From Fantom to Sonic: Will the Rebranded Blockchain Become the EVM Champion?

Are you ready for the resurgence of the DeFi Summer with the launch of the refined Fantom Opera blockchain?

With rebranding from Fantom Opera to Sonic, this EVM network is in full swing on testnet since early September 2024, and the buzz for its mainnet launch later this year has been steadily building in the crypto community. Sonic promises not only a new name but also an enhanced ecosystem of innovative web3 projects, adjusted tokenomics, and expanded DeFi capabilities.

Here's what to expect from Sonic and its anticipated features and developments.

Sonic: New Features Compared to Fantom Opera

On August 1, 2024, Fantom officially rebranded as Sonic Labs, the entity behind the eponymous Layer 1 (L1) blockchain. Alongside Sonic’s mainnet launch slated for the end of 2024, the transition includes a 1:1 swap from the existing FTM token to Sonic’s new native token, S (yes, the new asset’s ticker is just one character).

This upgrade aims to improve blockchain performance, enhance the ecosystem, and drive adoption through some advanced features, which include:

• Native trustless bridge. A fully decentralised bridge between Ethereum and Sonic, designed with a fail-safe mechanism to enhance security and trustless asset transfers.
• Higher performance and scalability. The Sonic blockchain will operate at sub-second time-to-finality (TTF) with a throughput of 10,000 transactions per second (TPS), significantly higher than Fantom Opera’s previous 2,000 TPS.
• Gas rebates. Up to 90% of gas fees will be rebated back to protocols, reducing operational costs and incentivising developers to build on the network.
• Native stablecoin. The introduction of a Sonic-native stablecoin aims to provide a stable medium of exchange and increase liquidity within its DeFi ecosystem.

Sonic’s native token will inherit much of FTM’s utility but introduces updates to its tokenomics to support network growth, ecosystem funding, and user incentives:

• Airdrop. 6% of the S token supply (190.5 million S) will be airdropped to existing users, encouraging early adopters to engage with the new ecosystem.
• Network growth funding. Sonic Labs has earmarked 47.6 million S (1.5% of the supply) to foster ecosystem expansion and incentivise new projects.

We depicted the main changes of S tokenomics in comparison with FTM on a graphics below:

Sonic Ecosystem

Sonic’s ecosystem will include many familiar projects from Fantom Opera but will also welcome a wave of fresh developments, reflecting the network’s focus on innovation and DeFi growth. A few notable projects include:

• Coven Finance. This protocol offers users the ability to create custom index tokens to maximise yield. With a Dollar-Cost Averaging (DCA) tool, it provides options for both one-time and gradual investments, helping users manage market risk effectively.
• FateAdventure. As a fully on-chain 2D RPG game, FateAdventure integrates PvE and PvP content in a decentralised way, allowing players to enjoy a rich gameplay experience with blockchain-backed ownership.
• Thunder Dome. This is a SocialFi platform on Sonic that introduces purchasable hashtags, revenue-sharing features, and a unique social experience where user engagement directly contributes to platform rewards.

Funding

Sonic is also likely to make headlines with its new bounty program: Sonic Boom.

It awards up to 71.5 million S tokens to applications driving innovation within the ecosystem. With winners to be announced on November 4, Sonic Boom encourages developers to explore creative possibilities and enhance user experience.

In addition to Sonic Boom, the Innovator Fund offers grants for both existing Fantom Opera projects and new Sonic-native applications, fostering a competitive environment. This funding program positions Sonic as a catalyst for decentralised app growth and user engagement.

Promotion and Airdrop Campaigns

Sonic launched several community-oriented campaigns, rewarding engagement with airdrop points and exclusive NFTs.

The Sonic Arcade campaign, for example, features Play-to-Earn (P2E) games where users can earn S points, redeemable through airdrops upon mainnet launch.

Meanwhile, the Road to Sonic Galxe campaign encourages users to interact with various apps within the ecosystem. By completing weekly tasks, users can collect Shards, with six shards combinable into a special NFT, adding a layer of collectability and engagement to Sonic’s promotional efforts.

Overall

Sonic is about to become one of the most anticipated new L1 blockchains of 2024. New features for increased capacity, enriched ecosystem, and user rewards demonstrate its ambition to recapture the energy of Fantom’s DeFi Summer of 2020, and advance the DeFi sector.

If you are one of the Sonic builders, reach out to DWF Ventures to discuss potential partnership opportunities.