Phantom Foundation revealed additional details about its new Layer-1 blockchain Sonic Network, announcing that this new network connects to Ethereum via a Layer-2 bridge. Thanks to this innovation, Sonic will provide a wide user base, liquidity and access to other protocols.
These two pioneering technologies, namely Sonic Network and Sonic Bridge will take Sonic to a unique position. For the first time, an ecosystem will offer native ETH access while experiencing all the benefits of the Layer-1 blockchain.
This innovation integrates the low cost, scalability and speed advantages of the network with the Layer-1 blockchain, while providing access to native ETH and other Ethereum assets by ensuring the security of the Layer-2 bridge.
Sonic technology has gone through intensive development and has now been upgraded to the Opera chain, which can process 2,000 transactions per second and commit in a single second. This innovation significantly reduces storage needs and costs. As a next-generation platform, Sonic will support the development of dApps and communities.
With the launch of the Sonic chain, the supply of $S will be aligned with $FTM, ensuring a smooth transition. Depending on the outcome of the governance vote launched today, users will be able to switch their Fantom tokens to the new $S tokens at a 1:1 ratio. With the introduction of the Sonic chain, developers, applications and users in the Fantom ecosystem will have the opportunity to migrate to this innovative platform.
Initially, this migration process will be bi-directional, allowing users to switch between $FTM and $S tokens. Since $S tokens will only be available on Sonic and $FTM tokens will only be available on Opera, a bridge that will facilitate two-way swaps is expected. This approach provides a seamless transition for existing Opera network participants to adopt the Sonic experience.
However, once the transition period ends, the transition will only be one-way from $FTM to $S. This news could give additional momentum to the Fantom (FTM) price; It is traded at $0.8595 with an increase of 7.13% in the last week and its market value is at $2.4 billion.
Over the last week, Fantom price has increased by approximately 20% as the total value locked (TVL) in the protocol has increased.
