Fantom (FTM) Foundation CEO reveals exciting plans for Sonic launch and future development
Fantom Foundation CEO Michael Kong announced the long-awaited launch of Sonic, a breakthrough 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 as we will be announcing more exciting updates and partnerships in the coming weeks.
Michael Kong, CEO of the Fantom Foundation, revealed exciting launch plans and future developments for Sonic, a revolutionary blockchain technology. Kong highlighted the significant advances that laid the foundation for the birth of Sonic since Opera His Network’s debut in 2019.
The Opera network is based on concepts researched by Andre Cronje and has improved scalability and time to finality compared to Ethereum at the time. However, as the network grew in popularity, it faced challenges such as congestion and poor user experience during periods of high demand.
To address these issues, the Fantom team has been working hard on Sonic for the past two years to create the most scalable and secure blockchain technology to date. Sonic boasts an incredible ability to process 2,000 transactions per second (TPS) with sub-second finality, a significant improvement over Opera’s 200 TPS.
With Sonic’s technological capabilities, Fantom plans further innovation and evolution. The team uses Sonic to develop a shared sequencer for both his L1 and L2 chains, allowing him to process over 180 million transactions daily with sub-second confirmation times in real-time. It’s a schedule. This development is the foundation for relaunching Fantom as a community-focused brand.
To support Sonic’s growth and adoption, Fantom will propose a governance proposal that includes several key initiatives. These efforts include establishing a secure, minimal-trust bridge with native Ethereum access, simplifying staking with a 14-day unpin period, and encouraging developers to build unique and valuable applications. This includes expanding the Sonic Labs grant program for
Additionally, Fantom aims to launch a major benefits campaign to thank existing users on the Opera network and encourage adoption on the new chain. The introduction of Superset, an upgrade scheduled for late 2024, will further enhance Fantom Virtual Machine (FVM) performance and improve overall efficiency. The team also plans to explore parallelization to improve Sonic’s performance and continue researching off-chain execution with on-chain verification.
Additionally, Fantom recognizes the importance of legitimate stablecoins to the success of decentralized finance (DeFi) on both the Opera network and the new Sonic stack. Efforts are underway to implement a formal stablecoin in the near future.
Michael Kong expressed excitement about future developments and partnerships. He assured the community that Fantom remains committed to evolving the platform with the support of token holders, stakers, and projects on Fantom.
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