Fantom Rebrands to Sonic Labs Ahead of EVM Launch
Fantom has officially rebranded to Sonic Labs as part of its strategic effort to expand its reach by launching a new Ethereum Virtual Machine (EVM) chain later this year.
Highlights
- Fantom has rebranded to Sonic Labs.
- Along with the new identity comes a new EVM protocol called Sonic.
- Sonic is set to launch before the end of this year.
The Rebranding Journey From Fantom to Sonic Labs
The Directed Acyclic Graph (DAG) protocol, Fantom, has undergone a significant transformation, rebranding itself to Sonic Labs. This change was officially announced on their X page, where the name has also been updated to “Sonic Labs.”
The rebranding journey began several months ago, with the announcement of the launch of Sonic Labs and the Sonic Foundation. Sonic Labs will focus on the development and growth of decentralized applications (DApps) associated with Sonic. Michael Kang, CEO of the Fantom Foundation, noted:
“The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, responsible for governance and treasury management, as well as Sonic Labs, which will drive growth among DApps, partnerships, and users.”
A New Era With Sonic Labs
Sonic Labs is gearing up to launch the fastest Ethereum Virtual Machine (EVM), dubbed Sonic. Described on the Sonic Labs splash page, Sonic is a Layer-1 platform offering a secure gateway to Ethereum. It is touted to provide the fastest settlement layer for digital assets, boasting over 10,000 transactions per second (TPS) and complete one-second confirmation times.
To foster growth and community engagement, Sonic Labs plans to introduce a substantial incentive program. Unlike Fantom, which used FTM as its native token, Sonic will use the S token. This new token will be introduced to the ecosystem through a massive airdrop, simplified staking, incentive programs, and other initiatives. While the transition from Fantom to Sonic Labs is complete, the launch of Sonic is slated for the fourth quarter of the year.
Some notable supporters and investors in Sonic Labs include:
- Robert Leshner, CEO of Compound
- Stani Kulechov, CEO of Aave
- Sam Kazemian, CEO of Frax Finance
- Others in the crypto community
Meanwhile, the Ethereum landscape has seen new developments following the United States Securities and Exchange Commission’s (SEC) approval of spot Ethereum ETF trading. The Ethereum ETFs initially registered good numbers but have recently experienced substantial outflows. On Wednesday, all eight spot Ethereum ETFs saw a significant outflow of $77.2 million.
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