Sonic Labs aims to set new blockchain speed record with 720ms finality
Earlier this year, the blockchain project formerly known as Fantom (CRYPTO:FTM) rebranded as Sonic Labs, sparking considerable interest in the crypto community.
Sonic Labs recently showcased impressive testnet performance, achieving a transaction finality time of 720 milliseconds.
This could establish the project as the fastest distributed ledger system globally when its mainnet goes live.
The rebranding from Fantom to Sonic Labs was officially announced on August 1, 2024, with the team outlining plans to guide users, developers, stakers, and validators on migrating to the new chain.
Sonic Labs is described as a Layer 1 (L1) blockchain network designed to provide a secure bridge to Ethereum and offer the fastest settlement layer for digital assets, boasting over 10,000 transactions per second (TPS) and one-second confirmation times.
Sonic Labs has also introduced a revamped Ethereum Virtual Machine (EVM) and an upgraded consensus mechanism to enhance network efficiency and performance.
This new blockchain is designed to use significantly less storage than its predecessor, the Fantom Opera network.
The project’s native token, “S,” will be used for transactions, staking, governance, and operating a validator node, requiring a minimum of 50,000 S tokens.
To engage the community, Sonic Labs is launching the "Sonic Boom" airdrop and incentive program.
When the mainnet launches, users will be able to swap their Fantom (FTM) tokens for S tokens on a 1:1 basis.
Validators will receive a 3.5% reward once half of the network is staked, with additional tokens minted and distributed based on network participation.
Sonic Labs' Chief Technology Officer, Andre Cronje, recently highlighted the testnet's capabilities, noting the network's ability to process transactions with an average finality time of 720 milliseconds.
The testnet has processed over 71 million blocks with an average block time of 0.33 seconds and can handle more than 3.32 million transactions in just 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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