According to BlockBeats, on May 18th, the Fantom Foundation revealed the plan details for its new blockchain network, Sonic Network. Sonic will be a brand new Layer 1 blockchain and will connect to Ethereum through a native cross-chain bridge. Based on the results of governance voting, existing FTM token holders will be able to migrate to Sonic's native token S at a 1:1 ratio during Sonic's genesis.
Sonic will provide users and dApp developers with performance significantly superior to the existing Opera network, thanks to its advanced bridging architecture. Meanwhile, the Fantom operating company has pledged to continue providing validator support for Opera. The Fantom Foundation will also allocate hundreds of millions of dollars in FTM from its treasury to support the development of the Sonic ecosystem, including market marketing, business expansion, and migration subsidies.
The foundation will initiate a series of governance votes to ensure community support for the reform plan and jointly shape the future of the Sonic network. It should be noted that Fantom Sonic is the new generation of the Fantom network, replacing the previous Fantom Opera, which can be understood as Fantom 2.0. Fantom Opera includes a new client, validator end, virtual machine (FVM), Carmen database, and optimized Lachesis consensus mechanism, which will significantly improve the execution efficiency of the original Fantom.