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The crypto project, “Sonic”, an L1 layer Blockchain developed by “Sonic Labs” that is an extension of the “Fantom” network, announced that its new Blockchain has produced its first block of transactions.
“Genesis achieved, block zero, infrastructure deploying and soon to the public.” Sonic Labs expressed this in a publication in X this Monday.
Genesis achieved.
Block zero.
Infrastructure deploying.
Publish soon.
— Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) December 2, 2024
It should be noted that this news comes a few days after Sonic Labs presented a default and improved “testnet 2.0” called “Blaze” for EVM-compatible Blockchains.
Additionally, according to a statement from late November, Sonic’s testnet saw “incredible performance improvements,” including an average block time of 1.17 seconds and a completion time of 0.85 seconds for its first 221,000 blocks. .
Ultimately, the “Sonic” network aims to achieve an average block time of one second and set a new standard for high-performance networking with 10,000 transactions per second and confirmation times of one second.
It is important to note that this crypto project is an outgrowth of Fantom’s “Opera” network, which launched in late 2019. To date, Sonic Labs has raised $10 million from prominent investors, including Stani Kulechov, Robert Leshner , Michael Egorov and Tarun Chitra, and has Andre Cronje as chief technology officer.
On the other hand, the team previously announced that it expected to launch its mainnet in late November or early December, meaning it is on track to maintain the promised schedule.
Likewise, according to the network’s website, Sonic Labs will airdrop 190,500,000 “S” tokens. Furthermore, after the official launch of the network, “S” tokens will be able to be exchanged at a 1:1 ratio with “FTM” tokens on the Fantom network.
Ethereum-y-sonic-que-impulsara-la-blockchain”>Sonic Gateway, the bridge between Ethereum and Sonic that will boost the Blockchain
It should be noted that the network’s S token will serve multiple purposes, including fueling transactions (gas), staking, and allowing holders to participate in governance decisions.
Additionally, following the announcement, Fantom’s FTM token saw a gain of more than 23%, going from $1.01 to $1.25, according to CoinMarketCap.
Additionally, S tokens can be used to operate as a validator, although you will need to have at least 50,000 “S” tokens to start. It is important to note that validators will also earn a target reward of 3.5%, once half of the “Sonic” network is staked.
Additionally, Sonic could become the preferred Blockchain for developers. This is because 90% of the transaction fees generated by the Blockchain will be paid to the Sonic developers.
«Our community has been waiting patiently as anticipation for Sonic has grown over the past few months. “Now, it’s time for developers to take the reins and start creating the innovative applications that will be the foundation of the Sonic network.” Said Michael Kong, CEO of Sonic Labs.
“We are determined to give our developer ecosystem the rewards they deserve, both in the short and long term, and we are delighted to implement Sonic Boom to do just that,” he added.
It is important to note that the new Blockchain “Sonic” will have a bridge to Ethereum called “Sonic Gateway”, which will allow the platform to take advantage of the liquidity and user base of Ethereum. This, while maintaining its high performance, scalability and low transaction costs throughout the DeFi sector.
Additionally, the network will also have a shared sequencer that will allow it to produce and secure blocks simultaneously for multiple builds.
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