The New Frontier: Building the Sonic Boom

The New Frontier: Building the Sonic Boom

TLDR

  • Launch of a blockchain network named Sonic Network, with a native token utilizing the ticker $S. This will be a new layer-1 chain with a native layer-2 bridge connected to Ethereum and beyond.
  • Holders of $FTM will have the ability to migrate their tokens for a 1:1 ratio at genesis for the $S token, pending the results of a first governance vote (see below for link to the first governance vote).
  • Utilizing a new secure bridge architecture, the Sonic chain will provide users and dApps with significantly improved performance compared to the existing Opera network, now powered by the new (Sonic) technology.
  • Fantom Operations Ltd has committed to continue providing validator support for the Opera network, with Sonic Operations Ltd supporting the Sonic Network.
  • Fantom Foundation has earmarked hundreds of millions of FTM from its treasury to assist with ecosystem development for the Sonic network for marketing, business development, migration grants, and other adoption initiatives.
  • There will be a series of governance votes to ensure there is robust community backing to implement the proposed changes and shape the course of the future including airdrops, liquidity, additional grants, and more.

Sonic ($S) Network

As mentioned in our previous blog post, we’re planning to launch a new, high-throughput chain named Sonic (ticker $S). We’re thrilled to share more information about this initiative in this post, and hope to receive the community’s feedback on our plans.

The Sonic chain will be a layer-1 platform that connects to Ethereum via a bespoke layer-2 bridge, allowing Sonic to tap into vast amounts of liquidity, users and protocols. This allows the network to combine the low cost, scalability and speed of a layer-1 with the security of a layer-2 bridge for access to native ETH and other assets on Ethereum.

The fusion of these two vastly advanced technical achievements (Sonic Network + Sonic Bridge) will establish Sonic as in a league of its own. For the first time, an ecosystem will reap all the benefits of a layer-1 blockchain while providing native access to ETH. This is a truly unique offering Sonic will provide to the blockchain industry as a whole.

Our Sonic technology has been the focus of intense development efforts, which has resulted in our current upgraded Opera chain achieving 2,000 TPS of real-world traffic on single-second finality with a significant reduction in storage needs and cost reduction. Once the new Sonic Network launches, it will serve as the primary platform for many more exciting on-chain developments over the coming months, years, and decades.

As a next-gen platform for builders, Sonic will enable dApps and communities to thrive. From small Web3 teams to global corporate entities, Sonic empowers you to build, earn, and scale worldwide to beyond.

Upgrading from $FTM on Opera to $S on Sonic

At the launch of the Sonic chain, the supply of $S will match the supply of $FTM to enable a seamless migration process. Pending the results of the governance vote launching today, users will be able to migrate their $FTM tokens at a 1:1 ratio for the new $S token at genesis. With the rollout of the Sonic chain, Fantom developers, applications, and users will have ample opportunity to transition to this new platform.

Initially, this migration process is anticipated to be bi-directional, which will allow users to swap back and forth between $FTM and $S. Since the $S token will only exist on Sonic and $FTM will only exist on Opera, we anticipate utilizing a bridge to enable bi-directional swaps. This process enables a seamless migration for current Opera network participants to experience Sonic. After a transitional period (to be determined in the future), the migration process is expected to transition to a one-way migration of $FTM to $S.

For those opting not to switch to the new chain, the Opera network will still continue to function as Fantom Operations Ltd has committed to offering validator support for the Opera network for the foreseeable future. While the Opera chain will remain operational during this time, we fully expect the Opera ecosystem to fully migrate over to the Sonic chain given its superior performance.

Next Steps

With the development of the Sonic chain, a series of governance proposals will outline suggested changes, programs, and initiatives. In the coming weeks, you’ll have the chance to review and vote on proposals detailing specific options, giving the community a clear understanding of the planned initiatives.

Below is a list of proposals. Everyone in the Fantom community is encouraged to help shape the future by providing feedback and voting. Upon completing this series of governance proposals, we look forward to releasing a whitepaper and further documentation on this next-generation platform.

Additional details for each proposal will be provided.

Preview of Upcoming Proposals

Proposal 1 — $FTM to $S Compatibility

Securing the community’s contribution, support, and approval to make Fantom ($FTM) compatible with Sonic’s new token $S on a 1:1 swap ratio at genesis, whether their $FTM token is on the Ethereum network or the Opera network.

**Proposal 1 is live here make your voice heard by voting on the proposal now!

Proposal 2 — Airdrop Program

Minting additional $S tokens to enable Sonic Labs to operate and distribute an ecosystem-wide airdrop/$S campaign that encourages ongoing community engagement and rewards active users.

Proposal 3 — Sonic Growth Program

Additional $S to be minted to pursue key strategic growth opportunities, such as Web2 and Web3 partnerships, new listings, and ecosystem migration grants for key Fantom builders.

Proposal 4 — Validator Rewards

Seeking to modify validator rewards by providing an option to migrate those rewards from Opera to Sonic; by decreasing the max delegated staking lock-up period from 1 year to to 14 days or 28 days; by maintaining the 50,000 minimum $FTM/$S tokens required for staking and 1 token for delegated staking; by providing pathways to change or maintain inflation rate for the network, and/or change or maintain the burning capacity of network fees used.

