Sonic Labs launches Layer-1 blockchain after Genesis block completion

Sonic Labs announced the upcoming public launch of its layer-1 blockchain, Sonic, following the completion of its Genesis block on December 2.

The blockchain, designed for high-speed transactions and compatibility with the Ethereum (CRYPTO:ETH) Virtual Machine (EVM), seeks to reduce latency and transaction fees.

“Infrastructure deploying. Block zero. Genesis achieved. Public soon,” Sonic Labs stated in a recent post.

Sonic is positioned as a successor to the Fantom Opera network and is supported by the Fantom Foundation, a nonprofit focused on decentralised finance since 2019.

To prepare for the transition, Sonic introduced “Blaze,” an upgraded testnet version launched on December 1, emphasising improved network performance.

The network also completed a snapshot for its “S” token airdrop, with 200 million tokens allocated to eligible participants.

The S tokens will be exchangeable at a 1:1 ratio with Fantom (CRYPTO:FTM) tokens.

Participants earned eligibility through playing arcade games like Coinflip and Plinko on Sonic’s platform.

However, these games have now closed as the network nears its public mainnet release.

Sonic plans to operate on a proof-of-stake consensus mechanism, allowing holders of S tokens to stake their assets.

During its testnet phase, Sonic achieved a transaction finality of 720 milliseconds, potentially rivaling other EVM chains like Solana (CRYPTO:SOL).

Andre Cronje, Sonic’s chief technology officer, emphasised the chain’s developer-focused approach, noting that 90% of transaction fees will be redistributed to developers.

Cronje, who previously served as Fantom’s Chair and Technical Advisor, is now spearheading Sonic's development.

The Fantom Foundation has allocated $120 million in FTM to support developers migrating their projects to Sonic.

This initiative follows the creation of the Sonic Foundation in May 2023, tasked with managing governance, treasury, and partnerships for the new network.