A developer-friendly blockchain with Ethereum Virtual Machine (EVM) compatibility has launched its mainnet.
The Current State of Blockchain Landscape
Today’s blockchain landscape is a complex web of challenges that can make it difficult for both developers and users to thrive. Developers, who are the masterminds behind decentralized applications (DApps), often struggle to earn a fair share of the value their apps generate. Instead, validators take almost all the network fees, leaving developers with little to no incentive to create more.
As a result, developers resort to adding extra fees to users, which can be alienating and frustrating for those who use decentralized applications. Security is also still an issue on most blockchains, with existing bridges often being managed by centralized entities that are prone to exploits.
The Need for a Fresh Approach
The blockchain landscape feels more like a puzzle missing key pieces than a smoothly operating machine. This highlights the need for a fresh approach to addressing the industry-wide problems that plague developers and users alike. That’s where Sonic comes in – an Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain that aims to rewrite these narratives.
Introducing Mainnet
Sonic has officially launched its mainnet, ushering in a new era where both builders and users can thrive. The official Sonic mainnet explorer is now live, powered by Etherscan. Explore blocks ahead of our public launch:
https://t.co/4LaizctJ1fpic.twitter.com/ad6BKu5Lmv— Sonic Labs (@SonicLabs)December 17, 2024
Developer Incentives with Fee Monetization
One of the industry’s most persistent problems is developer incentives. Sonic employs a Fee Monetization program that flips the traditional model by redistributing up to 90% of network fees directly to developers. This approach mirrors the ad revenue models of Web2 platforms, but in a decentralized context where control remains with the builders.
How Fee Monetization Works
- Developers create DApps on the Sonic blockchain
- The Fee Monetization program redistributes up to 90% of network fees directly to developers
- This incentivizes developers to create more and improve the user experience
Bridging Solutions with Sonic Gateway
The fragmentation and siloed nature of blockchains necessitate bridging solutions. The Sonic Gateway serves as a fully decentralized bridge connecting Ethereum and Sonic securely. The same validators that secure Sonic also operate the gateway, eliminating single points of failure existing in centralized bridges.
Built-in Fail-Safe Mechanism
- If the entire network took a nap for two weeks, users could still reclaim their funds
- This ensures even if the network is down, users are protected
High-Performance Blockchain
Sonic is built for performance, handling over 10,000 transactions per second with sub-second finality. This eliminates bottlenecks that slow down traditional blockchains.
Near-Instant Confirmations
- High-velocity trading platforms
- Games that run at a real-time pace
- Intuitive financial instruments that respond to actions at warp speed
Migration Process
Developers can deploy their DApps seamlessly, thanks to EVM compatibility and Solidity/Vyper support. MySonic is the ecosystem’s user-friendly portal, enabling users to interact with the chain from one stop.
User-Friendly Portal
- Users can explore DApps
- Stake tokens
- Participate in governance
Native Token – S
S is the backbone of the ecosystem, powering governance, validator operations, and all kinds of transactions. Users can migrate their FTM to S by connecting their Web3 wallet to MySonic portal.
Migration Process
- Connect your Web3 wallet to MySonic portal
- Select the amount of FTM you wish to convert
- Approve the transaction, and S tokens will appear in under a minute
Easing the Way to DeFi
Mainnet going live marks the start of a new chapter in Sonic’s journey. The project plans to unlock new use cases, attract liquidity, and see the ecosystem grow with new, innovative DApps.
New Use Cases
- Rewarding innovation and engagement
- Streamlining the blockchain experience
Conclusion
Sonic aims to encourage developers to deliver enhanced user experiences while easing the way to DeFi for users. Find out more about Sonic and its mission to rewrite the narratives of the blockchain landscape.
Disclaimer
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