Fantom Rebrands to Sonic Network with 1:1 Migration, Sees 20% DeFi Surge

May 18, 2024, 04:21 AM

The Fantom Foundation has announced a major rebranding initiative, transitioning from Fantom (FTM) to Sonic Network (S). The rebranding includes the rollout of a new layer-1 blockchain, Sonic Network, which will feature a native layer-2 bridge connected to Ethereum. FTM token holders will be able to migrate their tokens to the new S token at a 1:1 ratio. This upgrade, known as the Sonic upgrade, has resulted in a 20% jump in Fantom DeFi. The new Sonic Network aims to compete with other high-performance blockchains like Solana, focusing on speed and lower fees. The upgrade also includes a parallelised EVM, which is expected to generate significant interest in the blockchain community. Additional features include an airdrop program and the 26.47%/66% Opera Upgrade.