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Layer 1 blockchain Fantom is gearing up for a significant leap forward with its Sonic upgrade, set to launch on the mainnet in December 2024.
Andre Cronje, the director of the Fantom Foundation and CTO of Sonic Labs, has been vocal about the advantages Sonic will bring. In a tweet earlier this week, he invited developers frustrated by delays in other layer 1 and layer 2 platforms to join him in launching on Sonic. With its promise of lightning-fast transaction speeds—over 10,000 transactions per second (TPS) and sub-second time to finality (TTF) according to Cronje—Sonic aims to position itself as a leader in the blockchain space.
Did you already build/commit an app for the next big layer 1/2 launches, but after months and years of "promises" they have yet to release anything and you are tired of waiting and want to show the world what you can do?
— Andre Cronje (@AndreCronjeTech) September 25, 2024
Come launch with me on Sonic
Sonic Mainnet going live to…
Fantom was launched in 2018 as a high-performance, scalable blockchain platform aimed at addressing the limitations of existing technologies. Over the years, it has gained traction, especially in the DeFi and NFT spaces, positioning itself as a serious contender in the blockchain ecosystem. After stepping away from the Fantom Foundation in early 2022, Cronje's absence raised concerns among the community. However, his return later that year, along with his role in leading the Sonic upgrade, has reignited enthusiasm and confidence in Fantom/Sonic’s future.
According to Sonic documentation, the upgrade includes several features designed to lower barriers for users and developers alike, including:
- Gas rebates: Developers will receive up to 90% of gas fees back from user transactions, creating a financially viable environment for building innovative applications.
- Native stablecoin: Sonic will introduce a native stablecoin, enhancing transaction stability and usability.
- Secure Ethereum gateway: The upgrade will offer a secure connection to the Ethereum network, enabling seamless interaction between the two blockchains.
- Funding opportunities: Through programs like Sonic BOOM and the innovator fund, grants will be available to support developers and projects.
Yes
— Andre Cronje (@AndreCronjeTech) September 25, 2024
In his recent article, "Credit Scoring, DeFi and Sonic," Cronje highlighted how Sonic aims to tackle existing challenges in blockchain technology. With a reduction in latency from 12 seconds to just 700 milliseconds, Sonic’s consensus mechanism allows for instantaneous transaction finality, enabling a new level of synchronous application development.
Additionally, Sonic’s unique gas subsidies will eliminate the need for users to maintain gas funds in their wallets, significantly lowering entry barriers. The integration of native account abstraction means users won’t have to deal with complex private key management, making blockchain technology more accessible.
One of Sonic's features is its scoring mechanism that allows for confidential assessments of wallet addresses without the need for Know Your Customer (KYC) procedures. This innovation opens the door for developers to tap into a potential $11 trillion market, previously restricted by traditional scoring methods.
With a rich history and the recent resurgence of leadership from Cronje, the stage is set for Fantom to capture the attention of developers and users alike. As we count down to the mainnet launch in December 2024, it’s clear that Sonic could be a pivotal moment.
