seamlessly upgrade their FTM to S on a one-to-one basis.

“We are proud to launch the new Sonic chain as the next evolution of Fantom, building on its impressive track record of nearly 100% uptime since 2019. Sonic is a revolutionary platform that prioritizes developers, empowering them to create applications with seamless user experiences while earning a share of network fees,” said Michael Kong, CEO, Sonic Labs

During the initial 90 days after Sonic’s mainnet launch, holders can freely swap between FTM and S using the upgrade portal. After this period, holders will only be able to upgrade from FTM to S.

Sonic Gateway: Secure, Decentralized Interoperability

With the rise of cross-chain activity, secure and trustless bridges are more crucial than ever. Traditional layer-1 and layer-2 bridging solutions often rely on centralized systems, risking billions in potential losses.

The Sonic Gateway addresses these challenges as a decentralized and trustless bridge between Ethereum and Sonic, offering:

“To empower users with effective and trustless control of their assets, we developed the Sonic Gateway, which provides liquidity from other platforms. Powered by our own validators and secured by a fail-safe, the Gateway lets users and apps safely leverage the benefits and incentives of bringing new liquidity to Sonic,” said Bernhard Scholz, Chief Research Officer, Sonic Labs.

Sonic Labs will expand the Gateway beyond Ethereum in the future, enabling direct, decentralized access to multiple blockchains’ native assets.

Sonic Airdrop: Distributing the S Token

To encourage network growth, Sonic Labs is distributing 190.5 million S tokens through an airdrop program focusing on both users and developers. The program includes two incentive structures:

About Sonic Labs

Sonic Labs is a team of blockchain enthusiasts, developers, and entrepreneurs dedicated to building the next generation of decentralized technologies. The company is headquartered in George Town, Cayman Islands.

For more information, users can visit Sonic’s official website and follow Sonic’s Twitter.