To expand its market presence, Fantom has adopted the name Sonic Labs and plans to introduce an EVM Chain later this year.
Fantom, a Directed Acyclic Graph (DAG) protocol, has implemented a substantial modification that will alter its trajectory in the future. As announced on its official X page, the protocol has entirely rebranded Sonic Labs. It is important to note that the name of the X page has been changed from “Fantom” to “Sonic Labs.”
Transition from Fantom to Sonic Labs: Rebranding Journey
The rebranding voyage commenced a few months ago when Fantom announced the establishment of the Sonic Labs and Sonic Foundation duo. Sonic Labs will assume responsibility for developing and expanding decentralized applications (DApps) associated with Sonic. This is particularly noteworthy. “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, will be introduced in conjunction with the launch of the Sonic network,” noted Michael Kang, the CEO of the Fantom Foundation.
The successful transition occurs in the context of the upcoming introduction of the fastest Ethereum Virtual Machine (EVM), Sonic. As described on the Sonic Labs main page, Sonic is a Layer-1 platform with a secure Ethereum gateway.
Additionally, Sonic Labs promoted the platform as the fastest digital asset settlement layer, boasting over 10,000 TPS and complete, one-second confirmation periods.
Sonic Labs: A New Era
Sonic Labs intends to implement an extensive incentive program to garner support. Sonic will employ the S token, unlike Fantom, which uses the FTM token as its native token. This new token will be introduced to the ecosystem through various methods, including a significant airdrop, simplified staking, incentive programs, and other methods. The launch of Sonic is expected in the fourth quarter, even though the transition from Fantom to Sonic Labs has been finalized.
Sonic Labs is supported and invested in by several prominent individuals, including Robert Leshner, CEO of Compound, Stani Kulechov, CEO of Aave, and Sam Kazemian, CEO of Frax Finance.
In the interim, the Ethereum landscape has experienced several new developments since the United States Securities and Exchange Commission (SEC) granted its sanction for Ethereum ETF trading. The Ethereum ETFs have achieved favorable performance metrics but are enduring substantial outflows.
On Wednesday, all eight spot Ethereum ETFs observed a substantial outflow of $77.2 million.
