Sonic Chain: Revolutionizing DeFi with Speed and Scalability

Sonic is an Ethereum Virtual Machine (EVM) layer one blockchain offering remarkable one-second confirmation times and transaction costs below $0.01. Aiming to enhance speed and scalability, Sonic Chain prioritizes an exceptional user experience in decentralized finance (DeFi).

Sonic Labs has recently evolved from the Fantom ecosystem, launching its Genesis Block on December 2, 2024. In a recent discussion facilitated by LBank, representative Matt provided insights regarding Sonic's inception, technological framework, and future roadmap, highlighting initiatives designed to attract both developers and users.

The Genesis of Sonic Labs

LBank, a notable cryptocurrency exchange founded in 2015, has hosted numerous discussions on Sonic Labs in X spaces. The evolution of Sonic Labs from Fantom seeks to overcome various blockchain challenges. Over the past three years, the team has crafted an unparalleled virtual machine, innovative consensus protocols, and an advanced database architecture.

Matt emphasized, “Our EVM is among the best in the crypto realm and will continue to maintain that standard for a significant period.”

Sonic Labs is dedicated to building an ecosystem characterized by low gas fees and rapid transaction times. The platform is strategically engineered to ensure excellent scalability, thereby maintaining network performance even during periods of high demand.

“Scalability implies that network performance remains intact, regardless of traffic fluctuations,” Matt explained.

However, migrating to this new blockchain posed a significant challenge for Sonic Labs, with the transition proving ten times more complicated than anticipated.

“Starting anew requires a complete overhaul and convincing users to begin afresh,” Matt remarked.

400,000 TPS and Sub-Second Finality

Sonic Labs has surpassed previous limitations concerning blockchain speed and efficiency. While their network typically accommodates around 10,000 transactions per second (TPS), they proudly assert that their maximum capacity can reach up to 400,000 TPS, confirmed through Chainispect.

Multiple advancements, such as an improved consensus mechanism and an optimized database structure, underpin these capabilities. Collaborating with a Swedish academic, Sonic Labs implemented a live pruning feature within the database.

This live pruning streamlines storage needs for validators by automatically eliminating historical data and reducing operational risks associated with downtime during traditional pruning.

Sonic Labs' consensus model incorporates Asynchronous Byzantine Fault Tolerance alongside Directed Acyclic Graphs (DAGs), bolstered by Practical Byzantine Fault Tolerance to ensure network integrity against any malicious node behavior. Furthermore, Sonic Labs operates on a Proof of Stake (PoS) model that incentivizes validators to stake their native tokens, leading to penalties for any malicious activity to keep their interests aligned with network welfare.

SonicVM: A Great Solution for Developers

In addition to these features, Sonic Labs offers a powerful smart contract execution platform, SonicVM, which focuses on high efficiency and utilizes various technologies in unison to enhance the developer experience.

Matt stated, “Sonic provides superlative execution. Our VM is designed for optimal performance in parallel with other aspects of the chain, blending various technologies for superior speed and security.”

To attract top-tier talent, Sonic Labs has launched a Fee Monetization (FeeM) initiative, allowing developers to earn up to 90% of transaction fees from their applications. This program draws inspiration from established Web2 revenue models, such as YouTube.

For transactions occurring on FeeM-enabled applications, 90% of fees direct to the developer while the remaining funds benefit validators. In contrast, alternatives result in 50% of the fees being burned, with the remainder allocated to the Ecosystem Vault and validators.

Supporting Developers and Seamless Asset Bridging

Sonic Labs is committed to nurturing a welcoming developer community. Its team is geared to assist developers transitioning to its platform, ensuring transparency in grant distributions and funding opportunities.

“While our budget has its limits, we are eager to engage and communicate about its allocation,”

Matt expressed.

Furthermore, Sonic Labs has unveiled Sonic Gateway, enabling a secure bridge between Ethereum and Sonic chains with essential features:

• Security: A fail-safe permits users to retrieve funds if the bridge fails for 14 consecutive days.
• Speed: Transactions from Ethereum to Sonic occur in ten-minute intervals, with hourly transactions reverting back.
• Supported Assets: Initial support includes USDC, EURC, WETH, and FTM, with further expansions planned.

To fortify the bridge's security, Sonic Labs has allocated $2 million for a bounty program encouraging researchers to identify vulnerabilities.

The Sonic DeFAI Hackathon: Supporting AI in Blockchain

Sonic Labs is eager to promote the integration of artificial intelligence (AI) in DeFi via the Sonic DeFAI Hackathon, featuring a $295,000 prize pool.

“The AI hackathon is crucial for us as AI permeates crypto, and we must adapt and embrace this evolution,”

Matt explained.

During this four-week challenge, developers are tasked with creating AI agents to perform both social and on-chain functions, ultimately integrating AI into the Sonic ecosystem. Notable judges will include Michael Kong (CEO of Sonic Labs), Seg (Developer Relations), Bird Mania (Sonic World), and Jeffy Yu (Founder of Zerebro).

The Future of Sonic Labs: Expansion, DeFi, and Mainstream Adoption

Sonic Labs aims to broaden its DeFi landscape by launching with Aave and a pool of $15 million in liquidity incentives. They intend to incorporate other protocols like Pendle and various Bitcoin DeFi initiatives.

Additionally, Sonic Labs envisions global scaling of its team and plans to launch retail-oriented products, including the Sonic Visa Card to further boost crypto adoption.

“Our goal is to ensure a unique experience for both users and developers,” Matt emphasized. “Explaining our role is best done through delivering excellence and creating good vibes—openly providing opportunities for all.”