Fantom Foundation Launches Testnets for Sonic Upgrade
The Fantom Foundation has announced the launch of testnets for its upcoming tech stack upgrade, Sonic, which is expected to significantly increase transaction throughput. The team at Fantom estimates that Sonic will achieve a 6700% throughput gain, allowing it to compete with major banks and credit card companies in terms of transaction speed.
Announcement of Sonic Testnets
In a recent blog post, the Fantom Foundation revealed that Sonic would support 2048 transactions per second (TPS) with an average finality time of 1.1 seconds. The upgrade aims to reduce database storage by 90% and lower collateral requirements for stakers. Additionally, a new virtual machine will be launched as part of the upgrade.
“Fantom Sonic will scale the network to new heights with a brand-new virtual machine, improved database storage, and optimized consensus. It is expected to achieve over 2,000 TPS at an average finality of one second while using significantly less storage than its predecessor. This puts Fantom’s transactional capabilities on par with major credit card companies and international banks.”
The upgraded Fantom Virtual Machine will remain compatible with the Ethereum Virtual Machine and associated programming languages. The mainnet release of Sonic is planned for Q2 2024.
Sonic Testnets
Fantom has deployed two testnets for Sonic: a closed testnet and a public testnet. The closed testnet demonstrates the maximum capabilities of Sonic, while the public testnet allows users to test and explore the upgrade.
“The closed testnet showcases the theoretical limits of Sonic, while the open testnet provides an interactive experience for users.”
The closed testnet is being fed with over 2000 TPS or 175 million synthetic transactions daily to simulate peak performance. This represents a significant improvement compared to the existing Fantom mainnet, which has a throughput limit of 30 TPS. The storage requirements for validators and archive nodes are also reduced by 29% on Sonic.
Reducing Barriers and Increasing Accessibility
Fantom expects that the reduced operational costs of running a validator on Sonic will make it more accessible for users to participate in securing the network. The majority of transactions on the network are ERC-20 transfers or mints, followed by Uniswap swaps and native token transfers.
Fantom’s Downturn
It’s important to note that the announcement of the Sonic upgrade comes at a time when Fantom has experienced a significant downturn. The total value locked (TVL) in the network has plummeted by over 99%, reaching an all-time high of $7.9 billion in 2022 and currently sitting at just $47 million. However, this upgrade aims to improve Fantom’s capabilities and potentially attract more users in the future.
Hot Take: Fantom’s Sonic Upgrade Aims to Revolutionize Transaction Speeds
Fantom’s upcoming Sonic upgrade is set to revolutionize transaction speeds on its network. With estimated throughput gains of 6700%, Sonic will be able to compete with major banks and credit card companies in terms of transaction speed and efficiency. The testnets for Sonic have already been launched, showcasing its maximum capabilities and allowing users to experience the upgrade firsthand. By reducing database storage requirements and lowering collateral requirements for stakers, Sonic aims to make participation in securing the network more accessible. Despite recent challenges faced by Fantom, this upgrade demonstrates their commitment to improving their platform and attracting more users in the future.
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