Sonic Labs announces bounty program with developer incentives

Sonic Labs, formerly known as Fantom, has announced a bounty program aimed at incentivizing developer activity ahead of the launch of the Sonic network.

Sonic Boom and the Sonic Gems bounty program aim to support the first wave of applications on the Sonic platform, according to a press release. The initiative targets key blockchain verticals such as exchanges, payments, utilities, stablecoins, gaming, and lending.

The Fantom (FTM) will be making the transition to the Sonic (S) later this year.

Increased rewards for users

Sonic Gems are points that will allow their owners to earn a share of the new Sonic token. Developers will receive Gems that will then be distributed to users.

The bounty program will last for approximately 13 weeks and will end on November 4. During this period, up to 30 projects will receive Gems as part of the S$190.5 million airdrop, which accounts for 37.5% of the allocation. Users will have the opportunity to access various applications and enjoy increased rewards.

Sonic Labs stated in its post on X that the total reward is approximately $28 million.

We are committed to providing our developer ecosystem with the rewards they deserve in both the short and long term, and we are excited to launch Sonic Boom to do just that. I look forward to seeing our creators’ creative solutions as we prepare for Sonic’s mainnet launch later this year.

Michael Kong, CEO of Sonic Labs.

Sonic’s upcoming mainnet follows the launch of the Fantom Foundation’s Sonic upgrade, which aims to deliver a high-throughput layer-1 network. Sonic can process over 10,000 transactions per second, a significant increase from the 2000 TPS possible with the Fantom Opera network.