Fantom’s transition to Sonic has now begun, putting the platform in the spotlight and causing FTM, the original symbol of Fantom, to jump. According to Queen GeckoFTM has gained over 17% since last week, representing the buzz the network migration has created within the community.
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The new Sonic Labs is preparing to continue the Fantom legacy as four key proposals are currently being prepared for the final release of the main Sonic Network. If approved, the proposals will provide users and developers with a smooth transition to the Sonic Network once D-Day arrives.
The basic proposals promise a smooth transition to Sonic.
According to Sonic Labs X-Account, Four Proposals That Will Impact User Experience While Switching to Sonic Network. Most marked It is the proposed one-to-one ratio between FTM and $S, the native token of the new network. The new token will function like the old FTM token, with 3,175,000,000 $S tokens on the day of creation.
with @MessariCryptoIn our Q2 2024 report, we look at the last quarter in the world of #sonicincluding 4 governance proposals:
💵 190.5 m S Airdrop
🚀 $FTM to S Compatibility
💰Funding is ongoing
👥 Investigators/BuildersLet’s explore the report 👇 pic.twitter.com/Sypi35TTF4
— Sonic Labs (formerly Fantom) (@0xSonicLabs) August 13, 2024
As a general thank you to Opera users, the platform will allocate over 190,500,000 $S tokens for the airdrop. The airdrop also includes safeguards to protect the market from a sudden influx of $S tokens. It will also have a burn mechanism that will stagger users who choose to claim their airdrop position on the first day, resulting in a burn of approximately 100% to 88.9% of the tokens allocated to the user.
This gives users time to contribute to the overall activity on the chain while providing guaranteed gains in the long run. New users are also eligible to receive airdrops once the network launches.
4️⃣ Investigators/Builders
This proposal was approved:
✅ Investigator rewards have been moved from Opera to #sonic
🚀 GasM apps can earn up to 90% of gas using a new burning model
💰 Ecosystem Vault funds are allocated to: @Sonic Council
🔒 14-day participation ban period
— Sonic Labs (formerly Fantom) (@0xSonicLabs) August 13, 2024
Funding for the new network has also been secured, with $47,625,000 S tokens allocated to power Sonic Spark and Sonic University, providing developers with the knowledge to build on the platform. To ensure that funds are not wasted, Sonic will burn any remaining funds if they are not used within a specified time frame. For example, if only half of the massive $47,625,000 S tokens are used, the other half will be burned to protect the integrity of the network while ensuring that funds are not wasted.
Validation rewards from Opera will also be transferred to Sonic to encourage network usage while protecting $S from overinflation for the first four years.
FTM price will stabilize at this level before Sonic Network launch
As of the time of publishing this report, the cryptocurrency is struggling to flip the $0.3689 ceiling to the support level which is crucial for the bulls in the long term.
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Although the token seems to be slowing down, the overall market positivity is set to improve in the coming days, pushing bears away from the FTM market. This should open up the opportunity to reclaim $0.3689 in the near term while providing a strong support level for the bears to grab $0.4855 in the long term.
Featured image by Zipmex, chart by TradingView
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