Alisa Davidson
Published: December 18, 2024 at 12:05 pm Updated: December 18, 2024 at 2:22 pm
Edited and fact-checked:
December 18, 2024 at 12:05 pm
In Brief
Sonic launches its mainnet, capable of processing up to 10,000 transactions per second, offering sub-second finality, and a native decentralized gateway to Ethereum.
Ethereum Virtual Machine (EVM)-compatible Layer 1 blockchain, Sonic announced the launch of its mainnet, providing developers with robust infrastructure and attractive incentives.
With capabilities of processing up to 10,000 transactions per second, sub-second finality, and a native decentralized gateway to Ethereum, Sonic aims to empower developers to create the next generation of applications while offering users an efficient and seamless blockchain experience.
FTM holders can now easily upgrade their tokens to S on the Sonic platform on a 1:1 basis through the upgrade portal. This upgrade provides access to Sonic’s wide range of applications. Developers can follow the steps outlined to deploy their apps on Sonic and begin earning rewards.
To upgrade, FTM holders should connect their Web3 wallet to MySonic, select the amount of FTM to upgrade, verify the amount of S tokens being received, click “Upgrade,” and approve the transaction. The upgraded S tokens will be delivered shortly, granting users full access to the ecosystem. For the first 90 days after the mainnet launch, users can freely swap between FTM and S through this portal. After this period, upgrades will be exclusively from FTM to S.
As part of the launch, Sonic introduces MySonic, an all-in-one portal that offers FTM to S upgrades, app exploration, staking, and governance features.
In addition, Sonic has launched the Sonic Gateway, a decentralized bridge that facilitates token transfers between Ethereum and Sonic. The bridging process involves three key steps: depositing assets into the bridge (which takes 10-15 minutes on Ethereum and approximately 1 second on Sonic), awaiting confirmation of the deposit, and then having assets bridged during the next “heartbeat” interval. These intervals, which are scheduled to occur approximately every 10 minutes for Ethereum to Sonic and every hour for the reverse transfer, allow for efficient and cost-effective transfers. Users can opt to pay a Fast Lane fee for immediate asset transfer.
The Gateway ensures decentralization and security with a built-in fail-safe. If the Gateway stops transmitting heartbeats for two weeks, users’ bridged assets will be automatically unlocked on Ethereum. This fail-safe guarantees that users can always regain custody of their assets in the rare event of a Gateway failure. Additionally, Sonic’s validator network, which operates on both Sonic and Ethereum, ensures that the Gateway remains decentralized and immune to centralized manipulation.
Sonic Unveils 200M S Token Airdrop And Sonic Points To Boost User Engagement
Alongside the mainnet launch, Sonic has introduced a 200 million S token airdrop, with Sonic Points created to reward users for their engagement with the platform and interaction with applications on the blockchain.
Sonic Points are designed to encourage meaningful user participation by rewarding activities such as early adoption, long-term loyalty, asset ownership, and active involvement in the platform’s applications. Users can earn Sonic Points by bridging approved assets to Sonic or by using them within the ecosystem through supported apps. This initiative aims to foster a thriving and engaged community on the Sonic network.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
