FTM: Core Proposals Spark 16% Rally Ahead Of Sonic Mainnet Launch – Details
August 14 2024 - 4:30PM
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Fantom’s migration to Sonic is now underway, putting the platform
under the spotlight which caused FTM, the native token of Fantom,
to jump. According to CoinGecko, FTM gained more than 17% since
last week, representing the hype their network migration caused
within the community. Related Reading: Celestia (TIA) Gains
14% Following Network Upgrade Announcement The new Sonic Labs is
poised to continue Fantom’s legacy as four core proposals are now
underway for the eventual release of the Sonic mainnet. If passed,
the proposals will provide users and developers with a smooth
transition to the Sonic network once D-day arrives. Core
Proposals Promise Smooth Transition To Sonic According to the Sonic
Labs X account, four proposals will affect the user experience
during the switch to the Sonic network. The most notable is the
proposed one-to-one ratio between FTM and $S, the native token of
the new network. The new token will act like the old FTM token,
with 3,175,000,000 $S tokens on Genesis Day. With
@MessariCrypto‘s Q2 2024 report, we looked back at the latest
quarter in the world of #Sonic, including 4 governance proposals: 💵
190.5M $S Airdrop 🚀 $FTM to $S Compatibility 💰 Ongoing Funding 👥
Validators/Builders Let’s explore the report 👇
pic.twitter.com/Sypi35TTF4 — Sonic Labs (prev. Fantom)
(@0xSonicLabs) August 13, 2024 As a general “thank you” gesture to
Opera users, the platform will allocate over 190,500,000 $S tokens
to airdrop. The airdrop also has safeguards to protect the market
from a sudden influx $S tokens. It will have a burn mechanism that
penalizes users who choose to claim their airdrop position on day
1, burning almost 100% to 88.9% of the tokens vested for the
user. This gives users time to contribute to the overall
on-chain activity while providing a guaranteed long-term gain. The
new users are also eligible to receive the airdrop once the network
is released. 4️⃣ Validators/Builders This proposal approved:
✅ Validator rewards migrated from Opera to #Sonic 🚀 Apps in GasM
can earn up to 90% of gas with a new burn model 💰 Ecosystem Vault
funds allocated to @SonicCouncil 🔒 14-day staking lock-up period 🔗
https://t.co/KCAtB2rm7t — Sonic Labs (prev. Fantom) (@0xSonicLabs)
August 13, 2024 Funding for the new network is also secured as they
allocate 47,625,000 $S tokens for running Sonic Spark and Sonic
University, providing developers the know-how to build on the
platform. To ensure zero wastage of the funds, Sonic will burn the
remaining funds if not used within a specified time frame. For
example, if only half of the whopping 47,625,000 $S tokens were
used, the other half would be burned to protect the integrity of
the network while ensuring the funds are not wasted.
Validator rewards will also be migrated from Opera to Sonic to
promote the use of the network while protecting $S from too much
inflation in the first four years. FTM Price To Stabilize On
This Level Ahead Of Sonic Network Launch As of press time,
the token is struggling to flip the $0.3689 ceiling to support
which is crucial for the bulls in the long term. Related
Reading: AVAX Set For ATH? Analysts Predict Explosive Rise To $285
Although the token is seemingly slowing down, the market’s general
positivity will pick up in the coming days, pushing bears off of
the FTM market. This will open the opportunity to retake $0.3689 in
the short term while providing the bears a solid support level to
take $0.4855 in the long term. Featured image from Zipmex,
chart from TradingView
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