Fantom Becomes Sonic Labs, Preps for EVM Chain Launch

Fantom Rebrands as Sonic Labs Ahead of EVM Chain Launch

Decentralized smart contract platform Fantom has undergone a significant transformation, rebranding itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Virtual Machine (EVM). The rebrand was officially announced via X on August 1, and Sonic Labs is now fully operational across all platforms.

Fantom’s Transformation Into Sonic Labs

This rebranding marks a major milestone in Sonic Labs’ roadmap toward the launch of Sonic, scheduled for later this year. According to the protocol, the rebranding aims to provide greater clarity and visibility to the project’s community, including:

• FTM holders
• Network developers
• Validators

The core of Fantom’s transformation lies in the Sonic upgrade, which is described as “cutting-edge technology” designed to “revolutionize” the platform. The Sonic chain promises:

• Increased scalability
• Enhanced security
• Improved user experience

Compared to its predecessor, the Opera chain, the Sonic upgrade is set to deliver substantial improvements. The Opera network, which launched in December 2019, processed 200 transactions per second (TPS). The new Sonic chain aims to achieve a significant 2,000 TPS with sub-second finality.

“The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will oversee the network’s governance and treasury management functions. Additionally, Sonic Labs will drive growth among dApps, partnerships, and users,” explained Michael Kang, CEO of the Fantom Foundation.

Airdrops and Incentives for FTM Holders

Sonic will also enhance database storage and optimize consensus mechanisms. By upgrading from Opera to Sonic, the decentralized finance (DeFi) platform aims to strengthen its network without resorting to sharding or additional layers.

Another key feature of the Sonic chain is its status as a Layer 1 (L1) platform that utilizes a custom Layer 2 (L2) bridge to establish a secure connection with the Ethereum ecosystem. This integration allows decentralized applications (dApps) on Sonic to access:

• Ethereum’s network
• Ethereum’s liquidity
• Ethereum’s user base
• A new range of protocols

To support the transition to Sonic, the Fantom Foundation has committed up to 200 million S, Sonic’s new native token, to a fund aimed at accelerating partner migration in anticipation of the launch. The platform has also introduced airdrops and bonus mechanisms for FTM holders as part of the incentivized 1:1 migration from FTM to S.

“The strategic significance of this rebrand cannot be overstated,” said Kang. “By launching the Sonic network and establishing the Sonic Foundation and Sonic Labs, we are positioning ourselves to become a leading player in the decentralized finance and enterprise blockchain space, focusing on delivering unparalleled performance, security, and user experience.”

At the time of writing, as the final touches are being put on the migration to the S token, FTM is trading at $0.4253, up over 2% in the last 24 hours.