Sonic Labs, formerly known as Fantom Opera Network, has announced that the upcoming Layer 1 blockchain they have started developing will soon be operational.
Sonic Labs has confirmed that the developing blockchain, named Sonic Chain, has already passed the genesis stage, indicating that the first block of the transaction was finalized a few hours ago. This is an important step towards becoming the founding framework of blockchain.
The company also mentioned that infrastructure, including scalability and security, is being deployed to support network operations. Although the release date has not yet been announced, the market has been anticipating the moment before the end of this year.
At the same time, Sonic Labs would launch its native crypto named S token, which will be used for several jobs on Sonic networks, including transaction fees, stacking, validation and participation in governance.
According to the Sonic Labs website, their token will be connected to a gateway to Ethereum. The S token is also expected to be purchased from a decentralized exchange or a key centralized exchange in the future.
Fantom (FTM) crypto holders will be able to exchange their tokens for S tokens as soon as the blockchain goes live. Holders could exchange 1 FTM for 1 S token later.
Sonic Labs S Token Airdrop
According to the company’s X post earlier today, tThe S token would be available for airdrop projects and hundreds of millions of dollars would be shared after its launch.
“It’s not too late to get involved with #Sonic. Sonic is a move. Over $200 million up for grabs in S$ Airdrop,” says Sonic Labs.
Fantom (FTM) has seen a 100% increase in just one month, with a recent price of $1.19. The recent lending market target of $11 trillion for blockchain features increased the price to 24% in a week.
The market capitalization is $1.22 billion, marking its position as the 44th largest cryptocurrency in the world based on CoinMarketCap data at the time of writing.
