Fantom Ecosystem Activity Picks Up Ahead of Sonic Labs Rebrand

Fantom, now known as Sonic Labs, is experiencing growth amid excitement for its rebrand and upcoming token.

The network’s daily transaction count reached 440,000 on Oct 13 after doubling in four weeks, while 30-day annualized revenue is up 168% according to TokenTerminal.

The FTM token, which will be migratable for the upcoming $S token, is surging as well with a 13% gain over the past seven days.

FTM’s bullish price action follows Fantom publishing the Sonic Labs litepaper earlier this week, which outlined the forthcoming project’s token migration, tech stack, and projected throughput.

Fantom’s total value locked is now up to $112 million after bottoming at $70 million on Sept 6. However, this is still a far cry away from Fantom’s all-time high TVL of 7.7 billion in March 2022.

Sonic is looking to attract developers by sharing fee revenue with builders. On Oct. 16, Sonic announced it will provide dApp developers with 90% of the fees their protocols generate, with the fee monetization program set to go live this month.

Half of the fees generated on the network outside of the program will be burned to place deflationary pressure on the supply of S.

Yesterday, Sonic Labs also announced that the tokenized yield platform Pendle will soon launch on the network, allowing users to perform advanced yield and trading strategies on Sonic.