Fantom Sonic: The turning point that changed the entire Fantom ecosystem

Fantom transforms to not be left behind, launching Sonic updates with technological improvements. This upgrade also changes the FTM token to S, marking a new journey for Fantom.

Upgrade Sonic

Mainnet from 2019, Fantom aims to be an EVM-compatible Layer 1 blockchain with high processing speed, low cost and suitable for DeFi projects. This first version is named Opera Network by the project. Fantom will soon switch from Opera to Sonic Network.

Sonic Network

Sonic Network or Sonic Chain is a completely new Layer 1 project with higher throughput, still maintaining the ability to connect to Ethereum via a specifically designed Layer 2 bridge. This helps Sonic take advantage of low costs and scalability, while still being able to attract ETH and other assets from Ethereum.

Sonic technology (Sonic Network and Sonic Bridge) is an upgrade launched with the desire to make Fantom a platform for developing creative ideas on-chain. Previously, Fantom showed its intention to upgrade the network when announcing Fantom Virtual Machine (part of the Sonic upgrade) from early 2023.

 Sonic upgrade includes 3 main components:

·      Fantom Virtual Machine (FVM): Helps improve data structure and smart contract processing capabilities with a TPS speed 65 times higher than the old EVM version.

·      Carmen Database Storage: Improves data storage by using a more efficient data structure, reducing memory requirements from 11 TB to less than 1 TB, helping validators reduce costs fees down about 90%.

·      Lachesis consensus mechanism: Improve transaction processing pool, collect transaction data from users.

Results from Testnet version

With all of the above upgrades, the Sonic network is expected to achieve the following metrics:

·      2,000-10,000 TPS (depending on the complexity of the transaction)

·      Block production time: Less than 1 second

·      Gas fee profit sharing for developers: 90% (from 15% previously)

·      Some actual network metrics of Fantom Sonic in the testnet version launched from Q4/2023:

·      Average number of transactions per second: 2,118

·      Block production time: 0.87 seconds

·      Average number of transactions per day: 183,119,903

·      Total users: 251,271

The network numbers achieved in the testnet version are quite stable. However, to upgrade Sonic will only officially enter the mainnet when validators perform the upgrade and ⅔ of the amount of FTM from validators participating in staking votes for the upgrade.

Fantom's upcoming directions

Other updates

In addition to network improvements, Fantom also offers many other important suggestions and changes in direction:

Cross-chain bridge version implemented with Sonic Rollup. This bridge is necessary because when Opera launched, projects did not tend to connect cross-chain.

Support liquid staking, unlock liquidity for FTM on validators.

Rebrand: Change FTM token to token with ticker S. Users can change FTM to S at a 1:1 ratio. The total supply of S will increase with the Airdrop Program, Sonic Growth Program and changes to the validator reward mechanism.

Grant Program: Sonic Labs' funding programs are for developers building dApps in the fields of gaming, DeFi, social media and AI.

Rewards & Airdrop: Appreciation rewards for old users on Opera and incentive program for new users on Sonic.

Superset soft-fork version: Soft-fork with the purpose of improving the network after officially upgrading to Sonic.

Parallel FVM: Fantom's research team believes that adding parallel transaction execution to FVM will further improve Sonic's performance. This feature is being continuously explored and may appear in the next upgrade. This is also a hot trend with blockchains such as Sei, Monad...

Using the ZK solution in scaling: Andre Cronje & Fantom are working on implementing off-chain transactions with zero-knowledge proof (ZK-Proof).

Stablecoin development: Both Opera and Sonic versions need a strong stablecoin to develop the DeFi ecosystem. The latest is USDC.e with Wormhole support.

With these updates, Sonic's direction can be clearly seen. Regarding DeFi, the focused projects will be Liquid Staking, Stablecoins and liquidity support projects. Projects on Sonic will always receive technical advice and new incentive programs from the Foundation.

At the same time, the Foundation is also willing to increase the gas fee revenue sharing level to 90% instead of 15% as before, showing its willingness to support projects. In addition to DeFi, the gaming, AI, and social sectors will also be the next spearhead.

Regarding blockchain development, Fantom also pursues current hot trends such as ZK Execution, Parallel blockchain... With the new S token, Fantom will mint additional allocation for Sonic development programs. This will be necessary in the context that FTM is almost 100% unlocked.

New capital round

It can be seen that Fantom is making a big ambition. To realize this ambition, the project has called for new partners and more capital from VC/angel investors. Some investors have appeared:

·      Michael Egorov - Founder of Curve Finance

·      Sam Kazemian - Founder of Frax Finance

·      Robert Leshner - Founder of Compound

·      Stani Kulechov - Founder of Aave

·      Tarun Chitra - Founder of Gauntlet

The upcoming updated version of Fantom receives the attention of founders from the largest DeFi projects today. With this information, most of the major DeFi projects mentioned above will operate on Sonic.

Affects projects in the Fantom system

Projects in the ecosystem will certainly receive positive effects. Having a higher network throughput will make the user experience better, and the project will have more options to deploy dApps.

When deployed on Sonic, projects (especially the DeFi segment) will have the advisory participation of Andre Cronje and members of the Fantom Foundation. Fantom is also ready to show support through a commitment to use 9 digits from the project's own reserve fund to develop the Sonic ecosystem.

At the same time, the share reward for developers from gas fees will increase to 90%, creating a significant motivation and revenue source for the project. Currently, the gas monetization program allows participating projects to receive 15% of the gas fees they generate, with the top 12 projects receiving additional quarterly bonuses.

Increasing the share rate to 90% will create more motivation for projects on Sonic. In addition to DeFi, memecoin projects and communities are also of interest with the Meme Season Program. The memecoin project and community will be rewarded based on marketcap, transaction volume and gas used.

Meme Season show on Fantom.

Realistic experience on Sonic

The mainnet has not yet officially launched, but interested users can already experience the Sonic testnet. Steps to participate in the experience include:

Get the FTM testnet faucet and try out the game Maze. Each dot move is an on-chain transaction. With Sonic Connect, users will optimize all operations from wallet creation to transaction confirmation.

Execute a swap order on Sonic Trade. Get Coral and FTM testnet tokens, then swap Coral to Diamond. Executing orders via Sonic Connect will be smoother but will create a completely new wallet.

Use SonicScan to check information about transactions made. Gas fees per transaction are around 0.0000363 FTM (~$0.000024). Users can chat with LoreAI to find out detailed information on each transaction.

summary

Fantom Foundation shows enthusiasm when building Fantom Opera and currently Fantom Sonic. The new update will come with many other updates in the ecosystem, focusing on DeFi, Social, Game, AI and Memecoin projects. FTM token will transform into S token with many new functions.