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The prominent cryptocurrency journalist Colin Wu has just uncovered a very important news about the Fantom Foundation. In his Wu Blockchain X post, Wu exposed that the Fantom Foundation has revealed the launch details of its new innovative Layer 1 (L1) blockchain, Sonic Network.
Sonic Network is a big step in the blockchain world, which will facilitate communication by connecting to Ethereum through its own cross-chain bridge. This step is designed to use the Ethereum’s big ecosystem and at the same time give Sonic Network’s users a chance for unprecedent flexibility and interoperability.
The Fantom Foundation has announced the details of its new L1 blockchain Sonic Network, which will be connected to Ethereum through a native cross-chain bridge. FTM token holders will migrate to Sonic’s token S at a 1:1 ratio, which can be understood as Fantom 2.0.…
— Wu Blockchain (@WuBlockchain) May 18, 2024
Fantom To Sonic Token Swap Enhances Blockchain Future
The transition to Sonic Network will see current FTM token holders migrating to the new Sonic token, denoted as S, at a 1:1 the ratio. This migration is, in a way, placing Sonic Network as the upgraded version of Fantom which is also called by its others name – Fantom 2.0. The Fantom Foundation makes sure that its community goes through a smooth token swap by providing it without any friction and, at the same time, keeps their holdings’ value while getting access to the advanced features of Sonic Network.
This improvement of Sonic Network not just points to a technical development but also shows the future vision for blockchain technology. The native cross-chain bridge to Ethereum is the key feature that will facilitate more cooperation and integration within the decentralized finance (DeFi) ecosystem. Through the provision of a simpler way to reach Ethereum’s solid network, Sonic Network is going to attract more developers and projects which will lead to an improvement in the whole blockchain environment.
Sonic Network is the new milestone of Fantom, which would allow it to develop its technology and hence become more interconnected and versatile. This move highlights the foundation’s vision of a future where blockchain networks will be able to interact smoothly, thus providing users and developers with a richer, more integrated experience.
The appearance of Sonic Network is a start of a new era for Fantom and at the same time it is also an introduction to more technology and strategic cooperation in blockchain interoperability with other goals like user empowerment.
