Writing: Sleeping in the Rain
1/ Sonic is a new high-performance Layer1 (you can take a look at the performance of Sonic mentioned in Fantom's promotion, but it's just a glance. If there are no users or developers, it will still be a ghost chain). The launch of Sonic does not affect the Fantom Opera chain. However, it is obvious that the future focus of the Fantom Foundation will be on Sonic.
2/ $S is the native token of the Sonic Network, and it can be exchanged 1:1 with $FTM bidirectionally during the TGE for a period of six months. The Fantom Foundation will refer to the cross-chain bridges between Sonic and other chains as Layer2 cross-chain bridges (This will be a new layer-1 chain with a native layer-2 bridge connected to Ethereum and beyond).
3/ Airdrop
In a tweet, Fantom mentioned that 190M $FTM will be airdropped to users.
How to operate?
In the second proposal of Sonic, it is mentioned that they hope to incentivize Fantom Opera users and new users of Sonic through airdrops. The airdrop incentive activity is expected to last for more than 6 months. The airdrop aims to incentivize activities, application revenue, and gas fee income in the Opera and Sonic ecosystems to drive TVL growth.
It could look like (LPs will definitely be prioritized for airdrops):
The official will launch a webpage to help users check their current point balance. In addition, the official will fight against witches.
4/ Token Burn (the following is based on the final result, what I am reiterating now are the contents of the proposal)
The token burn will be reflected in the airdrop distribution.
Roughly speaking, the airdrop will be linearly unlocked (25% will be released at the beginning), and users may be able to accelerate this process through on-chain activities. Those who claim the airdrop early will be penalized (part of the airdrop reward will be burned, there is a coefficient here). Then, the official will collaborate with PaintSwap to create an fNFT market, allowing users to trade unclaimed $S airdrop NFTs.
Here is a separate explanation of the remaining 75% $S release rules (non-linear 270-day unlock):
For example: Andrew received 1,000 $S airdrop. After 90 days have passed since receiving 250 $S immediately, he decides to claim the remaining airdrop. At this point, he can claim 249.75 $S (33.3% of the remaining 750 $S allocation) and 500.25 $S will be burned (66.7% of the remaining 750 $S allocation).
It is not a linear unlock, and the proportion of tokens that can be claimed depends on the user's waiting time.
5/ Token Inflation
Six months after the launch of Sonic, the official will mint a portion of $S tokens to provide funds for subsequent marketing, ecosystem development, and partnerships. The official will ensure that 100% of $S is used for the development of the Sonic ecosystem, and any unused $S will be burned.
6/ Summary
Unlike the direct money distribution method like Avalanche Rush before, project parties have now learned how to attract users. Sonic is no exception. If we assume that the intention of the Fantom team is to develop this ecosystem and attract users through airdrops, then the ecosystem needs to provide sufficient incentives to users, at least in the first 6 months. It is also worth mentioning that, unlike airdrops from other protocols, the total value of 190M $FTM fluctuates with its price at any time. Therefore, the higher the price of $FTM, the more attractive it is for farmers.
All information is from here⬇️
https://forum.fantom.network/c/sonic-network/9
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