In a sea of deep red, only a few altcoins are surviving and holding up bullish momentum.
One most noticeable is $S, the newly transitioned token that was once known as $FTM.
So, it’s time to research and supply you with everything you need to know about the move from Fantom to Sonic.
What is Sonic?
Starting its journey in 2018, Sonic was known as Fantom, aka the Spooky Chain and was founded by the DeFi Godfather, Andre Cronje. Despite being a popular and thriving DeFi network, Fantom lacked the interoperability that was required in today’s world.
Out with the old and in with the new.
Fantom is no more. Sonic has taken over, and users must migrate their $FTM tokens into $S, the new native token.
But what is Sonic, and why the transition from Fantom?
Fantom to Sonic Transition
Sonic ($S) is a newly launched Layer 1 blockchain with more features and capabilities than its predecessor, Fantom. It is EVM-compatible and hosts a Layer 2 bridge, also known as the Sonic Gateway for shifting $ETH and other assets to and from the Sonic network.
This provides a fully comprehensive and interoperable ecosystem with the largest chains out there.
Why Sonic?
The Sonic network is capable of processing over 10K TPS with sub-second finality time and near-zero gas fees. They are striving to create the perfect DeFi ecosystem, available for everyone to participate in. Already, there are an impressive 137 dApps in the Sonic ecosystem, and we’re only getting started.
Thanks to the new tech, all of the biggest and best networks and applications can now integrate and build on Sonic. With a mission to become the most rewarding network in the entirety of Web3, they seem to be on the right track.
Sonic Airdrop
Live on Sonic right now is a limited-time points system where early and loyal network users and developers can earn Sonic points. A confirmed airdrop is underway and the more Sonic points you accumulate, the bigger $S airdrop you will receive.
Earning points is easy, and could be your golden ticket to a beautiful airdrop.
To earn passive points, simply HODL whitelisted assets such as $S and more. For Activity points, deploy whitelisted assets into dApps within the ecosystem. Finally, for the developers, each app will earn Gems that can be redeemed for $S tokens with the option of distributing them to community members!
Sonic Token ($S)
Showcasing Sonic’s native token, $S, the driving force of the ecosystem. $S is primarily used as the gas token to pay for transactional fees. It is also used to stake, run validators and participate in the governance of the entire network.
But what happened to the $FTM token?
As the Fantom chain is now closed, the Sonic network has taken over, and $FTM holders will need to migrate into the new token, $S. This can be done for a 1:1 conversion rate for the first 6 months and is all done in the mySonic app.
Conclusion
According to CoinMarketCap, at the time of writing, $S is currently trading at $0.72 with a large market cap of $2.09B, ranking it the 43rd largest crypto. Excluding $FTM’s previous ATH, the $S token has achieved an all-time high of $1.03, only 29.78% away from its current price point.
Once we see a surge in network activity and a bull run, who knows what highs the $S token can create, but it sure is exciting…
Sonic Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
