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Sonic Labs Launches the Sonic Mainnet: EVM-Compatible, Verifiable 10,000 TPS, and Sub-Second Finality

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[PRESS RELEASE – George Town, Cayman Islands, December 13th, 2024]

Sonic Labs today announced the launch of the Sonic mainnet, an EVM-compatible layer-1 blockchain platform that offers developers attractive incentives and powerful infrastructure.

With 10,000 transactions per second (TPS), sub-second finality, and a native, decentralized gateway to Ethereum, Sonic empowers developers to build the next generation of applications on unparalleled infrastructure and liquidity.

Developed by the same team behind Fantom, Sonic and its S token deliver a significant leap forward from both Fantom and FTM. Through a one-to-one upgrade process from FTM to S, existing FTM holders can seamlessly start using Sonic.

Sonic leverages proven expertise to establish itself as a DeFi hub by revolutionizing developer incentives while providing users with smooth user experiences and access to vast amounts of liquidity.

Fee Monetization: Developers Come First

Fee Monetization (FeeM) on Sonic rewards developers with up to 90% of the network fees generated by their applications, adopting the Web2 ad-revenue strategies popularized by platforms like YouTube. While many blockchains offer limited developer incentives and primarily focus on value extraction, Sonic addresses this issue effectively through its FeeM model.

“Recently, we’ve seen many new chains launch, especially centralized layer 2s where the founders pocket all network fees. This excludes developers from the equation, forcing them to impose extra fees on users to earn revenue. FeeM addresses this by coding developer rewards directly into the chain, ensuring that network fees are shared with developers from the start.”— Sam Harcourt, Business Development Lead, Sonic Labs

Developers on the Sonic chain receive a share of network fees generated by the traffic and engagement their applications attract, offering a built-in mechanism for ongoing revenue.

Fantom to Sonic: Upgrading FTM to S

Fantom and its FTM token are officially transitioning to Sonic and the S token. Sonic Labs is facilitating the transition by offering a dedicated upgrade portal on MySonic that allows FTM holders to seamlessly upgrade their FTM to S on a one-to-one basis.

“We are proud to launch the new Sonic chain as the next evolution of Fantom, building on its impressive track record of nearly 100% uptime since 2019. Sonic is a revolutionary platform that prioritizes developers, empowering them to create applications with seamless user experiences while earning a share of network fees.”— Michael Kong, CEO, Sonic Labs

During the initial 90 days after Sonic’s mainnet launch, holders can freely swap between FTM and S using the upgrade portal. After this period, holders will only be able to upgrade from FTM to S.

Sonic Gateway: Secure, Decentralized Interoperability

With the rise of cross-chain activity, secure and trustless bridges are more crucial than ever. Traditional layer-1 and layer-2 bridging solutions often rely on centralized systems, risking billions in potential losses.

The Sonic Gateway addresses these challenges as a decentralized and trustless bridge between Ethereum and Sonic, offering:

  • Security: A fail-safe ensures user funds can be recovered on Ethereum if the Gateway is down for 14 days, guaranteeing asset protection.
  • Speed: Asset transfers are batched efficiently (every 10 minutes from Ethereum to Sonic and hourly in reverse). The Fast Lane feature lets users pay a small fee to bridge instantly.
  • Decentralization: Operated by Sonic’s validators on both chains, the Gateway is as decentralized as Sonic itself, preventing centralized manipulation.

“To empower users with effective and trustless control of their assets, we developed the Sonic Gateway, which provides liquidity from other platforms. Powered by our own validators and secured by a fail-safe, the Gateway lets users and apps safely leverage the benefits and incentives of bringing new liquidity to Sonic.” — Bernhard Scholz, Chief Research Officer, Sonic Labs

Sonic Labs will expand the Gateway beyond Ethereum in the future, enabling direct, decentralized access to multiple blockchains’ native assets.

Sonic Airdrop: Distributing the S Token

To encourage network growth, Sonic Labs is distributing 190.5 million S tokens through an airdrop program focusing on both users and developers. The program includes two incentive structures:

  • Sonic Points: Rewards end-users for early adoption, asset holding, and overall engagement.
  • Sonic Gems: Rewards developers for creating applications that drive user activity and innovation. Developers can convert Gems to S and share the tokens with their users to incentivize continuous usage.

