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Sonic Labs

Category: Layer 1, DeFi

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Overview

Total XP Rewards

100

Estimated Rewards

~$200M

Funding

$10M

Current Stage

Season 1

Total value locked

$6M

Unique Users

-

Chains

chain image

Phase

Testnet

Structure

Points based

Gas

No

Grade

A

Tasks

0/5

TGE

December-2024

Type

Layer 1

Confirmed

Yes

Date

6 months ago

Introduction

  • Sonic is a layer-1 platform that offers a secure gateway to Ethereum and the fastest settlement layer for digital assets. 
  • It is designed to enhance the efficiency and speed of blockchain transactions.

Tasks

task-link

Visit https://testnet.soniclabs.com/ 

  • Click on Add to wallet.
  • Connect your wallet and add.the network details.
task-link

Visit https://testnet.soniclabs.com/account 

  • Scroll down, Connect wallet to request Sonic & Coral.
task-link

Visit https://sonic-testnet.equalizer.exchange/swap 

  • Connect your wallet and Swap assets.
task-link

Visit https://sonic-testnet.equalizer.exchange/liquidity 

  • Connect your wallet and Provide liquidity.
task-link

Visit https://app.galxe.com/quest/SonicLabs/GCnGNtvdf5 

  • Complete the quests.

Fundamentals

  • Consensus Mechanism: Uses a Proof-of-Stake (PoS) mechanism with advanced scalability, security, and low energy consumption.
  • Cross-Chain Compatibility: Built to seamlessly integrate with multiple blockchains using secure bridges for enhanced interoperability.
  • Security: Ensures robust validator-based security, decentralized governance, and secure staking infrastructure.
  • Smart Contracts: Fully supports EMV-compatible smart contracts, making it easy for developers to port Ethereum dApps.

Potential Rewards

  • Formerly known as Fantom Foundation, Sonic Labs rebranded in August 2024.
  • The Sonic network is expected to launch in November/December 2024.
  • Sonic Labs will launch an airdrop of their main token, $S, to reward early adopters. Users can earn points through sign-ups, community events, and referrals, which can be exchanged for $S tokens.
  • Sonic Gems are reward points to boost user interaction, distributed by winning projects to encourage engagement.
  • In June, Fantom allocated 20 million $FTM (worth $88 million) to support Sonic Labs.
  • Incentive program is designed to drive ecosystem growth and user activity.

Airdrop Distribution Rounds:

  • Round 1: Coincides with the Sonic network launch.
  • Round 2: Occurs 60 days post-launch, with additional rewards based on ongoing contributions and performance.

Investors

  • Hashed Fund
  • SoftBank
  • Signum Capital

Audit

  • Certora
  • Quantstamp

Features

  • Low Transaction Fees: The network is known for its low transaction costs, even for complex operations.
  • dApp Ecosystem: Fantom supports a variety of decentralized applications, reflecting its growing ecosystem.
  • Speed & Efficiency: Capable of over 10,000 TPS with one-second confirmation times. 
  • Developer-Friendly: Offers comprehensive tools, SDKs, and APIs for efficient decentralized application development.
  • fWallet: Fantom’s native wallet facilitates the management of FTM tokens and interaction with dApps.

Non-Financial Advice

  • Research:  Explore project's documentation, audits, and community.
  • Understand risks:  DeFi has vulnerabilities, market volatility, and token fluctuation.
  • Invest wisely:  Only invest what you can afford to lose.
  • Beware of scams:  Don't trust unsolicited outreach or guaranteed returns.

*ANZALI only provides suggestions and not financial advice. Use all of the information above at your own risk.

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