What is Fantom (FTM) Crypto (Now Rebranded as Sonic Labs (S))?

Fantom is a performance-oriented decentralized smart contract platform. Now, this high-speed-very secure and economical decentralized application (dApps) enabled developers to develop on the Fantom Network.The company, now known as Sonic Labs, was founded in 2019 but faced all the challenges imposed on traditional blockchains, such as Ethereum. It focuses specifically on very high facility and safety, as well as independence—what is now the "trilemma" of blockchain. The layout is built as a Layer-1 block, employing its proprietary Lachesis consensus mechanism while acting as a Directed Acyclic Graph (DAG)-based asynchronous Byzantine Fault Tolerant (aBFT)-power of stake protocol. This proves beneficial as it maximally processes THOUSAND transactions per second with next to instant finality (~1sec) while charging fees as low as 0.01.

Its native token, FTM, serves multiple purposes like staking, payment of fee charges, and enabling on-chain governance.

Key Features of Fantom:

• Lachesis consensus mechanism: Gives high scalability and speed at decentralization; transactions are Robust, leaderless, and asynchronous.
• EVM-compatible: Migrating dApps from Ethereum will be an easy and advantageous journey to faster and cheaper transactions through Fantom's Opera chain.
• High throughput and low fees: Handles up to 2,000 transactions per second (TPS) with finality in under 1 second, costing far less than traditional transaction costs.
• Staking and governance: Users stake and secure the FTM network by earning rewards; FTM holders join governance decisions.
• Modular networks: Applications run on different blockchains independently while still relating to Fantom's speed and security.
• Future Development: The Sonic chain promises to scale even more, allowing flawless switching from FTM tokens to Sonic tokens.
• What is FTM?

FTM is the native utility token of the Fantom network. It plays a crucial role in powering the ecosystem, serving as:

• Staking: Users stake FTM to secure the network and earn rewards.
• Transaction Fees: FTM is used to pay for transactions on the network.
• Governance: FTM holders participate in on-chain governance and vote on network decisions.
• Payments: FTM enables fast, secure, and low-cost global payments.
• Use Cases:

Fantom powers over 250 dApps across DeFi, NFTs, and GameFi. It supports:

• DeFi: Lending platforms, DEXs, and yield farming.
• NFTs and Gaming: Affordable NFT minting and GameFi solutions.
• Payments: Fast and low-cost global transactions.
• On-Chain Governance: Enabling active community participation.

With its high-speed, scalable infrastructure and ongoing innovations, Fantom continues to gain traction, making FTM a promising asset in the crypto space.

Fantom (FTM) to Sonic Labs (S Token). What's New?

Fantom has rebranded to Sonic Labs. Sonic Labs has introduced the Sonic chain, a new Layer-1 blockchain with features that enhance scalability and transaction speeds.

The Sonic Chain and S Token:

The Sonic chain is an EVM-compatible platform capable of processing over 10,000 transactions per second with sub-second finality. Its secure connection to Ethereum enables asset transition between networks. The S token, the native utility token, has essential chains for transaction fees, staking, validator operations, and governance contributions.

Migration from FTM to S:

FTM holders can exchange their tokens for S at a 1:1 ratio upon launching the Sonic mainnet, scheduled for December 2024. This migration is designed to be straightforward, with a web interface facilitating the process. Users can freely swap between FTM and S tokens for the first 90 days following the mainnet launch. After this period, swaps will only be possible in one direction, from FTM to S.

Incentive Programs:

Sonic Labs announces an array of incentive programs - a 190.5 million "S token" airdrop and the Innovator Fund that would offer new ventures financial assistance of up to 200 million 'S Token' to stimulate the adoption of applications on Sonic chain.

Implications for Developers and End Users:

This move to rebranded Sonic Labs, followed by the Sonic chain, is a big leap in blockchain technology with much-needed speed, scalability, and interoperability improvements. Developers can quickly move existing Ethereum-based applications to Sonic to utilize high performance at almost no cost per transaction. Users can expect a more efficient and cheaper experience across DeFi, NFTs, gaming, and beyond.