About Sonic

Sonic is an EVM layer-1 platform that offers developers attractive incentives and powerful infrastructure. The chain provides over 10,000 TPS, sub-second confirmation times, and a secure gateway to Ethereum for enhanced liquidity and asset security.

For more information, users can visit Sonic’s official website and follow Sonic’s Twitter.

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Ripple (XRP) News Today July 30th

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The last few weeks have been quite turbulent for XRP and the company behind it. In this article, we will check the latest updates involving the two and analyze the token’s price dynamics.

Has the Ripple/SEC Battle Concluded?

The major developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC), more specifically, the company’s court wins, have left some with the expectation that the tussle is over.

Just recently, the American lawyer Bill Morgan said the regulator has not withdrawn its appeal yet. He emphasized that the Commission faces no formal deadline to do so, though it is required to submit a status update to the appeal court by August 15.

The legal contest refers to a court decision in 2023. Back then, Judge Analisa Torres ruled that Ripple’s sales of XRP tokens on secondary markets are not securities. The SEC appealed the ruling, while the company filed a cross-appeal, which was later withdrawn.

Earlier this year, the two parties jointly requested that the appeals be paused to allow time for a potential settlement. The court respected their wish but required the regulator to file a status report by mid-August. Many believe that if the SEC agrees to withdraw its appeal, it could mark the final resolution of the case.

To the uninitiated, it all started in December 2020 when the Commission filed a lawsuit against Ripple, accusing it of conducting an unregistered securities offering by selling XRP tokens. Initially, it sought a whopping fine of $2 billion, while years later, Judge Torres ruled a penalty of $125 million. Moreover, the SEC and Ripple shook hands on an even smaller sum of $50 million.

RLUSD Keeps Progressing

One trending asset within Ripple’s ecosystem is the USD-pegged stablecoin, RLUSD. The product, which officially debuted in December of last year, recently saw its market capitalization soar past $500 million and caught the eye of some major financial players.

As CryptoPotato reported, the asset was recognized by the Dubai Financial Services Authority (DFSA) as a crypto token within the Dubai International Financial Center (DIFC), while the oldest US bank, BNY Mellon, agreed to serve as a custodian for RLUSD.

Meanwhile, the stablecoin’s market cap continued to grow in the following weeks and currently stands at approximately $577.6 million. 

Spot XRP ETF Incoming?

Several XRP exchange-traded funds have popped up in the United States over the past several months. However, all of them are futures-based, and you can check the details here.

The XRP army has been eagerly awaiting the launch of a spot XRP ETF, which is expected to have a more significant impact on the price of the underlying token.

Some of the well-known firms willing to launch such a product include Bitwise, Grayscale, Franklin Templeton, WisdomTree, and more. According to Polymarket, the approval odds before the end of the year stand at around 87%. 

XRP ETF Chances
XRP ETF Chances, Source: Polymarket

XRP Price Outlook

Ripple’s native token exploded to a new all-time high of $3.65 in mid-July, but since then, it has been on a downtrend, currently trading at around $3.08 (per CoinGecko’s data). 

However, some important factors suggest this could be a temporary correction, followed by another rally. Large investors, for instance, have acquired 60 million XRP tokens in the last 24 hours. This shows strong confidence in the asset and could encourage other smaller players to jump on the bandwagon, too. 

The amount of tokens stored on exchanges has been declining lately, suggesting that holders might have moved their funds into cold storage. This, in turn, reduces the immediate selling pressure. 

Last but not least, the number of XRP wallets keeps growing, hinting at solid user engagement and rising interest in the network. The figure reached a peak of 7.2 million on July 21 and is currently inching towards 7.3 million.

XRP Addresses
XRP Addresses, Source: CryptoQuant
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Solana (SOL) Plunges by 10% Weekly, But This Market Signal Says ‘Buy the Dip’

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TL;DR

  • Analysts point to certain indicators that suggest SOL could be poised for a rally in the near future. Some of the biggest optimists believe the price could soar to a new all-time high of $400.
  • SOL’s RSI hovers just above 30, signaling oversold conditions. Combined with increased token withdrawals from crypto exchanges, this could reduce sell pressure and hint at a possible short-term recovery.

