Fantom (FTM) Foundation CEO Reveals Exciting Plans for Sonic's Launch and Future Development
Luisa Crawford Mar 27, 2024 09:13
Michael Kong, CEO of Fantom Foundation, has unveiled the highly anticipated launch of Sonic, a groundbreaking blockchain technology that promises unparalleled scalability and security. With plans to create a shared sequencer for L1 and L2 chains and introduce simplified staking and liquid staking support, the Fantom team is poised to revolutionize the world of blockchain. Stay tuned for more exciting updates and partnerships in the coming weeks.
Michael Kong, CEO of Fantom Foundation, has revealed the exciting launch plans and future development of Sonic, a revolutionary blockchain technology. Kong highlighted the significant advancements made since the debut of the Opera network in 2019, which laid the groundwork for Sonic's creation.
The Opera network, based on concepts studied by Andre Cronje, offered improved scalability and time to finality compared to Ethereum at the time. However, as the network gained popularity, it faced challenges during times of high demand, leading to congestion and a deteriorating user experience.
To address these issues, the Fantom team has been diligently working on Sonic for the past two years, aiming to create the most scalable and secure blockchain technology to date. Sonic boasts an impressive capacity to process 2,000 transactions per second (TPS) with sub-second finality, a significant improvement over Opera's 200 TPS.
With Sonic's technical capabilities, Fantom plans to further innovate and evolve. The team intends to use Sonic to develop a shared sequencer for both L1 and L2 chains, enabling the processing of over 180 million daily transactions with real-time, sub-second confirmation times. This development will serve as the foundation for relaunching Fantom as a community-centric brand.
To support the growth and adoption of Sonic, Fantom plans to propose a governance proposal that includes several key initiatives. These initiatives include the establishment of a safe and trust-minimized bridge with native Ethereum access, simplification of staking with a fixed 14-day unbonding period, and the expansion of the Sonic Labs grant program to incentivize developers to build unique and valuable applications.
Additionally, Fantom aims to launch an extensive rewards campaign to thank existing users on the Opera network and promote adoption on the new chain. The introduction of supersets, an upgrade scheduled for the end of 2024, will further enhance the performance of the Fantom Virtual Machine (FVM) and increase overall efficiency. The team also plans to explore parallelization to boost Sonic's performance and continue research on off-chain execution with on-chain verification.
Furthermore, Fantom recognizes the importance of a canonical stablecoin for the success of decentralized finance (DeFi) on both the Opera network and the new Sonic stack. Efforts are underway to implement a canonical stablecoin in the near future.
Michael Kong expressed his excitement about the upcoming developments and partnerships. He assured the community that Fantom remains committed to the evolution of the platform, with the support of token holders, stakers, and projects on Fantom.
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