The newly rebranded layer-1 blockchain Sonic (S) is being referred to as the “golden commonplace” of layer-2s (L2s) by Andre Cronje, the mission’s co-founder.
Cronje claims on the social media platform X that Sonic, previously referred to as Fantom, is the “solely precise decentralized stage 3 L2.”
“No payment extraction, all submits 100% to ETH, no ‘centralized worth extraction’. Decentralized sequencing. Decentralized bridges.
Whereas the remainder of the L2s proceed to pretend faux to ‘decentralize’ (why would they once they get hundreds of thousands of charges per yr?), we already did it.
Scaled transactions per second to 16,000+ on the L1. Decreased storage by 98% even on archival nodes. Scaled L1 and jumped to the ‘golden commonplace’ of L2. Not even mentioning FeeM, FeeSub, and Dynamic Charges.”
A South Korean pc scientist launched Fantom (FTM) in 2018. The mission aimed to function a software to combination sensible contracts into decentralized purposes (dApps).
Final yr, the event crew behind the blockchain introduced a rebrand to Sonic as a approach to enhance transaction effectivity.
Buyers can commerce of their FTM tokens at a 1:1 charge for S tokens, which can have a number of capabilities inside the Sonic ecosystem.
S is buying and selling at $0.453 at time of writing. The Eighty fifth-ranked crypto asset by market cap is down almost 8.5% prior to now 24 hours.
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