KeyTakeaways:
Sonic Chain’s Ethereum bridge enhances asset switch safety and interoperability. FTM worth struggles regardless of Sonic Chain’s profitable bridge launch and community development. Ongoing safety audits and $2M bug bounty program guarantee bridge security and reliability.
Sonic Chain has expanded its community by launching a brand new bridge that connects to the Ethereum blockchain. This new improvement, the Gateway Bridge, permits customers to switch belongings corresponding to USDC, EURC, WETH, and FTM from Ethereum to Sonic.
The bridge is designed with enhanced security measures and follows the protocol’s profitable mainnet launch earlier in December. Nonetheless, regardless of these optimistic developments, the worth of Fantom (FTM) has not proven enchancment, highlighting a disconnect between technological developments and market efficiency.
Sonic Chain’s Gateway Bridge Launch
The Ethereum bridge is reside, providing seamless asset transfers between the 2 networks. With this launch, customers can bridge ERC-20 tokens from Ethereum to Sonic, enhancing the interoperability between the 2 networks.
Sonic Chain’s staff has ensured the bridge’s security via intensive audits from companies corresponding to Open Zeppelin, Quantstamp, and Certora Inc. To additional enhance safety, the protocol is working with ImmuneFi to implement a bug bounty program, providing as much as $2 million for vulnerabilities recognized in each the Gateway and Sonic Chain.
Ongoing Safety Audits and Bug Bounty Program
Sonic Chain prioritizes the security of the bridge. After profitable safety audits from well-known companies, the protocol continues to be centered on addressing potential vulnerabilities. ImmuneFi will oversee the bug bounty program, allocating $2 million to be break up between the Gateway Bridge and Sonic Chain itself.
Whereas Sonic Chain’s launch and new bridge are technical achievements, the worth of FTM, the native token of the Fantom community, has not reacted positively out there. In response to the most recent knowledge, FTM has been buying and selling at $0.9720 and has skilled a 0.79% drop within the final 24 hours.
The coin has fluctuated between $0.9650 and $1.0228, with a 21% loss in seven days. Though there was a slight uptick of three% previously 30 days, these actions recommend that the market has but to completely replicate the progress made by the Fantom community and its spinoff initiatives like Sonic Chain.
Regardless of the current worth stagnation of FTM, Sonic Chain has made notable strides in its improvement, crossing the milestone of 1 million blocks and sustaining spectacular transaction speeds of over 1,600 TPS.
The community’s adoption signifies a rising consumer base and curiosity within the platform. As extra belongings transfer via the brand new Ethereum bridge, there may be hope that this may drive liquidity to the platform and positively affect the worth of FTM.
