Sonic Chain, a subsidiary of Fantom, has announced the launch of the Gateway Ethereum bridge, marking a significant step in its expansion and the strengthening of user asset transfer security.
Sonic Chain Expansion
Following the mainnet launch on December 18, the protocol revealed that the new bridge underwent audits by three major firms: Open Zeppelin, Quantstamp, and Certora Inc. To underline its dedication to security, Sonic is also working with ImmuneFi on a bug bounty program. Cyberattacks in DeFi often occur due to insufficient attention to code auditing, and Sonic aims to leave no room for such risks.
Fantom Price Situation
The successes of Sonic Chain, linked to the Fantom network, significantly impact the FTM price. Currently, FTM is trading at $0.9720, reflecting a 0.79% decrease within 24 hours. FTM dropped from $1.0228 to $0.9650, but it has stabilized at the current value. The coin experienced a 21% decline over the past week but has seen a slight increase of 3% in the last 30 days. Bi-directional fund movements through Gateway are expected to increase liquidity and support prices.
Future of Sonic Chain and Fantom
Sonic Chain developers plan to launch new decentralized applications (DApps) to increase protocol adoption. The integration between FTM and Sonic Chain promises more asset transfer options for users while prioritizing security measures. These developments are anticipated to contribute to the future growth of both Sonic Chain and the Fantom ecosystem.
The launch of the Ethereum bridge is a significant step for Sonic Chain in its efforts to ensure user security and support protocol growth. These initiatives are expected to contribute to the growth of both Sonic Chain and the entire Fantom ecosystem.
