Sonic Labs introduced on Dec. 25 that its official Sonic Gateway can now bridge FTM tokens from Ethereum to S tokens on the Sonic mainnet.
The gateway may even enable the switch of Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH).
The conversion of FTM to S will happen at a ratio of 1:1. Based mostly on on-chain knowledge, 2.8 billion FTM tokens are presently in circulation, distributed amongst 117,731 holders.
Sonic is a brand new blockchain appropriate with the Ethereum Digital Machine (EVM), with its mainnet launched on Dec. 13. The community was developed by Sonic Labs, which was co-founded by Andre Cronje.
Sonic goals to create an infrastructure able to processing 10,000 transactions per second and reaching block finality in lower than one second.
The S token is the native token of this new ecosystem and can share the identical 3.175 billion provide because the FTM from Fantom. Sonic Labs will distribute 190.5 million S tokens to incentivize interactions with its new ecosystem.
Moreover, Fantom will nonetheless be useful for its customers, and no plans are set to deactivate the community. In response to DefiLlama knowledge, Fantom presently has practically $110 million in complete worth locked (TVL), with an 18% yearly decline.
In the meantime, Sonic’s TVL presently aa $62 million in TVL, a pointy improve from $6 million to $58 million between Dec. 19 and 20. Nevertheless, $58 million of Sonic’s TVL is said to liquid staking made by the Beets protocol.
The Gateway
Along with sooner finality, the Sonic blockchain goals to create a safer bridge between its infrastructure and the Ethereum community known as Sonic Gateway.
The Sonic Gateway depends on community validators, who run each the Sonic shopper and Ethereum’s Gentle Consumer, to validate transactions and keep safety.
Moreover, it added a fail-safe mechanism that lets customers recuperate bridged belongings on Ethereum if the gateway is non-functional for greater than 14 days. This ensures that asset custody stays accessible in excessive circumstances.
It additionally bundles transactions for processing, saving prices however probably introducing slight delays. Sonic Labs estimates that the delays will probably be 10 minutes from Ethereum to Sonic and 1 hour from Sonic to Ethereum.
Nonetheless, customers can bypass these delays by paying a payment through the Quick Lane, which immediately accelerates their transactions and processes queued belongings.