Sonic Chain Launches New Ethereum Bridge to Boost Asset Transfers and Enhance FTM Ecosystem

Newly launched as a spinoff of the Fantom network, Sonic Chain has introduced its ethereum bridge, a significant milestone reflecting its ongoing expansion efforts. Officially announced via its X page, Sonic Chain is set to enhance user experience by allowing seamless asset transfers of popular cryptocurrencies such as USDC, EURC, WETH, and FTM from Ethereum to its own platform. This new feature is aimed at bolstering the Sonic ecosystem while ensuring secure asset bridging for its users.

The launch of this bridge comes shortly after Sonic Chain’s mainnet debuted on December 18. Sonic Labs, the development team behind the protocol, has stated that the new gateway has successfully undergone security audits by three reputable firms: OpenZeppelin, Quantstamp, and Certora, thereby providing users with confidence in its reliability. In an additional commitment to security, Sonic Labs has partnered with ImmuneFi to establish a bug bounty program to further enhance the safety of the bridge, allocating a total of $2 million for rewards, which will be evenly distributed between the Gateway and Sonic Chain.

With the rollout of this Ethereum bridge, holders of FTM on the Ethereum network can now transition to Sonic seamlessly. To facilitate this process, the protocol has made available the contract addresses for USDC, EURC, and WETH on its platform, thereby providing clarity and safety for users engaging in asset bridging. Sonic Labs has made it clear that the development team is working closely with the global developer community to shore up the security of the Gateway through the bug bounty initiative.

Sonic Chain, which launched its services earlier this year, has reportedly crossed the significant milestone of 1 million blocks. This rapid growth indicates a strong adoption rate, supported by an impressive capability of executing over 1,600 transactions per second (TPS). Such performance highlights Sonic Chain’s potential to thrive as a viable alternative within the blockchain ecosystem.

Turning the focus to the impact on the FTM token price, it is essential to note that developments within Sonic Chain significantly influence the valuation of its parent network’s cryptocurrency. Despite the anticipation surrounding the Ethereum bridge launch, FTM has not seen a substantial price increase over the past week.

At present, the FTM token is trading at $0.9655, reflecting a decline of 0.79% within a 24-hour period. The coin reached a high of $1.0200 and a low of $0.9700 before settling at its current price. Over the past week, the FTM token has recorded a notable decrease of approximately 21%, although it has experienced a 3.5% uptick over the last 30 days. Expectations now hover over the possibility that the dual movement of funds via the Gateway may drive liquidity, ultimately benefiting the FTM price in the longer term.

Looking ahead, Sonic Chain developers are actively planning the introduction of a wide range of decentralized applications (DApps) aimed at advancing the protocol’s integration into mainstream usage. This initiative is expected to not only enhance user engagement but also draw attention and capital into the Sonic ecosystem, potentially stabilizing and increasing the value of its native token.

In summary, Sonic Chain’s strategic launch of the Ethereum bridge marks a pivotal moment in its quest for growth while potentially influencing the broader Fantom network. By addressing security concerns and facilitating easy asset transfers, Sonic Chain is positioning itself as a formidable player in the blockchain space, one that could reshape the economic landscape for its users. As the community looks towards new DApp launches and further developments, the focus on enhancing liquidity through innovative solutions remains a critical agenda for Sonic Chain’s success.