Sonic Labs, previously known as Fantom Opera Network, announced that the coming up layer-1 blockchain that they started to develop will go live shortly.
Sonic Labs has confirmed that the developing blockchain, named Sonic Chain, has already achieved the genesis step, which indicates that the first block of the transaction was completed a few hours ago. It is an important milestone in becoming the foundational framework of blockchain.
The company also mentioned that the infrastructure, including scalability and security, is being deployed to support the network’s operations. Although the release date has not been announced yet, the market has anticipated the moment before the end of this year.
Genesis achieved.
Block zero.
Infrastructure deploying.
Public soon.
— Sonic Labs (@SonicLabs) December 2, 2024
At the same time, Sonic Labs would launch its native crypto named S token, which will serve multiple works on Sonic networks, including transaction fees, stacking, validating, and participating in governance.
According to Sonic Labs’ website, their token will be connected with a gateway to Ethereum. The S token is also expected to be purchased from a decentralized exchange or key centralized exchange in the future.
The Fantom (FTM) crypto holders would be able to swap their tokens with S tokens as soon as the blockchain goes live. Holders could exchange 1 FTM for 1 S token later.
Sonic Labs S token airdrop
According to the company’s X post earlier today, the S token would be available for airdrop projects, and hundreds of millions of dollars would be shared after its launch.
“It’s not too late to get involved in #Sonic. Sonic is a movement. $200+ million up for grabs as part of the $S airdrop,” Sonic Labs says.
Fantom (FTM) recorded an increase of 100% in just a month, with a recent price of $1.19. The recent target of the lending market, which is $11 trillion for blockchain features, has raised the price to 24% in a week.
The market cap is $1.22 billion, marking its position as the 44th crypto in the world based on CoinMarketCap data at the time of writing.
