The Directed Acyclic Graph (DAG) protocol Fantom has rebranded to Sonic Labs, marking a major shift in its strategy.
The transition to Sonic Labs follows an earlier announcement of the Sonic Labs and Sonic Foundation launch. Sonic Labs will focus on advancing Decentralized Applications (DApps) and forming partnerships, while Sonic Foundation will handle governance and treasury management for the network.
Michael Kang, CEO of the Fantom Foundation, emphasized the new network’s role in enhancing growth and functionality.
The rebranding aligns with the upcoming launch of Sonic, a Layer-1 platform designed for fast, secure transactions compatible with Ethereum. Sonic promises high performance with over 10,000 transactions per second (TPS) and one-second confirmation times.
Sonic Labs will introduce the S token, replacing Fantom’s FTM, through a large airdrop, staking options, and incentive programs. Although Sonic Labs has fully transitioned from Fantom, the Sonic platform is expected to debut in the fourth quarter of the year.
Key supporters of Sonic Labs include prominent figures like Compound CEO Robert Leshner, Aave CEO Stani Kulechov, and Frax Finance CEO Sam Kazemian.
In related news, Ethereum ETFs have recently seen significant outflows following the SEC’s approval of spot Ethereum ETF trading. On Wednesday, eight spot Ethereum ETFs reported a combined outflow of $77.2 million.
