Sonic Labs says it’s layer-1 blockchain will live soon

Sonic Labs, formerly known as Fantom Opera Network, announced that the layer-1 blockchain they have started to develop will be launched soon.

Sonic Labs has confirmed that the emerging blockchain called Sonic Chain has already reached the formation stage, indicating that the first block of the transaction was completed a few hours ago. It is an important milestone on the way to becoming the fundamental framework of Blockchain.

The company also stated that infrastructure, including scalability and security, is deployed to support the operations of the network. Although the release date has not been announced yet, the market was waiting for the moment before the end of this year.

Genesis achieved.

Block zero.

Infrastructure deploying.

Public soon.

— Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) December 2, 2024

At the same time, Sonic Labs will launch its native cryptocurrency called S token, which will serve multiple work across Sonic networks, including transaction fees, staking, verification, and participation in governance.

According to Sonic Labs’ website, its tokens will be connected to Ethereum via a gateway. It is also expected that the S token will be purchased from a decentralized exchange or key centralized exchange in the future.

Fantom (FTM) crypto holders will be able to exchange their tokens for S tokens as soon as the blockchain goes live. Holders can then exchange 1 FTM for 1 S token.

Sonic Labs S token airdrop

According to the company’s X post earlier today, the S token will be available for airdrop projects and hundreds of millions of dollars will be shared after launch.

“It’s not too late to get involved in #Sonic. Sonic is a move. “$200+ million will be made as part of the S$S airdrop,” says Sonic Labs.

Fantom (FTM) gained 100% in just one month and its last price was $1.19. The lending market’s latest target of $11 trillion for blockchain features has pushed the price up 24% in a week.

Its market value is 1.22 billion dollars, and at the time of writing this article, it is the 44th cryptocurrency in the world, according to CoinMarketCap data.