- Sonic Labs launched the Sonic Gateway for cross-chain token transfers between Ethereum and Sonic.
- Sonic blockchain processes 10,000 TPS with under 1-second finality.
- Sonic’s TVL surged from $6M to $62M in one day, driven by liquid staking.
Sonic Labs announced on Dec. 25 its innovative Sonic Gateway, a cross-chain bridge to make token transfers between Ethereum and the newly launched Sonic blockchain seamless, on Dec. 25. It allows users to convert Fantom’s native FTM tokens into Sonic’s native S tokens at 1:1. The gateway does support Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH) for transfers, thus making the solution versatile for multitoken interactions across blockchain networks.
Sonic is an advanced blockchain network launched on Dec. 13 and is compatible with Ethereum Virtual Machine (EVM). Developed by Sonic Labs — co-founded by a prominent figure in the DeFi ecosystem, Andre Cronje – boasts impressive network capabilities, for it can reportedly process 10,000 transactions per second (TPS) and finalize a block below one second.
In all, the native S token of the blockchain pairs with Fantom’s FTM in total supply, while 3.175 billion tokens circulate in the ecosystem. A total of 190.5 million S tokens has been allocated by Sonic Labs to incentivize users to interact and catalyze the growth of its ecosystem.
Sonic Gateway has now introduced a secure and efficient solution for cross-chain token transfers. It makes use of validators running both Sonic and Ethereum Light Clients that validate transactions for security and reliability at a high level.
Sonic Labs Gateway Improves Ethereum Bridge Transactions
The gateway offers a suite of key features that enhance its user experience. If one fails to have the gateway online for more than 14 days continuously, then the “fail-safe” mechanism allows it to recover its bridged assets on Ethereum. Contra-wise, bundled messages reduce costs but slightly result in delays: 10-1 hour for Ethereum-to-Sonic and 1-hr for Sonic-to-ETHEREUM transfers, allowing near-instant transactions at your small fee via the Fast Lane option.
Despite Sonic’s gains, Fantom is still online and shows no signs of shutting down. According to DeFiLlama, Fantom has a total value of 110 million dollars locked (TVL), though it has lost about 18% this year.
Sonic, on the other hand, is growing rapidly. Its TVL leaped to $62 million, including a move from $6 million to $58 million in 24 hours between Dec. 19 and Dec. 20. Yet, $58 million of that value is linked with liquid staking through the Beets protocol, so Sonic is capable of attracting serious activity within its ecosystem.
The Sonic Gateway exemplifies Sonic Labs’s commitment to advancing blockchain interoperability. The gateway positions Sonic as a leader in cross-chain solutions by addressing key challenges such as speed, security, and cost-efficiency.
As the blockchain space keeps changing shape, the innovative infrastructure brought in by Sonic and the growing adoption could rewrite how networks interact. Its high speeds, fail-safes, and user-focused design make it destined to be at the forefront of DeFi.
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