FAQ

What does the launch of Sonic mean for Fantom validators and stakers currently locked?

We plan to activate a validator unlock feature during the migration period to allow all Opera network participants to begin validating on Sonic. After consulting with key validators across the network, we have secured strong support for relocking tokens within the Sonic chain from Hyperchain Capital, The GOAT, Go Fantom, and many others.

What support is the Foundation providing for the success of Sonic?

The Fantom Foundation is allocating a significant 9-figure sum from its own treasury toward business development and infrastructure to ensure the long-term success of the Sonic chain.

Why is a new chain necessary instead of a hard fork?

Launching the Sonic chain offers the potential to exceed the current performance capacity of 200–300 million daily transactions for the Sonic technology stack implemented on the upgraded version of Opera. This move also provides greater flexibility for the deployment of a native bridge.

What actions should I take as a user, holder, or validator?

Voice your feedback, raise your concerns, and provide ideas. Now is the time to act and shape how Fantom evolves to Sonic. Our first governance proposal is live here

What can I expect from Opera in the meantime?

We have recently upgraded the Opera chain with our Sonic technology to demonstrate this technology is fully operational and not merely a testnet or demo.

Additionally, we will be launching exciting new audience engagement programs such as our recently announced Meme Season competition as we work toward the launch of the Sonic chain.

What is meant by the “L2 bridge”?

The new bridge is envisioned to have the following unique characteristics:

  1. The ability to withdraw funds on Ethereum independently of the Sonic chain, with a “proof” generated for every asset bridged from Ethereum to Sonic, which is why we call the bridge an “L2”;

  2. Only the owner of the funds can withdraw them; and,

  3. Transactions are confirmed and executed by the same set of validators as the Sonic chain itself;

This bridge technology has never been implemented before.

25 Likes

Why do we need Proposal 3? If the Fantom Foundation is already allocating a significant 9-figure sum from its own treasury for this.

10 Likes

I agree, i say NO to number 3

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Any numbers/figures to go with #2/#3?
Strongly against blank checks with unknown dilution numbers.

Also kind of tone deaf to talk about having hundreds of millions of FTM earmarked and then asking for further dilution.

3 Likes

it will be based on a governance vote. its not just a yes/no vote. governance votes give multiple options. like vote for a 1%, 3%, 7%, 9%. So when the proposal is made then it will be detailed on your options and the pros/cons for those options

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Did you consider to implement the same concept with the Bitcoin network?

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I have $FTM staked and locked on chain with 2 validators till end of December.

  1. Will my validators vote on behalf of me or do I get to vote?

  2. Will my validator convert my $FTM to $S or decide not to convert?

  3. What if I want to convert to $S but my validator does not?

  4. How do I unlock so I can decide to convert even if validators do not?

  5. Will original unlock date still hold or will I get to choose new lock period and new staking with new validators?

  6. Do I get to unlock now, without penalty, and then decide on whether I want to convert to $S and re-lock staking with same or other validator?

  7. There should be airdrop for long-term holders of $FTM who converted to $S and not just for active users.

4 Likes

My two cents, I don’t think 2 or 3 would be needed. I would venture 5-10% of FTM would not migrate due to either lost seeds, burned LPs etc. If the supply is the same in the beginning then that 5-10% would surely be enough to cover options 2 and 3 right? The biggest worry for many is further dilution. Thanks

2 Likes

I think you need to go through the all proposal again. You will get answer to all your questions. Read it carefully from beginning.

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thank you for replying. im new here and not able to find the proposal details that help answer my questions. i will search here in other links.

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2 Likes

Thank you i see the details but it does not say what happens if my $FTM is locked till December and I want to migrate at genesis. If the validator converts on my behalf then its fine, and I can keep it locked till unlock date.
But if the validator does not convert, will i be allowed to unlock without penalty so i can convert to $S myself at launch?

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Currently only Proposal 1 is active and rest are pending. You need to wait or check from admin regarding this on official ftm discord .

2 Likes

thank you, much appreciated

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You are most welcome :slight_smile:

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So as a fantom holder on cex what do I need to do when it comes to migration to the new chain and what happens to my ftm on cex?
Thanks

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Currently do nothing and wait for announcement. Cex on which you hold ftm ,logically they should do the swap in 1:1 ratio for you. Once the votes are passed and final results are declared then contact your cex for migration process.

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  1. a validator votes for all tokens staked on that node. if a delegator votes then that overrides the validators vote. so if you dont vote then the validator votes for you.
  2. a validator does not have access to your tokens or your wallet to approve the transaction
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Thank you for point by point clarification. Most helpful to me.
Is there a way to know how my validator is voting?
It seems most are voting to convert to $S and if that is the case I will feel comfortable my 2 validators will opt to go to $S
As a peace of mind thing, I’m hoping when the time arrives, the Staking screen will display an announcement that we can unlock without penalty.

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I’m hoping airdrops include those holding and staking, and not just those using the token.
I have been a multi-year holder but I don’t do any activity with the token, just buy and hold and stake.

2 Likes