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"Sonic: The New 'Golden Standard' of Layer-2 Blockchains"

Coin WorldWednesday, Jan 29, 2025 9:35 pm ET

1min read

Sonic, the recently rebranded layer-1 blockchain, has been hailed as the "golden standard" of layer-2s (L2s) by Andre Cronje, the project's co-founder. Cronje took to the social media platform X to make this claim, stating that Sonic, formerly known as Fantom, is the "only actual decentralized stage 3 L2."

Cronje highlighted several key features of Sonic, including:

No fee extraction, with all submissions going 100% to ETH
No "centralized value extraction"
Decentralized sequencing and bridges

Cronje contrasted Sonic's approach with other L2s, which he believes are merely "faking" decentralization to continue extracting fees. He also noted that Sonic has achieved significant scaling milestones, such as:

Scaling transactions per second to over 16,000 on the L1
Decreasing storage by 98% even on archival nodes

Sonic's journey began in 2018 when a South Korean computer scientist launched Fantom (FTM) with the aim of serving as a tool to aggregate smart contracts into decentralized applications (dApps). Last year, the development team announced a rebrand to Sonic to improve transaction efficiency.

Investors can currently trade their FTM tokens at a 1:1 rate for S tokens, which will have multiple functions within the Sonic ecosystem. At the time of writing, S is trading at $0.453, having experienced a nearly 8.5% decline in the past 24 hours.

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