- Rebranding and Migration Plans
- Impact on FTM Token Price
- Comparing FTM and $S Tokens
On August 1st, Fantom officially rebranded to Sonic Labs. The change from FTM to a new $S token will occur by the end of 2024. The rebranding reflects a significant shift in the project’s identity as a new layer-1 blockchain player.
Rebranding and Migration Plans
According to Fantom’s team, existing FTM holders can convert their tokens to S at a 1:1 ratio during the migration process. Sonic aims to compete with established market players as a new layer-1 blockchain.
Impact on FTM Token Price
While many altcoins are experiencing a downturn, FTM has shown resilience with its recent 8% price increase. This performance stands out in the current landscape, where most altcoins are either staying flat or correcting 5-15% as we enter Q4.
Comparing FTM and $S Tokens
| Feature | FTM | S | | --- | --- | --- | | **Token Type** | Native token of the Fantom blockchain | Native token of the Sonic blockchain | | **Functionality** | Used for staking, governance, and fees | Optimized for cross-chain capabilities and transaction processing | | **Transaction Speed** | Up to 200 TPS | Targeting over 10,000 TPS | | **Transaction Fees** | Standard gas fees | Lower and more efficient fees | | **Reward Structure** | Fixed rewards for staking | Dynamic rewards tied to network performance | | **Interoperability** | Limited cross-chain support | Designed as a bridge asset for seamless transfers across blockchains | | **Supply Dynamics** | Existing supply maintained | New supply introduced with community airdrop planned |
Fantom's rebranding to Sonic Labs and transition to a new $S token by the end of 2024 mark a substantial evolution in the project's development. The migration process and competitive advantages of the new token could have significant impacts on the blockchain market.
