2024-12-26
Dec. 25, 2024 – Sonic Labs
has launched its Sonic Gateway, enabling seamless swaps of FTM
tokens to S tokens on the Sonic blockchain.
Announced on Dec. 25, the Gateway
facilitates token bridging from Ethereum to Sonic’s mainnet, including FTM,
Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH).
The FTM-to-S conversion occurs at a 1:1
ratio, aligning with Sonic’s total supply of 3.175 billion tokens—mirroring
Fantom’s FTM supply.
Sonic, a new blockchain compatible with
the Ethereum Virtual Machine (EVM), launched its mainnet on Dec. 13 and
promises high-speed performance with up to 10,000 transactions per second and
sub-second block finality.
Key Features of the Sonic Gateway:
Token Compatibility: Allows secure
bridging of FTM, EURC, USDC, and WETH from Ethereum to Sonic.
Fail-Safe Mechanism: Users can
recover assets on Ethereum if the Gateway is non-functional for over 14 days,
ensuring security.
Transaction Bundling: Processes
transactions in batches to reduce costs, with estimated delays of 10 minutes
for Ethereum-to-Sonic and 1 hour for Sonic-to-Ethereum.
Fast Lane Option: Users can
expedite transactions instantly by paying an additional fee.
Sonic Labs is also incentivizing
participation in its ecosystem by distributing 190.5 million S tokens,
encouraging engagement with the newly launched infrastructure.
The Sonic blockchain is co-founded by
Andre Cronje, with a vision to create an efficient and secure decentralized
ecosystem.
Sonic and Fantom Ecosystems in
Perspective
Despite the launch of Sonic, Fantom
remains operational and is not scheduled for deactivation.
Fantom currently holds approximately
$110 million in total value locked (TVL), although it has seen an 18% decline
over the past year.
Meanwhile, Sonic’s TVL has surged to
$62 million, driven by liquid staking through the Beets protocol.
Bridging Ethereum and Sonic
The Sonic Gateway aims to provide a
safer and faster connection between Ethereum and Sonic networks.
It utilizes validators operating on
both Ethereum and Sonic clients to maintain transactional integrity and
security.
The Gateway’s launch marks a
significant step in enhancing interoperability and expanding the reach of the
Sonic ecosystem.
For more details and to start bridging
your tokens, visit the Sonic Gateway: https://gateway.soniclabs.com.