Where to Buy FTM Token?

You can have FTM on various centralized (CEXs) and decentralized exchange (DEXs) platforms. Here are some major platforms that you can buy FTM from:

Centralized Exchanges (CEXs):

Binance

Kraken

Crypto.com

Gemini

OKX

Decentralized Exchanges (DEXs):

Uniswap

SushiSwap

SpookySwap

SpiritSwap

Beethoven X

Before buying FTM, make sure that you have a compatible wallet and conduct enough research about the platform you are using. Also, always consider the security and fees and the popularity of the exchange when deciding which to use.

Best Wallets that Support FTM Tokens:

Below is the list of mostly used wallets that one can quickly get their hands on to manage and keep their Fantom (FTM) tokens secured:

Ledger Nano X - reputed for the best security with this hardware wallet when it comes to cryptocurrency storage, being able to save FTM tokens of value offline.

fWallet: This is the official wallet of Fantom for an immensely ultrafriendly experience making most transactions good with sending, receiving, and staking FTM tokens in the process.

Trust Wallet: Mobile application supports the Fantom network.

Atomic Wallet: This is software wallet which supports more than 300 cryptocurrencies, including FTM.

MetaMask: This is a browser-based wallet and mobile wallet that can be adapted to the Fantom network. 

Fantom Tokenomics and Coin History

The enactment of the Token Generation Event (TGE) for Fantom (FTM) occurred on 30 October 2018. The price was set at an initial $0.01 with a fantastic ROI of 97.04x.

Public sale sold 2 million dollars for $0.04 per token; private rounds raised even more, with $24.8 million in Private Sale 1 at $0.031 and $12.9 million in Private Sale 2 at $0.035. In May 2024, the strategic round raised $10 million. The project has attracted funding from big-shot investors, including Arrington XRP Capital, Jump Crypto, and Hashed.

Max Supply: 3.2 Billion FTM

Total Supply: 3.2 Billion FTM

Circulating Supply: 2.8 Billion FTM

Fantom (FTM) set an all-time low price at the time of $0.001902 on March 13, 2020, and hit its all-time high of $3.46 on October 28, 2021. Hence, in 2024, Fantom reached both dates.

How does Fantom Network Work?

Fantom has a modular architecture that integrates various components into dApps with flexibility for developers. These components function independently and integrate into custom applications.  Lachesis is the consensus mechanism from Fantom that enables it to create high transaction speeds, up to 300,000 transactions in a second, with an average finality time of one second and a fee of as low as $0.0000001.

Who Founded Fantom Crypto, History of Fantom Crypto?

Fantom Crypto was founded by Dr. Ahn Byung Ik, a computer scientist, in early 2018. His vision was to speed up solving problems of scalability and costs in blockchain. The network platform is managed by the Fantom Foundation, which has its headquarters in the Cayman Islands but operates in South Korea. Michael Kong serves as chief executive officer.

Its core innovation is the Lachesis protocol, which uses directed acyclic graphs (DAGs) for asynchronous Byzantine fault tolerance (aBFT) based on faster, more secure transactions. This protocol underpins the first layer of Fantom Opera, which was launched in December 2019. Opera is an EVM-compatible innovative contract platform that builds on a PoS (Proof of Stake) system.

In 2019, Fantom partnered with Binance Chain, bringing in new token standards for cross-chain interoperability and integrating Ethereum applications. The year 2019 was a significant milestone, with the main net launch; thereafter, Fantom concentrated on developing DeFi applications. The girlfriend ecosystem grew with support from Andre Cronje, the founder of Yearn Finance, and bridges to Ethereum. Currently, Fantom continues to expand as it innovates in blockchain technology through its increasing ecosystem of decentralized applications.