Sonic Labs has released the litepaper for the new network, boosting the price of FTM on the market.
Sonic Network developers have taken a major step by publishing the litepaper for the network, formerly known as Fantom. This whitepaper not only provides a detailed look at the platform’s new direction, but also lays the groundwork for the migration from its native token, FTM, to the new S token.
The transition, as reported by this media, marks a significant shift in Sonic Labs' strategy, which seeks to position itself as a key player in the Web3 ecosystem.
Sonic Litepaper Boosts Market Confidence
The publication of the litepaper, presented on October 14, has had a positive effect on the FTM priceSince its launch, the FTM token has seen a notable surge, reaching a 6,6% increase in the past week. Data from the CoinMarketCap platform also shows that the token's price has risen by 50,4% in the past month, driven in large part by the expectation generated by new information about the Sonic network and the opportunities it presents for its community.
Cryptocurrency users and investors have responded positively, reflecting renewed interest in the blockchain platform and its potential in the cryptocurrency market.
Source: CoinMarketCap
Fantom and its rebranding as Sonic Network
Fantom, known for its high speed and efficiency in executing transactions, has evolved into Sonic Network, a change that represents not only a rebranding, but a reorientation towards a more robust and scalable approach in the world of blockchains.
Sonic Labs, the company behind the network, has worked to improve its infrastructure, offering superior performance that now allows it to handle up to 10.000 transactions per second (TPS), with confirmation times of one second. With this capability, the developers seek to position Sonic as one of the fastest platforms on the market, surpassing competitors such as Solana.
The transition also involves a token migration, where FTM holders will be able to exchange their token 1:1 for the new S token. This development seeks to facilitate the integration of users into the new blockchain ecosystem and ensure that investors benefit from the improvements to the platform.
Key innovations in Sonic Litepaper
The newly published Sonic Labs Litepaper Sonic Labs has revealed several key points that highlight the innovations and features of the new network. Firstly, it emphasizes the network’s ability to handle a high volume of transactions, which is crucial for the development and growth of decentralized applications (dApps) and financial services in the Web3 ecosystem. Sonic Labs has implemented an architecture that allows for unprecedented scalability, designed to attract developers and users.
Another highlight in the Sonic litepaper is the governance structure. Users of the network will be able to actively participate in decision-making, using the S token to vote on proposals and changes to the protocol. This governance structure is designed to build a truly decentralized network, as highlighted by the developers, and to promote a more active and engaged community, which is vital for the sustainable growth of the project and any blockchain platform.
Furthermore, the document mentions an incentive program that includes an airdrop for loyal FTM users. This airdrop will be based on a points system, rewarding users who have been active on the platform. Regarding these types of initiatives, experts have commented that they not only encourage loyalty, but also help build a solid user base that supports the growth of the project.
The litepaper also addresses the chain’s interoperability with Ethereum, so that Sonic Network can facilitate asset transfers between different platforms. Interoperability is one of the most fundamental features for the Web3 ecosystem, where connectivity between different blockchains is essential for the development of decentralized applications.
Overall, the litepaper reflects Sonic Labs’ focus on scalability, governance and interoperability, which is sparking interest in the platform and its FTM token and the network’s potential to drive the development of advanced solutions in the Web3 ecosystem.
Main image from Sonic Labs.
