Sonic Labs has officially replaced Fantom, marking a major shift for the decentralized application (DApp) protocol. The rebranding was announced on its newly named X page, “Sonic Labs,” transitioning from the previous Fantom name.
This change aligns with a plan initiated a few months back, although the plan’s details still need to be well-known. To support future growth, Fantom established Sonic Labs and Sonic Foundation.
Sonic Labs will be responsible for the creation and growth of DApps, while Sonic Foundation will oversee the management of the project’s governance and funds.
Michael Kang, CEO of the Fantom Foundation, highlighted the strategic significance of this rebrand: “The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the networks’ governance and treasury management functions, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users.”
Sonic Labs is set to release Sonic, an EVM platform, which will be developed in the near future. Sonic is expected to be a very efficient Layer-1 solution with more than 10,000 TPS and one-second transaction confirmation. This platform is designed to be the quickest layer for the settlement of digital assets.
The change from Fantom to Sonic Labs also entails the use of a new token, S, which will be in the place of FTM. Sonic Labs aims to spread this token through airdrop, staking, and incentive programs. Sonic is yet to be officially released and this is expected to happen in the fourth quarter of this year.
Even before its launch, Sonic Labs has garnered the support and investment of notable personalities such as Compound’s Robert Leshner, Aave’s Stani Kulechov, and Frax Finance’s Sam Kazemian.
As for the related news, the ETFs linked to Ethereum have recently got the green light from the U. S. Securities and Exchange Commission (SEC), but they are currently experiencing massive redemptions.
Sonic Labs’ rebranding from Fantom marks a bold step forward, reflecting a strategic shift to enhance growth and innovation. The new identity and plans signal a promising future for the decentralized application space.
Also Read: Fantom’s Sonic Blockchain Secures $10 Million $S Token
