Recently, Fantom has once again become the focus in the blockchain field. According to the first quarter report of 2024 released by Messari, Fantom has achieved significant growth in multiple key indicators: market value increased by 101%, daily average active addresses increased by 24%, total DeFi locked volume increased by 59%, stablecoin market value increased by 39%, and daily average DEX transaction volume increased by 64%.
In March, Fantom’s DEX monthly trading volume exceeded $1 billion for the first time, and the average daily trading volume reached $37.9 million. This shows that the Fantom network has significantly improved in practical applications and user demand.
In addition, on May 23, the Fantom community passed the first proposal of the Sonic chain, supporting the 1:1 exchange of FTM and S tokens. Sonic is scheduled to be released in the third quarter of 2024, including standardized bridges, simplified staking systems, builder grants, reward plans, and standardized stablecoins.
Next, we will explore Fantom’s Sonic technology upgrade plan and its initiatives in token economy and ecosystem building.
Introduction to Fantom: High-performance public chain and its innovative Sonic technology
Fantom (FTM) is a new smart contract platform based on DAG (directed acyclic graph) technology, which aims to solve the scalability and efficiency problems in existing public distributed ledger technologies. As a high-performance public chain, Fantom is compatible with the Ethereum Virtual Machine (EVM), with the main application area being DeFi, providing fast transactions and almost zero fees.
Fantom is unique in that it uses the Lachesis consensus mechanism, a leaderless asynchronous Byzantine Fault Tolerant (aBFT) algorithm. Lachesis organizes transactions into local DAGs, allowing each node to process and confirm transactions independently, thereby greatly improving the throughput and efficiency of the network. This design enables Fantom to process a large number of transactions quickly and securely without a centralized leader.
As blockchain technology develops, the Fantom team is committed to continuous innovation and network performance improvement. After two years of hard work, they developed Sonic technology. Sonic is Fantom's latest upgrade, designed to significantly improve the network's processing power and user experience. Compared with the existing Opera network, Sonic can achieve a processing capacity of 2000 TPS and complete transaction confirmation in an instant.
Sonic's design not only focuses on performance improvement, but also includes multiple key features and improvements. First, Sonic will introduce a secure Ethereum bridge to make cross-chain operations more convenient and secure. Second, the staking system will be simplified, and all staking cycles will be unified to 14 days, further improving the user experience. In addition, Sonic will also expand its funding program to support developer innovation in areas such as games and DeFi.
In order to encourage more users to participate, Fantom also plans to launch a comprehensive reward campaign, including rewards for existing Opera users and new users. At the same time, the Fantom team is improving the virtual machine and exploring expansion solutions such as zk-SNARKs to further improve system performance.
In the future, Fantom also plans to introduce regulated stablecoins to enhance its DeFi activities. This series of initiatives shows Fantom's ambition in technological innovation and ecosystem building. Through continuous technological upgrades and community building, Fantom is expected to stand out in the blockchain field and become a leader in high-performance public chains.
Next, we will delve into the technical details of Fantom’s Sonic and its potential impact on the blockchain industry.
Sonic Technology Analysis: Fantom's new engine drives blockchain technology revolution
Sonic is Fantom's latest technology upgrade, designed to significantly improve the processing power and efficiency of blockchain networks. Sonic's core advantage lies in its combination of advanced consensus mechanisms and optimized data management methods, which significantly improves transaction processing speed and network scalability. Here are some key details of Sonic technology and its potential impact on the blockchain industry.
Core technical details
Optimized consensus mechanism: Sonic continues to use the Lachesis consensus mechanism, but has made further optimizations. Lachesis is a leaderless asynchronous Byzantine Fault Tolerant (aBFT) algorithm that enables the network to quickly reach consensus without relying on a centralized leader. This improvement reduces information redundancy and increases transaction confirmation speed and network throughput.
Fantom Virtual Machine (FVM): Sonic introduces a new Fantom virtual machine that is fully compatible with the Ethereum Virtual Machine (EVM), but with higher execution efficiency. FVM can handle more parallel transactions, thereby improving the speed of smart contract execution and the overall performance of the network.
