Fantom (FTM) Is Rebranding To SONIC (S)

The Fantom Foundation has recently revealed the launch details of its new Layer-1 blockchain, Sonic Network. The transition will see current FTM token holders migrate to the new Sonic token, denoted as S, at a 1:1 ratio.

Key Takeaways

Fantom (FTM) is a smart contract platform that utilizes Directed Acyclic Graph (DAG) technology to enhance scalability.

The platform boasts a unique Lachesis consensus mechanism and EVM compatibility, facilitating faster transactions and lower fees.

The FTM token serves as the native cryptocurrency for the Fantom ecosystem, with a total supply of 3,175,000,000 and a circulating supply of 2,803,634,835 as of December 5th, 2024.

Binance, Bybit, and KuCoin are among the exchanges where you can purchase Fantom (FTM).

The platform is undergoing a rebranding effort, with FTM tokens being converted to S tokens as part of the launch of Sonic Network.

Fantom (FTM) is a smart contract platform that was launched in 2018. The project aims to address scalability limitations in traditional blockchains by utilizing Directed Acyclic Graph (DAG) technology. Fantom aspires to be a high-performance, secure, and scalable blockchain platform that fosters innovation in the decentralized finance (DeFi) and decentralized application (dApp) space.

How Does Fantom (FTM) Work?

Fantom is a blockchain platform that is designed to address scalability issues that plague other blockchains, enabling faster transactions and lower fees. Here's a breakdown of how the project achieves this:

Underlying Technology: Directed Acyclic Graph (DAG)

In contrast to traditional blockchains that employ a linear chain structure, Fantom utilizes a DAG structure. This technology, coupled with a Byzantine Fault Tolerance (BFT) consensus mechanism, allows for parallel transaction processing. As a result, Fantom achieves significantly higher scalability compared to other blockchains.

Lachesis Consensus Mechanism

This custom consensus mechanism ensures agreement on the network's state without requiring all validators to communicate directly with each other. The Lachesis protocol enables fast transaction finality while maintaining security.

EVM Compatibility

To facilitate seamless integration with the vast Ethereum ecosystem, Fantom is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to port existing smart contracts to Fantom with minimal modifications.

Fantom (FTM) Token And Tokenomics

Tokenomics

The FTM token is the native cryptocurrency of the Fantom platform. It serves several functions within the ecosystem:

It acts as the gas fee for transactions and smart contract interactions on the Fantom blockchain.

FTM tokens are used for staking and governance on the Fantom network.

The total supply of FTM is 3,175,000,000, with a circulating supply of 2,803,634,835 FTM. The current price of FTM is $1.24, valuing the platform at $3,476,706,023 in the market. This information is current as of December 5th, 2024, and the token's price, market value, and available supply may fluctuate.

Token Details

Total Supply: 3,175,000,000 FTM

Circulating Supply: 2,803,634,835 FTM

Current Price: $1.24

Market Capitalization: $3,476,706,023

Distribution

The distribution of FTM tokens is as follows:

Team: 10%

Advisors: 5%

Foundation: 20%

Staking Rewards: 40%

Ecosystem Fund: 15%

Where Can I Buy Fantom (FTM)?

Several cryptocurrency exchanges offer Fantom (FTM) for purchase. Here are a few options:

Binance: Binance is a major cryptocurrency exchange that offers a wide range of cryptocurrencies for purchase. You can buy FTM on Binance using multiple methods, including credit cards, debit cards, and peer-to-peer (P2P) trading.

Bybit: This exchange is primarily known for its derivatives and margin trading features. However, you can also use the platform for spot trading cryptocurrencies like FTM.

KuCoin: KuCoin is a smaller cryptocurrency exchange that is known for its competitive trading fees and support for a vast number of cryptocurrencies, including FTM.

Is Fantom (FTM) A Good Investment?

Pros:

The platform's unique DAG technology and Lachesis consensus mechanism contribute to fast transaction speeds and low fees.

Being EVM-compatible, Fantom facilitates easy integration with the Ethereum ecosystem and enables developers to quickly deploy their dApps on the platform.

Cons:

The platform's youth and the competitive nature of the blockchain industry pose potential risks for investors considering FTM.

Fantom Is Rebranding To SONIC (S)

The Fantom