Key takeaways
- Sonic Labs has completed its first block of transactions, marking progress towards the launch of its mainnet.
- Following the news, Fantom’s FTM token soared 20%, leading to Sonic Labs’ airdrop of 190.5 million $S tokens worth over $226 million.
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Sonic Labs announced that its new blockchain has produced its first block of transactions, marking a key step towards the launch of its mainnet.
Genesis realized.
Block zero.
Infrastructure deployment.
Soon public.
– Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) December 2, 2024
The layer 1 blockchain project, which split from the Fantom network, indicated that the network would go public “shortly” after the creation of its Genesis block.
On Sunday, Sonic Labs posted on X that they had completed part of their snapshot for airdrop token allocation.
According to its website, Sonic will airdrop S$190,500,000 worth of tokens, which can be swapped 1:1 with Fantom’s FTM tokens, for a total of S$226 million worth of tokens.
Following this announcement, Fantom’s FTM token saw a gain of over 20%, going from $1 to $1.20.
In addition to the airdrop news, Sonic Labs shared details about its upgraded testnet, codenamed Blaze.
The testnet processed over 655,000 blocks, achieving an impressive average block time of 0.33 seconds, processing 8 transactions per second and a finality time of 0.8 seconds, demonstrating network performance improvements as it’s getting closer to the mainnet launch.
The new chain will feature Sonic Gateway, a bridge to Ethereum, providing access to Ethereum’s liquidity and user base while maintaining high throughput and low transaction costs.
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