Fantom Foundation has announced the launch of Fantom Sonic. This comes months before the launch of its mainnet, which is tentatively scheduled to happen in Spring 2024. The testnet environment aims to mitigate the issues of limited throughput and slow finality. There are a total of three upgrades that come in the testnet, available for the community to review and send feedback.
Upgrades include Fantom Virtual Machine, Carmen database storage, and the Optimized Lachesis consensus mechanism.
To start with FVM, which is Fantom Virtual Machine, the upgrade deals with the time that it takes to execute a smart contract. Older EVM takes longer compared to what the new mechanism can deliver. The Fantom Foundation, in the announcement, expressed confidence by stating that the testnet drastically reduces the smart contract execution time.
Carmen database storage leverages the potential of a more efficient data structure. The goal here is to reduce the storage reduction by 90% for higher efficiency. Simultaneously, it brings down the cost for validators. It is interesting to note that the reduction in storage is up to 90%, not precisely that figure. Meaning, the actual number may vary based on different factors.
Finally, the Optimized Lachesis consensus mechanism provides an improved transaction pool.
Simply put, the testnet has come loaded with three select upgrades, but the impact that it aims to create is everlasting. This is to the extent that the mainnet launch will only be the next step, which will be a seamless transition.
Some of the results that the Fantom Foundation is expecting from the Fantom Sonic testnet are as follows:-
- Over 2,000 transactions every second
- Ultra short-finality
- Reduced storage requirements
- Higher participation in network consensus
- Higher affordability and accessibility in launching validators
Fantom Foundation is basically covering a broader spectrum that touches on aspects of DeFi and blockchain gaming, among others. Every application that enters its ecosystem will have access to the speed and scalability of Sonic.
The community has shown mixed reactions to this announcement. Some of them have called it great, while others have asked how 2K transactions compare to the best. The impact of the announcement is yet to become evident on the native token of Fantom. The token is priced at a slip of 1.55% for $0.2261. Nevertheless, Fantom prediction has placed FTM on a more optimistic side. The token is poised to touch $0.70 by the end of this year. A consistent demonstration of upgrades and adoption could take FTM to a $1+ milestone by the end of next year.
The testnet of Fantom Sonic is live and can be reviewed on the official website. Its mainnet is tentatively scheduled to go live in Spring 2024. Till then, members have been recommended to share feedback for further improvements. All the upgrades and features are subject to actual usage.