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Fantom’s big comeback? Why ‘Sonic’ upgrade has devs and investors buzzing

Fantom, once a top contender in the layer-1 blockchain race, is gunning for a major comeback with its new ‘Sonic’ architecture. The project, now operating as Sonic Labs, is trying to erase the memory of past stumbles with a complete technological refit designed for raw speed and scale.

However, to succeed, it must convince skeptical validators to return, prove its new security is ironclad after a devastating hack, and find its place in an arena crowded with fierce rivals.

At its heart, Sonic is a complete rebuild of the Fantom network from the inside out. The overhaul introduces a new Fantom Virtual Machine (FVM), a heavily tweaked Lachesis consensus model, and a novel database called Carmen. This new engine is built for one thing – Performance.

The goal is a network that can handle upwards of 2,000 transactions per second (and potentially over 10,000) and confirm them in less than a second. The system officially went live in December 2024.

Not long ago, Fantom looked like a true Ethereum killer. Its promise of a fast, cheap, and scalable platform made it a darling of the late 2021 bull run. An explosion of decentralized apps (dApps) and the backing of DeFi heavyweight Andre Cronje sent its popularity into the stratosphere.

Then, the Multichain bridge imploded in July 2023, and Fantom’s momentum shattered. The protocol’s failure vaporized over $210 million across multiple chains, but Fantom took the most brutal hit, losing around $122 million from its ecosystem.

Source: TradingView

The hack caused stablecoins to lose their peg and liquidity to flee the network, cratering user trust and its Total Value Locked (TVL). In a bid to recover funds, the Fantom Foundation won a court order in Singapore to force Multichain’s liquidation.

Andre Cronje himself has always been a wild card for the project. His sudden exit from the DeFi scene in March 2022 sent the FTM token spiralling, just as his later return to the foundation sparked a new wave of optimism. Now, as the Chief Technology Officer of Sonic Labs, Cronje is steering the network’s next chapter.

Two key pieces of technology drive the Sonic upgrade: the Fantom Virtual Machine (FVM) and the Carmen database.

The Fantom Virtual Machine (FVM) rips out the old Ethereum Virtual Machine (EVM) and replaces it with a custom-built, high-speed alternative. While it remains compatible with existing EVM code so developers don’t have to start from scratch, the FVM uses “super-instructions” that bundle routine tasks into single commands.

This clever trick, along with smarter data handling, lets the FVM process smart contracts at blistering speeds. In fact, some tests show it’s 65 times faster than its predecessor.

Working alongside the FVM, the Carmen database attacks the “state bloat” problem that plagues so many chains. This issue makes it increasingly difficult and expensive for validators to store the network’s entire history. Carmen uses a flat, file-based system and can perform “live pruning” of old data, which slashes the data footprint for validators by as much as 90%.

That makes running a node cheaper and more accessible, which in turn helps keep the network decentralized and fast.

The upgrade also rolled out a new native token, ‘S’. Current FTM holders can swap their tokens for ‘S’ at a one-to-one rate. While the initial 3.175 billion ‘S’ supply will match FTM’s, Sonic is also overhauling its economic engine to get people using the new chain.

The new model kicked off with an airdrop of 190.5 million ‘S’ tokens, or 6% of the initial supply, to draw in users and developers. For six years, another 1.5% of the supply will be created annually to fund ecosystem projects, and any of these funds left unused will be burned. After four years, a steady 1.75% annual inflation will be introduced to pay validators for securing the network.

Sonic Labs isn’t just hoping developers show up; it’s paying for them with a multi-pronged incentive plan and a hefty war chest.

The main attraction is the Sonic Labs Innovator Fund, which has set aside up to 200 million FTM (worth about $120 million) to help existing projects move over and new ones get started on Sonic.

On top of that, the Sonic Boom Program is a bounty system created to encourage a wide variety of new dApps in different fields.

Perhaps, the biggest carrot is the new “Fee Monetization” (FeeM) model. This program completely changes how developers can earn money. Approved dApps can now pocket up to 90% of the transaction fees their apps generate – A massive jump from the old 15% cut.

After the Multichain disaster, security can’t be an afterthought. Sonic’s key parts, like its native bridge to Ethereum, have been combed over by security outfits like OpenZeppelin, Quantstamp, and Certora.

To back this up, Sonic Labs is putting its money where its mouth is. The team has partnered with Immunefi to launch a $2 million bug bounty program, paying researchers to find and report any security holes they might have missed.

The lead-up to the Sonic launch definitely got people talking, pushing FTM’s price up in the months before the mainnet went live. A classic “sell the news” dip followed the launch, but the real test for Sonic isn’t short-term price action. Its success hinges on whether it can use its new tech to build an ecosystem that people actually want to use.

With a faster engine, a pile of cash for developers, and a renewed focus on security, Fantom is making a serious play to get back in the game. The next few months will show if this “Sonic boom” is the start of a real comeback or just a flash in the pan.

Source

Н News

Fantom’s big comeback? Why ‘Sonic’ upgrade has devs and investors buzzing

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