Fantom 2024 Update!! The New SONIC Layer 1 Explained

Summary

Fantom is preparing for the launch of Sonic, its new Layer-1 blockchain platform designed to enhance scalability, speed, and cost-efficiency. Powered by the Lachesis consensus mechanism and directed acyclic graphs (DAGs), Fantom achieves fast, low-cost transactions. Sonic will integrate with Ethereum via a Layer-2 bridge and support over 2,000 transactions per second. Additionally, it introduces a new governance token, 'S', along with Sonic Foundation and Sonic Labs. Despite recent security breaches, Fantom is looking to boost user confidence with Sonic’s launch, offering innovation and improved blockchain technology.

Takeaways

• 🚀 Fantom is gaining attention with the upcoming launch of Sonic, its new Layer-1 platform set for release this year.
• ⚡ Fantom is a decentralized Layer-1 platform aimed at addressing scalability issues seen in other blockchains like Bitcoin and Ethereum.
• 💸 Transactions on Fantom cost less than $0.01 and can finalize in under a second, using the Lachesis consensus protocol.
• 👨‍🔬 Fantom was founded in 2018 by Dr. Ahn Byung Ik with a focus on creating a fast, scalable, and affordable blockchain platform.
• 💼 Fantom is currently led by CEO Michael Kong, with key figures like Andre Cronje, David Richardson, and others playing pivotal roles in the foundation.
• 🤑 The Fantom Foundation has raised over $91 million, including $10 million in a strategic round to support the Sonic Foundation.
• 🧑‍💻 The Lachesis protocol enables asynchronous validation, allowing validators to independently process transactions, resulting in faster transaction times.
• 🪙 Fantom launched its official stablecoin, USDC.e, in collaboration with Circle and Wormhole, with the potential to be upgraded to native USDC.
• 🎯 Sonic is expected to improve Fantom's scalability, speed, and storage efficiency, with a launch anticipated before the end of the year.
• 🛡 Fantom faced security challenges, including a Multichain exploit and a hot wallet hack, but upcoming launches like Sonic may help restore user confidence.

Q & A

What is the primary focus of Fantom's platform?

Fantom is a decentralized Layer 1 platform focused on addressing scalability issues found in other blockchains, such as Bitcoin and Ethereum. It aims to offer fast, scalable, and cost-effective transactions.

Who are the key members of the Fantom Foundation team?

The Fantom Foundation is led by CEO Michael Kong, Executive Chairman David Richardson, Core Contributor and Director Andre Cronje, CTO Quan Nguyen, Chief Marketing Executive Joe Epstein, and Chief Research Officer Professor Bernhard Scholz.

What makes the Lachesis protocol unique in the Fantom blockchain?

The Lachesis protocol uses asynchronous validation, allowing validators to work independently without waiting for specific blocks to finalize before moving on to the next one. It also uses directed acyclic graphs (DAGs), which enable faster transaction times by allowing multiple blocks to be added simultaneously.

What is the significance of Fantom's recent $10 million funding round?

The recent $10 million funding round, led by Hashed and supported by UOB Ventures, Aave Foundation, and others, is meant to support the launch of the Sonic Foundation, which will help expand and grow the Fantom ecosystem.

What role do DAGs (directed acyclic graphs) play in the Fantom blockchain?

DAGs are web-like, non-linear data structures that allow multiple blocks to be added at the same time, enabling faster transactions on the Fantom blockchain. Validators maintain their own DAGs and sync with others to achieve consensus.

What are the anticipated benefits of Fantom's upcoming Sonic platform?

Sonic will offer a new layer-1 platform that connects to Ethereum via a customized layer-2 bridge. It promises low costs, scalability, and sub-second finality for transactions, while also being compatible with the Ethereum Virtual Machine (EVM) and providing access to Ethereum's liquidity.

How will the launch of Sonic affect the Fantom ecosystem?

The Sonic platform will be integrated with Fantom's existing infrastructure, allowing existing smart contracts and services on the Fantom Opera chain to remain fully compatible. The Sonic Foundation and Sonic Labs will also be introduced to manage governance and expand the network.

What is Fantom's current Total Value Locked (TVL) and what are the top protocols on the network?

At the time of recording, Fantom has over $100 million in TVL, with the top three protocols—Beethoven X, SpookySwap, and Equalizer—accounting for over 70% of the TVL.

How does Fantom plan to handle its native token migration to Sonic?

Fantom users will be able to swap their native token FTM for the new Sonic token (S) on a 1:1 basis. Initially, this swap can go both ways, but in the future, it will become a one-way migration from FTM to S.

What security issues has Fantom faced recently, and how have they been addressed?

Fantom faced two major security issues in 2023: a $200 million exploit through the Multichain bridging protocol and a $550,000 hot wallet hack in October. The Fantom Foundation addressed the hot wallet vulnerability and awarded a security researcher $1.7 million for their help in preventing a larger exploit.