Sonic Chain, a subsidiary of Fantom, is using Ethereum as part of its expansion efforts. $3,493.3 launched Gateway, its bridge. In its statement on page X, the protocol stated that users can safely move assets such as USDC, EURC, WETH and FTM from Ethereum to Sonic.
Sonic Chain is Growing
The protocol will be supported by Open Zeppelin, Quantstamp and Certora Inc. on the new bridge, following its mainnet launch on December 18. He announced that he had been audited by three major security companies such as. It was also reported that efforts are underway for a bug bounty program with ImmuneFi to highlight their sensitivity to security. Cyber attacks, especially in the DeFi field, occur because code audits are not taken seriously enough. Sonic doesn’t want to take any chances on this one.
Sonic Labs announced that it has allocated a total of $2 million in bug bounties to be shared between Gateway and Sonic Chain. FTM holders on the existing Ethereum network will be able to upgrade their holdings to Sonic through the Gateway. For user security, the contract addresses of USDC, EURC and WETH on Sonic have been published.
“We are working with ImmuneFi to improve the security of the Gateway. We are offering a total of 2 million dollars bug bounty to be shared between Gateway and Sonic Chain. Details will be announced soon.” -Sonic Labs
Sonic Chain, which launched in January, has reached its million block goal. This shows rapid adoption of the new network, with over 1,600 transaction confirmations per second.
Phantom Price Status
The successes of Sonic Chain, a sidechain connected to the Phantom network, have a significant impact on the FTM price. Currently, FTM is trading at $0.9720, down 0.79% in 24 hours.
While FTM declined from a high of $1.0228 to a low of $0.9650, it is stabilized at the current value. While there was a 21% decrease in the 7-day period, a slight 3% increase was observed in the last 30 days. With two-way fund movements through the Gateway, liquidity is expected to increase and the price will be supported.
Sonic Chain developers plan to release new decentralized applications (DApps) in an attempt to increase adoption of the protocol.
While the integration between FTM and Sonic Chain offers more asset transfer options for users, security measures also prioritize user safety. These developments are expected to contribute to the future growth of both Sonic Chain and the Phantom ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