Carmen Database: Sonic uses the Carmen database to optimize data storage and retrieval efficiency. The Carmen database reduces storage space requirements and enables nodes to access and process data faster, thereby improving the efficiency of the entire network.
Secure Bridge: Sonic provides a secure Ethereum bridge that allows users to seamlessly transfer assets between Fantom and Ethereum. This not only improves the convenience of cross-chain operations, but also enhances the security of the network.
Industry impact and application potential
The launch of Sonic technology marks a significant advancement for the blockchain industry, with broad potential applications:
Boost DeFi activity: Sonic’s high throughput and low latency make it particularly suitable for DeFi applications. By increasing transaction speeds and reducing costs, Sonic can attract more DeFi projects to deploy on the Fantom network, promoting the prosperity of the entire ecosystem.
Support for high-frequency trading and gaming applications: Sonic’s performance improvements provide an ideal technical foundation for high-frequency trading and blockchain gaming. Fast transaction confirmation and high concurrent processing capabilities enable these applications to achieve a smoother user experience.
Enhanced cross-chain interoperability: Through secure bridging, Sonic makes asset transfers between Fantom and other blockchains more convenient and secure. This enhanced interoperability helps build a more interconnected blockchain ecosystem and promotes cooperation and development between different networks.
Driving Enterprise Applications: Sonic’s technology advancements enable it to handle large-scale enterprise application requirements. From financial services to supply chain management, Sonic provides an efficient, secure, and scalable platform that meets the complex requirements of enterprise applications.
Changing the existing blockchain ecosystem
The introduction of Sonic is expected to revolutionize the existing blockchain ecosystem. By providing higher performance and lower costs, Sonic will attract more projects and users to migrate to the Fantom network. In addition, Sonic's secure bridging and optimized virtual machines will further enhance Fantom's competitiveness and enable it to occupy an important position in the blockchain industry.
In short, Sonic technology not only enhances Fantom's technical strength, but also brings new possibilities to the entire blockchain industry. With the promotion and application of Sonic, Fantom is expected to become a key force in promoting blockchain technology innovation and application.
The community voting results are revealed. How will Fantom welcome the Sonic era?
On May 23, the Fantom Foundation announced on the X platform that the community has voted to approve the first proposal for the upcoming Sonic chain with 99% support. According to the proposal, FTM will be compatible with Sonic's new token S and will be exchanged 1:1 when Sonic is released. This move marks the strong support of the Fantom community for the Sonic chain and also brings new opportunities for the development of the Fantom network.
Sonic will be a brand new L1 chain that connects to chains such as Ethereum through native L2 cross-chain bridges. This design not only improves network performance, but also provides users and DApp developers with a better experience than the existing Opera network. Fantom Operations Ltd promises to continue to provide validator support for Opera, while Sonic Operations Ltd will provide support for Sonic to ensure the stable operation of both networks.
To promote the development of the Sonic ecosystem, the Fantom Foundation plans to allocate hundreds of millions of dollars in FTM from its treasury for marketing, business development, and migration grants. The Foundation will also initiate a series of governance votes to ensure community support for the proposed changes and jointly shape the future of the Sonic network. These votes will cover key areas such as airdrops, liquidity, and additional grants to further enhance community participation and the sustainable development of the network.
Although the launch of Sonic and the approval of the community vote have brought new hope to Fantom, the future is still full of uncertainty. Whether the new technical architecture can be implemented smoothly as expected and whether the community can continue to support these changes are key factors affecting Sonic's success. In addition, whether Sonic can stand out in the fierce blockchain competition and become a leader in high-performance public chains also requires time and practice.
In general, the Fantom community has demonstrated strong cohesion and confidence in the future by voting on the first proposal related to the Sonic chain. However, as Sonic technology advances, Fantom still needs to face multiple challenges such as technical implementation and market acceptance. On this road of continuous exploration and innovation, the future development of Fantom is full of infinite possibilities, but also accompanied by uncertainties. Let us wait and see and witness Fantom's further breakthroughs and growth in the blockchain field.
