Michael Kong, CEO of the Fantom Foundation, unveiled the long-awaited 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 blockchain world. Stay tuned for more exciting updates and partnerships in the coming weeks.
Michael Kong, CEO of Fantom Foundation, revealed the exciting launch plans and future development of Sonic, a revolutionary blockchain technology. Kong highlighted the significant progress made since the debut of the Opera network in 2019, which laid the groundwork for the creation of Sonic.
The Opera network, based on concepts explored by André Crone, offered improved scalability and time-to-final 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 degraded user experience.
To address these issues, the Fantom team has been hard at work on Sonic for the past two years, striving to create the most scalable and secure blockchain technology to date. Sonic boasts an impressive processing capacity of 2,000 transactions per second (TPS) with subsecond finality, a significant improvement over Opera’s 200 TPS.
With Sonic’s technical capabilities, Fantom plans to 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 basis for the relaunch of Fantom as a community-oriented brand.
To support Sonic’s growth and adoption, Fantom plans to offer a management proposal that includes several key initiatives. These initiatives include establishing a secure and trust-minimized bridge with native access to Ethereum, simplifying staking with a fixed 14-day disconnection period, and expanding the Sonic Labs grant program to incentivize developers to create unique and valuable applications .
Fantom also aims to launch a broad rewards campaign to thank existing users on the Opera network and encourage adoption on the new chain. The introduction of supersets, an upgrade planned for late 2024, will further improve Fantom Virtual Machine (FVM) performance and increase overall efficiency. The team also plans to explore parallelization to increase Sonic’s performance and continue exploring off-chain execution with on-chain verification.
Furthermore, Fantom recognizes the importance of the canonical stablecoin to 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, participants and Fantom projects.
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