What is Sonic blockchain and S token and how it is different from its predecessor Fantom (FTM)?

Sonic is a newly launched layer-1 blockchain developed by Sonic Labs, designed to be compatible with the Ethereum Virtual Machine (EVM).

Officially launched on December 13, 2024, Sonic aims to provide a high-performance infrastructure capable of processing 10,000 transactions per second (TPS) with sub-second finality.

This platform is positioned to enhance developer incentives and user experiences, making it an evolution from its predecessor, Fantom, which utilized the FTM token.

Key Features of Sonic Blockchain

High Transaction Capacity: Sonic can handle 10,000 TPS, which is crucial for applications requiring rapid processing times.

Sub-Second Finality: Transactions are confirmed in less than one second, enhancing user experience and operational efficiency.

Decentralized Gateway: The Sonic Gateway facilitates secure and decentralized interoperability with Ethereum, allowing for efficient asset transfers between the two networks

The S Token

The S token is the native cryptocurrency of the Sonic network. It serves multiple purposes within the ecosystem:

Transaction Fees: Users can pay for transaction fees using S tokens.

Staking and Governance: S tokens are required for staking and participating in governance decisions within the network.

Validator Operations: Validators must hold and stake S tokens to secure the network.

Tokenomics

The total supply of S tokens is 3.175 billion, mirroring the total supply of FTM tokens from Fantom.

Existing FTM holders can upgrade their tokens to S on a 1:1 basis through a dedicated upgrade portal.

An initial distribution of 190.5 million S tokens will be allocated through an airdrop aimed at incentivizing both users and developers.

Transition from FTM to S

Sonic Labs has implemented a seamless transition process for existing FTM holders.

Users can swap FTM for S tokens using the Sonic Gateway, which also supports other assets like Euro Coin (EURC) and USD Coin (USDC).

How Sonic is different from its predecessor Fantom (FTM)?

Sonic is an upgrade and rebranding of Fantom's existing infrastructure.

As Sonic supports up to 10,000 TPS, it can handle high-frequency applications such as DeFi platforms and blockchain gaming better than Fantom.

Sonic introduces a new database storage system that reduces the storage requirements for validators, making it more cost-effective to run nodes compared to the older Fantom architecture.

Sonic represents advancement in blockchain technology by focusing on speed, efficiency, and developer engagement while introducing the S token as its native currency to support various functionalities within its ecosystem.