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July 14, 2024
Blockchain Technology

Fantom (FTM) Foundation CEO Reveals Exciting Plans for Sonic’s Launch and Future Development

Michael Kong, CEO of Fantom Basis, has unveiled the extremely anticipated launch of Sonic, a groundbreaking blockchain expertise that guarantees unparalleled scalability and safety. With plans to create a shared sequencer for L1 and L2 chains and introduce simplified staking and liquid staking assist, the Fantom workforce is poised to revolutionize the world of blockchain. Keep tuned for extra thrilling updates and partnerships within the coming weeks.

Michael Kong, CEO of Fantom Basis, has revealed the thrilling launch plans and future improvement of Sonic, a revolutionary blockchain expertise. Kong highlighted the numerous developments made for the reason that debut of the Opera community in 2019, which laid the groundwork for Sonic’s creation.

The Opera community, primarily based on ideas studied by Andre Cronje, supplied improved scalability and time to finality in comparison with Ethereum on the time. Nonetheless, because the community gained recognition, it confronted challenges throughout instances of excessive demand, resulting in congestion and a deteriorating consumer expertise.

To handle these points, the Fantom workforce has been diligently engaged on Sonic for the previous two years, aiming to create essentially the most scalable and safe blockchain expertise up to now. Sonic boasts a powerful capability to course of 2,000 transactions per second (TPS) with sub-second finality, a big enchancment over Opera’s 200 TPS.

With Sonic’s technical capabilities, Fantom plans to additional innovate and evolve. The workforce intends to make use of Sonic to develop a shared sequencer for each L1 and L2 chains, enabling the processing of over 180 million day by day transactions with real-time, sub-second affirmation instances. This improvement will function the muse for relaunching Fantom as a community-centric model.

To assist the expansion and adoption of Sonic, Fantom plans to suggest a governance proposal that features a number of key initiatives. These initiatives embody the institution of a protected and trust-minimized bridge with native Ethereum entry, simplification of staking with a set 14-day unbonding interval, and the growth of the Sonic Labs grant program to incentivize builders to construct distinctive and precious functions.

Moreover, Fantom goals to launch an intensive rewards marketing campaign to thank current customers on the Opera community and promote adoption on the brand new chain. The introduction of supersets, an improve scheduled for the tip of 2024, will additional improve the efficiency of the Fantom Digital Machine (FVM) and improve total effectivity. The workforce additionally plans to discover parallelization to spice up Sonic’s efficiency and proceed analysis on off-chain execution with on-chain verification.

Moreover, Fantom acknowledges the significance of a canonical stablecoin for the success of decentralized finance (DeFi) on each the Opera community and the brand new Sonic stack. Efforts are underway to implement a canonical stablecoin within the close to future.

Michael Kong expressed his pleasure concerning the upcoming developments and partnerships. He assured the neighborhood that Fantom stays dedicated to the evolution of the platform, with the assist of token holders, stakers, and tasks on Fantom.

Picture supply: Shutterstock

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