The newly rebranded layer-1 blockchain Sonic (S) is being referred to as the “golden commonplace” of layer-2s (L2s) by Andre Cronje, the venture’s co-founder.
Cronje claims on the social media platform X that Sonic, previously generally known as Fantom, is the “solely precise decentralized stage 3 L2.”
“No price extraction, all submits 100% to ETH, no ‘centralized worth extraction’. Decentralized sequencing. Decentralized bridges.
Whereas the remainder of the L2s proceed to faux faux to ‘decentralize’ (why would they after they get hundreds of thousands of charges per 12 months?), 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 laptop scientist launched Fantom (FTM) in 2018. The venture aimed to function a software to mixture good contracts into decentralized functions (dApps).
Final 12 months, the event workforce behind the blockchain introduced a rebrand to Sonic as a manner to enhance transaction effectivity.
Buyers can trade of their FTM tokens at a 1:1 price for S tokens, which may have a number of features throughout 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 practically 8.5% up to now 24 hours.
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