A popular L1 project Fantom Foundation has recently provided details regarding its latest layer-1 blockchain. As per the platform, it will connect the new chain Sonic Network to the Ethereum ecosystem by using a local cross-chain bridge. On its official web portal, the company provided the respective details regarding the exclusive project.
Fantom Foundation Offers Insights into Its Exclusive L1 Chain Named Sonic Network
It noted that the new blockchain is providing a unique frontier with its launch. As per the firm, Sonic Network uses its local token that uses $S as its ticker symbol. The layer-1 chain will reportedly link to Ethereum through an L2 bridge. The people holding Fantom Foundation’s native token $FTM will get some other benefits also. In this respect, the project lets them migrate coins with a 1:1 ratio against the $S token at the genesis.
The Sonic chain utilizes the latest safe bridge architecture to offer an enhanced performance to decentralized applications and consumers. It is comparatively better than the present Opera network as the exclusive Sonic technology will run it. Fantom Operations Ltd intends to keep on backing the Opera network with validator support. Sonic Operations Ltd will reportedly support the Sonic Network.
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As per the announcement, the Fantom Foundation has allocated numerous FTM tokens to support the ecosystem development of the Sonic Network. The platform considers this a fine contribution to migration grants, business development, marketing, and the rest of the adoption endeavors. The company assured to conduct several governance votes to guarantee resilient community support.
The Project Will Enable the Platform to Get L1 Benefits While Providing Local ETH Access
With this, the platform focuses on the implementation of the proposed modifications. Apart from that, this development also assists in shaping the impending moves. They take into account, additional grants, liquidity, airdrops, and so on. The Sonic Network will reportedly combine the scalability, speed, and cost-effectiveness of the L1 with an L2 bridge’s security.
This will enable it to reach local ETH as well as the rest of the Ethereum assets. The synthesis of the respective couple of enhanced technical advancements will turn Sonic into a separate league. As a result of this, it will obtain all the advantages of an L1 while offering local ETH access.