The newly rebranded layer-1 blockchain Sonic (S) is being called the “golden standard” of layer-2s (L2s) by Andre Cronje, the project’s co-founder.
Cronje claims on the social media platform X that Sonic, formerly known as Fantom, is the “only actual decentralized stage 3 L2.”
“No fee extraction, all submits 100% to ETH, no ‘centralized value extraction’. Decentralized sequencing. Decentralized bridges.
While the rest of the L2s continue to fake pretend to ‘decentralize’ (why would they when they get millions of fees per year?), 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 standard’ of L2. Not even mentioning FeeM, FeeSub, and Dynamic Fees.”
A South Korean computer scientist launched Fantom (FTM) in 2018. The project aimed to serve as a tool to aggregate smart contracts into decentralized applications (dApps).
Last year, the development team behind the blockchain announced a rebrand to Sonic as a way to improve transaction efficiency.
Investors can trade in their FTM tokens at a 1:1 rate for S tokens, which will have multiple functions within the Sonic ecosystem.
S is trading at $0.453 at time of writing. The 85th-ranked crypto asset by market cap is down nearly 8.5% in the past 24 hours.
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