Buying Sonic (S): price and performance

Why buy Sonic (S)?

If you’re considering buying Sonic, you should know that this blockchain was formerly known as Fantom. It’s a next-generation platform focused on speed, scalability and interoperability. The rebrand from Fantom to Sonic was officially announced on 1 August 2024, marking a strategic shift to tackle network congestion and enhance the Opera network’s user experience.

Sonic introduces a new Layer-1 blockchain with a Layer-2 bridge to Ethereum, enabling users to process transactions quickly and securely. The network is designed to handle over 10,000 transactions per second, with finality times of around one second — making it one of the fastest and most efficient platforms in the blockchain space.

If you’re weighing up whether to buy Sonic, you should know that its native token, “S”, is the evolution of FTM. The migration from FTM to S was seamless, with all existing tokens exchanged at a 1:1 ratio. The total supply of S tokens is 3.175 billion, with an annual issuance of 47.6 million and burning mechanisms in place to help stabilise its value. S is used to pay transaction fees, participate in staking, and take part in the network’s governance.

Origins

The Fantom Foundation — now the Sonic Foundation — was founded in 2019 by South Korean computer scientist Dr Ahn Byung Ik. Dr Ahn’s vision was to create a blockchain platform capable of solving the scalability and transaction speed issues that are critical for global adoption. Following its founding, the project was driven forward by Michael Kong, now CEO, who has led both technical development and strategic expansion.

The Sonic team includes experienced engineers, scientists and researchers, such as Michael Chen, who serves as Chief Marketing Officer, and David Richardson, the project’s General Manager. Fantom benefited from the technical guidance of Andre Cronje, a key figure in the DeFi space and creator of Yearn.finance protocol. Cronje’s input significantly helped refine and optimise the network’s technical capabilities.

The transformation from Fantom to Sonic was driven by the need to overcome the limitations of the Opera network and deliver a higher-performing platform. Sonic Labs, the entity responsible for developing the new network, focuses on building decentralised applications, while the Sonic Foundation oversees governance and project finances. The Sonic team remains made up of blockchain industry experts, committed to expanding the platform’s adoption and attracting new developers and users.