Backstory
On the 27th of December 2019, the Opera network was initiated, incorporating research into Concurrent Common Knowledge, Lamport Timestamps and more. This development introduced the first permissionless, Directed Acyclic Graph-based protocol, enhancing both scalability and the time to reach finality. Opera achieved up to 200 transactions per second and a finality time of under 600 milliseconds, surpassing Ethereum's capabilities at the time, which stood at 12 TPS and a finality time exceeding 60 seconds.
As the network matured, it amassed a significant user base, becoming a prominent platform with a total value locked of over $10 billion by 2022. Despite its success, the network encountered scalability challenges, particularly during peak demand periods, affecting user experience.
Introducing Sonic
In response, the Fantom team developed Sonic over two years, aiming to significantly improve upon Opera's scalability and security features. Sonic boasts the capability to process 2,000 TPS with finality times under one second. The team's vision for Sonic includes its use in creating a shared sequencer for both Layer 1 and Layer 2 chains, which could handle over 180 million transactions daily with real-time finality. This effort is part of a broader strategy to reposition Fantom as a community-focused brand, with a planned launch of the new chain in late summer or early autumn of this year.
Overview of the governance proposal
The governance proposal associated with this transition suggests several initiatives: a more decentralised and secure bridge to Ethereum, a simplification of the staking process with a fixed 14-day unbonding period to facilitate over $1 billion in liquid staking tokens , expansion of the Sonic Labs grant program to support innovative application development and a rewards campaign for both Opera network users and those of the new chain.
Future technological enhancements include the introduction of supersets via a soft-fork, investigation into parallelization within the Fantom Virtual Machine to improve performance, exploration of zero-knowledge proofs for scalability and the introduction of a canonical stablecoin to support the DeFi ecosystem.
Additional details on partnerships, funding, targeted sectors and user engagement strategies are anticipated to be disclosed, reinforcing Fantom's commitment to its strategic evolution and community engagement.
Current DEX Volume per respective DEX
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
Backstory
On the 27th of December 2019, the Opera network was initiated, incorporating research into Concurrent Common Knowledge, Lamport Timestamps and more. This development introduced the first permissionless, Directed Acyclic Graph-based protocol, enhancing both scalability and the time to reach finality. Opera achieved up to 200 transactions per second and a finality time of under 600 milliseconds, surpassing Ethereum's capabilities at the time, which stood at 12 TPS and a finality time exceeding 60 seconds.
As the network matured, it amassed a significant user base, becoming a prominent platform with a total value locked of over $10 billion by 2022. Despite its success, the network encountered scalability challenges, particularly during peak demand periods, affecting user experience.
Introducing Sonic
In response, the Fantom team developed Sonic over two years, aiming to significantly improve upon Opera's scalability and security features. Sonic boasts the capability to process 2,000 TPS with finality times under one second. The team's vision for Sonic includes its use in creating a shared sequencer for both Layer 1 and Layer 2 chains, which could handle over 180 million transactions daily with real-time finality. This effort is part of a broader strategy to reposition Fantom as a community-focused brand, with a planned launch of the new chain in late summer or early autumn of this year.
Overview of the governance proposal
The governance proposal associated with this transition suggests several initiatives: a more decentralised and secure bridge to Ethereum, a simplification of the staking process with a fixed 14-day unbonding period to facilitate over $1 billion in liquid staking tokens , expansion of the Sonic Labs grant program to support innovative application development and a rewards campaign for both Opera network users and those of the new chain.
Future technological enhancements include the introduction of supersets via a soft-fork, investigation into parallelization within the Fantom Virtual Machine to improve performance, exploration of zero-knowledge proofs for scalability and the introduction of a canonical stablecoin to support the DeFi ecosystem.
Additional details on partnerships, funding, targeted sectors and user engagement strategies are anticipated to be disclosed, reinforcing Fantom's commitment to its strategic evolution and community engagement.
Current DEX Volume per respective DEX
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
Backstory
On the 27th of December 2019, the Opera network was initiated, incorporating research into Concurrent Common Knowledge, Lamport Timestamps and more. This development introduced the first permissionless, Directed Acyclic Graph-based protocol, enhancing both scalability and the time to reach finality. Opera achieved up to 200 transactions per second and a finality time of under 600 milliseconds, surpassing Ethereum's capabilities at the time, which stood at 12 TPS and a finality time exceeding 60 seconds.
As the network matured, it amassed a significant user base, becoming a prominent platform with a total value locked of over $10 billion by 2022. Despite its success, the network encountered scalability challenges, particularly during peak demand periods, affecting user experience.
Introducing Sonic
In response, the Fantom team developed Sonic over two years, aiming to significantly improve upon Opera's scalability and security features. Sonic boasts the capability to process 2,000 TPS with finality times under one second. The team's vision for Sonic includes its use in creating a shared sequencer for both Layer 1 and Layer 2 chains, which could handle over 180 million transactions daily with real-time finality. This effort is part of a broader strategy to reposition Fantom as a community-focused brand, with a planned launch of the new chain in late summer or early autumn of this year.
Overview of the governance proposal
The governance proposal associated with this transition suggests several initiatives: a more decentralised and secure bridge to Ethereum, a simplification of the staking process with a fixed 14-day unbonding period to facilitate over $1 billion in liquid staking tokens , expansion of the Sonic Labs grant program to support innovative application development and a rewards campaign for both Opera network users and those of the new chain.
Future technological enhancements include the introduction of supersets via a soft-fork, investigation into parallelization within the Fantom Virtual Machine to improve performance, exploration of zero-knowledge proofs for scalability and the introduction of a canonical stablecoin to support the DeFi ecosystem.
Additional details on partnerships, funding, targeted sectors and user engagement strategies are anticipated to be disclosed, reinforcing Fantom's commitment to its strategic evolution and community engagement.
Current DEX Volume per respective DEX
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
