Fantom’s migration to Sonic is already underway, putting the platform in the spotlight, which has caused a jump in FTM, Fantom’s native token. According to CoinGeckoFTM is up over 17% since last week, reflecting the buzz the network migration has generated in the community.
The modern Sonic Labs is poised to continue the legacy of Fantom, as four major proposals are currently in the works for eventual release on the main Sonic Network. If accepted, the proposals will provide users and developers with a sleek transition to the Sonic Network when D-day arrives.
Main proposals promise sleek transition to Sonic
According to Sound laboratories Account X, four suggestions will impact the user experience when switching to the Sonic network. The most considerable is the proposed one-to-one ratio between FTM and $S, the native token of the modern network. The modern token will function like the ancient FTM token, with 3,175,000,000 $S tokens on Genesis Day.
WITH @MessariCryptoIn the report for the second quarter of 2024, we took a look at the latest quarter in the world #Soundincluding 4 management proposals:
💵 190.5 million S Air Drop
🚀 $FTM Down S Compatibility
💰 Ongoing financing
👥 Validators/BuildersLet’s take a look at the report 👇 photo: twitter.com/Sypi35TTF4
— Sonic Labs (formerly Fantom) (@0xSonicLabs) August 13, 2024
As a general “thank you” gesture to Opera users, the platform will allocate over 190,500,000 $S tokens for the airdrop. The airdrop also has safeguards to protect the market from a sudden influx of $S tokens. It will have a burn mechanism that penalizes users who decide to claim their airdrop position on Day 1 by burning almost 100% to 88.9% of the tokens awarded to the user.
This gives users time to contribute to the overall activity on the chain while providing a guaranteed long-term profit. New users are also eligible to receive an airdrop when the network is released.
4️⃣ Validators/Builders
This proposal was approved:
✅ Validator rewards moved from Opera browser to #Sound
🚀 GasM applications can save up to 90% of gas thanks to the modern combustion model
💰 Ecosystem Vault funds allocated to @SonicCouncil
🔒 14-day rate lock-in period
— Sonic Labs (formerly Fantom) (@0xSonicLabs) August 13, 2024
The funding for the modern network is also secured, as they allocate 47,625,000 $S tokens to run Sonic Spark and Sonic University, providing developers with the know-how to build on the platform. To ensure zero loss of funds, Sonic will burn the remaining funds if they are not used within a certain time frame. For example, if only half of the massive 47,625,000 $S tokens were used, the other half would be burned to protect the integrity of the network while ensuring that the funds are not wasted.
Validator rewards will also be moved from Opera to Sonic to promote network usage while protecting $S from excessive inflation in the first four years.
FTM price will stabilize at this level before Sonic Network launch
At the time of going to press, the token is struggling to break through the USD 0.3689 support level, which is crucial for bulls in the long run.
Although the token seems to be slowing down, the overall market positivity will raise in the coming days, pushing the bears out of the FTM market. This will open up an opportunity to reclaim $0.3689 in the brief term, while providing the bears with a solid support level to take on at $0.4855 in the long term.
Featured image from Zipmex, chart from TradingView
