Sonic Lab announced On December 25th that official Sonic Gate can now be bridged FTM Tokens from Ethereum to S Tokens on the Sonic mainnet.
This gateway also allows the transfer of euro coins (EURC), USD coin (USDCand Ethereum Wrapped (WETH).
The conversion of FTM to S will occur in a 1:1 ratio. According to on-chain data, 2.8 billion FTM tokens are currently in circulation, distributed among 117,731 holders.
Sonic is a new Ethereum Virtual Machine (EVM) compatible blockchain whose mainnet was launched on December 13th. Another Cronje.
Sonic aims to create an infrastructure capable of processing 10,000 transactions per second and achieving block finalization in less than one second.
The S token is the native token of this new ecosystem and will share the same 3.175 billion FTM supply as Fantom. Sonic Labs will distribute 190.5 million S tokens to incentivize engagement with its new ecosystem.
Additionally, Fantom will continue to be active for its users and there are no plans to disable the network. According to DefiLlama dataPhantom currently has nearly $110 million in total locked-in value (TVL), down 18% year-over-year.
Meanwhile, Sonic's TVL is currently $62 million in TVL, a sharp increase from $6 million to $58 million between December 19th and 20th. However, $58 million from TVL Sonic is a liquid subscription made through the Beets protocol.
the gate
In addition to faster finalization, the Sonic Blockchain aims to create a more secure bridge between its infrastructure and the Ethereum network called the Sonic Gateway.
Sonic Gateway relies on network validators running both the Sonic Client and the Ethereum Light Client to validate transactions and maintain security.
Additionally, it has added a mechanism that allows users to recover assets bridged to Ethereum if the gateway is down for more than 14 days. This ensures that asset maintenance remains accessible in extreme conditions.
It also groups transactions for processing, saving costs but potentially introducing minor delays. Sonic Labs estimates that the delays will be 10 minutes from Ethereum to Sonic and 1 hour from Sonic to Ethereum.
However, users can bypass these delays by paying through Fast Lane, which instantly expedites their transactions and queued assets are processed.
