News Scrap

Key Takeaways

Sonic Labs completed its first block of transactions, marking progress toward its mainnet launch.
Following the news, Fantom’s FTM token soared 20%, making Sonic Labs’ airdrop of 190.5 million $S tokens worth over $226 million.

Sonic Labs announced its new blockchain produced its first block of transactions, marking a key step toward its mainnet launch.

Genesis achieved.

Block zero.

Infrastructure deploying.

Public soon.

— Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) December 2, 2024

The Layer 1 blockchain project, which split from the Fantom network, indicated the network will go “public soon” after creating its Genesis block.

On Sunday, Sonic Labs posted on X that they had completed part of their snapshot for the token airdrop allocation.

According to its website, Sonic will airdrop 190,500,000 $S tokens, which can be exchanged 1:1 with Fantom’s FTM tokens, totaling an astounding $226 million worth of tokens.

Following the announcement, Fantom’s FTM token experienced a gain of over 20%, rising from $1 to $1.20.

In addition to the airdrop news, Sonic Labs shared details about its upgraded testnet, named Blaze.

The testnet has processed over 655,000 blocks, achieving an impressive average block time of 0.33 seconds, handling 8 transactions per second, and a finality time of 0.8 seconds, showcasing the network’s performance improvements as it moves closer to mainnet launch.

The new chain will feature the Sonic Gateway, a bridge to Ethereum, enabling access to Ethereum’s liquidity and user base while maintaining high throughput and low transaction costs.