Fantom to Sonic: What CoinJar Users Should Know
What is happening with Fantom? What is Sonic? Here is everything you need to know.
In this article...
- Holders of Fantom can change their FTM to Sonic
- CoinJar customers can keep their FTM for the forseeable future.
- CoinJar customers can also swap their FTM to Sonic outside of CoinJar, here's how.
With the arrival of the new Sonic Labs brand, Fantom (FTM) holders are eligible for a token swap. So what is happening when Fantom becomes Sonic?
Sonic Labs has introduced its next-generation blockchain network, the Sonic chain, which promises improved features and opportunities for digital asset enthusiasts.
If you're a CoinJar user holding Fantom, here's everything you need to know about the upcoming changes and how you can make the most of this transition.
Sonic Chain and blockchain technology
The Sonic chain is aiming to move to a higher level of blockchain performance. They claim that this new layer-1 platform will perform better. Here are some of the features that are promised.
Faster transactions
Over 10,000 transactions per second (TPS) and sub-second confirmation times.
Ethereum integration
A seamless gateway to Ethereum for enhanced interoperability.
Incentives
Programs like airdrops, the Innovator Fund, and Gas Monetisation to support the ecosystem.
The launch of Sonic aims to bring a wave of innovation to the blockchain space. Developers and users can expect a network optimised for speed, scalability, and efficiency.
The S Token: Sonic’s native cryptocurrency
The S token will serve as the crypto of the Sonic ecosystem, with multiple uses:
-Paying for transaction fees
-Staking for rewards
-Running validators
-Participating in governance.
Upon Sonic’s launch, Fantom holders will be able to exchange 1 FTM for 1 S token via Sonic’s designated web platform.
S tokens will also be available for purchase on decentralised exchanges (DEXs) and major centralised exchanges (CEXs).
CoinJar users: What you need to do
CoinJar will not automatically convert FTM to S tokens. CoinJar will continue to support FTM for the time being.
However, you can still participate in the transition by following these steps:
-Visit the official Sonic platform after its launch.
-Use the provided web interface to exchange your FTM for S tokens at a 1:1 ratio.
-Stay updated with announcements from both CoinJar and Sonic Labs for additional guidance.
There’s no immediate action required, and you can continue holding your FTM on CoinJar until we let you know otherwise.
Frequently asked questions
What happens if I don’t exchange my FTM for S tokens?
The Fantom Opera network will remain operational, so your FTM will retain its value and utility. However, to take advantage of Sonic’s features — including governance, faster transactions, and staking rewards — you’ll need to exchange your FTM for S tokens.
Click here for information.
Will my staked FTM be affected?
If your FTM is staked and locked when Sonic launches, you’ll still have the option to unlock and bridge it to the Sonic network. The Sonic platform will provide detailed instructions closer to the launch date.
Is there an airdrop for S tokens?
Sonic Labs plans to distribute 190,500,000 S tokens through an airdrop to incentivise both Opera and Sonic users. Keep an eye on announcements to ensure you’re eligible.
Want to change from FTM to Sonic?
For the latest updates visit the Sonic platform and stay connected with CoinJar’s announcements.
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