Buying Opportunity?

Solana’s SOL has declined by over 10% in the past week, currently valued at around $177 (according to CoinGecko’s data). However, the X user, Ali Martinez, estimated that the TD Sequential indicator has flashed a buy signal.

The analyst isn’t the only one with a bullish stance following the price drop. One X user claimed SOL “is setting the pace,” predicting a pump to as high as $400. 

“Ignore the noise. This isn’t hype, it’s a shift in momentum. Smart money isn’t chasing later – it’s positioning now. Solana season is real,” they added. 

BitBull thinks SOL’s current price performance resembles that of 2023, which was followed by a major breakout. The analyst argued that the activity in the Solana network is still strong, while institutional inflows “are coming.”

“All it needs now is a weekly close above $230, and SOL parabolic run will start,” the X user suggested.

AlejandroBTC stands in the opposite corner, claiming there’s no real momentum, while exit liquidity is “getting thinner by the day.” The analyst forecasted that SOL’s price could continue to plunge, warning investors that the altcoins are not in a bull market. 

Observing Other Metrics

Over the past several months, the shift of SOL tokens from crypto exchanges toward self-custody methods has been more than evident. This results in reduced immediate selling pressure.

SOL Exchange Netflow
SOL Exchange Netflow, Source: CoinGlass

Solana’s Relative Strength Index is the next technical analysis tool we will touch upon. It tracks the speed and magnitude of recent price changes and helps traders identify overbought or oversold conditions. The metric varies from 0 to 100, and ratios around or below 30 suggest SOL could be headed for a rebound, while anything above 70 is considered bearish territory. Currently, the RSI stands at just over 30. 

SOL RSI
SOL RSI, Source: CryptoWaves
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Ethereum ETF Inflows Soar in July, Outpacing Last 11 Months Combined

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Ethereum’s 10th anniversary is proving to be more than symbolic. As the network celebrates a decade since mining its genesis block on July 30, data shows a record-breaking surge in institutional demand.

Spot Ethereum ETFs recorded $5.41 billion in net inflows in July alone, surpassing the combined capital entries of the previous 11 months, which stood at $4.21 billion as of June 2025.

Institutional Investment Pushes ETH Into a New Phase

Data from SoSoValue shows that ETH ETFs have had $9.62 billion in cumulative fund deposits since their launch in July 2024. However, the inflows haven’t been consistent.

After a rocky start, with $483 million in outflows in their first month, the ETFs saw steady growth. They hit 10 figures for the first time in November 2024, when $1.05 billion came into the funds, followed by an even more impressive $2.08 billion the following month.

The first quarter of 2025 was more muted. January and February saw a combined $161.23 million in new capital before a poor showing in March led to more than $403 million flowing out of the ETFs.

Since then, the products have been on a tear, with investment activity growing exponentially month after month, to finally hit $5.41 billion in July. The explosion suggests a shift from institutional caution to aggressive accumulation, with ETH emerging as the clear beneficiary of this sentiment shift.

Data from SoSoValue shows that BlackRock’s ETHA alone now holds $11.39 billion in assets, while Grayscale’s ETHE remains in recovery after $4.31 billion in cumulative withdrawals. Together, these movements have pushed Ethereum ETF assets to $21.61 billion, which is about 4.75% of ETH’s market cap.

Price Momentum Builds as ETH Nears $4K

The price of ETH has also seen a fair amount of growth recently. At the time of writing, it was trading at $3,786, up 3.1% over the past week and 19.6% in the last fortnight despite a 2.4% dip in the previous 24 hours amid profit-taking.

It has also climbed 53.3% across 30 days, moving from around $2,470 to approach the $3,900 range, even briefly touching $3,933 before retracing.

QCP Capital has cautioned that derivatives positioning and overheated funding rates may create near-term resistance around $4,000, yet the structural tailwinds from ETF demand remain intact. If these fund flows persist, Ethereum could not only challenge its November 2021 all-time high of $4,878 but also cement itself as the centerpiece of a potential altcoin-led market cycle.

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