[Crypto projects](https://revain.org/projects/) › Sonic

# Sonic (S): how it works, supply and reviews

## In short

- **Type**: EVM-compatible layer-1 blockchain; a fresh chain with no history from Fantom Opera
- **Migration**: FTM upgrades to S at 1:1; two-way swap for the first 90 days, then FTM to S only
- **Risks and caveats**: Supply is not fixed: ecosystem, airdrop and institutional issuance add S, and new block-reward issuance of 1.75% a year starts after four years.
- **Checked**: 31 October 2026

## Key facts

- **Ticker**: S
- **Official site**: [soniclabs.com](https://www.soniclabs.com/)

Key facts checked on 31 October 2026 against official sources.

## What is Sonic

Sonic is an EVM-compatible proof-of-stake layer-1 blockchain launched on 18 December 2024 by Sonic Labs as the successor to Fantom Opera. FTM holders can upgrade to the native S token at 1:1. S pays fees, is staked by validators and is used in governance.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | EVM-compatible layer-1 blockchain; a fresh chain with no history from Fantom Opera |
| Consensus | Asynchronous Byzantine Fault Tolerance with directed acyclic graphs, secured by proof of stake |
| Validators | At least 500,000 S must be locked to run a validator |
| Performance | 400,000 TPS and sub-second finality, per the project |
| Smart contracts | Full EVM compatibility; Chain ID 146 |
| Launched | 18 December 2024 |

## Supply and issuance

| Parameter | Details |
|---|---|
| Migration | FTM upgrades to S at 1:1; two-way swap for the first 90 days, then FTM to S only |
| Issuance | 47,625,000 S a year for six years for ecosystem growth; unused amounts are burned |
| Airdrop | 190.5 million S issued in phases for the airdrop, with a burn for early claims |
| Institutional issuance | 472,372,662.8 S issued on 4 September 2025 after a governance vote, for a Nasdaq DAT and Sonic USA |
| Staking rewards | Target 3.5% APR at 50% staked; first four years funded by block rewards moved from Opera, then 1.75% a year new issuance |

## What S is used for

- Paying transaction fees
- Staking and delegation (14-day withdrawal period)
- Running validators
- Governance

## Who develops and governs Sonic

- **Company**: Sonic Labs develops the network (copyright holder of the docs)
- **Leadership**: In June 2026 Michael Kong, Andre Cronje and David Richardson resigned from the Sonic Labs board; Matt Visser became CEO
- **Governance**: Token issuance decisions go through governance votes (e.g. the 2025 institutional issuance)

## History

| Date | Event |
|---|---|
| 18 December 2024 | Sonic mainnet launches with the S token; FTM can be upgraded 1:1. |
| — | The two-way FTM/S swap ends after 90 days; upgrades become one-way from FTM to S. |
| 4 September 2025 | 472,372,662.8 S issued for institutional expansion after a governance vote. |
| 19 June 2026 | Board changes at Sonic Labs: three directors step down and a new CEO and COO are named. |
| 23 June 2026 | Sonic Labs says Fantom Opera will stay live until at least the end of 2026. |

## Security and audits

- The Sonic Gateway bridge was audited by OpenZeppelin, Quantstamp and Certora; the FTM-to-S bridge by OpenZeppelin; the staking contract (SFC) by Quantstamp.
- Delegators can be affected if their validator is penalised for misconduct.

## Security incidents

| Date | What happened | Source |
|---|---|---|
| 25 February 2021 | Network halt: Fantom Opera mainnet stopped confirming new blocks; validators restarted the network within about 7 hours. | [blog.fantom.foundation](https://blog.fantom.foundation/fantom-network-incident-analysis/) |
| July 2023 | Bridge exploit: The Multichain bridge exploit drained over USD 210 million across chains; the Fantom Foundation says about one third of the losses hit the Fantom ecosystem. The bridge was run by the separate Multichain Foundation, not by Fantom. Funds returned: The Fantom Foundation obtained a default judgment against the Multichain Foundation in Singapore (post of 4 March 2024) and a damages judgment (post of 8 July 2024); recovery is not stated. | [blog.fantom.foundation](https://blog.fantom.foundation/fantom-foundation-awarded-default-judgement-against-multichain/) |
| 8 July 2024 | Legal follow-up: The High Court of Singapore delivered its damages judgment against the Multichain Foundation after a hearing on 3 June 2024 (Fantom Foundation's post). | [blog.fantom.foundation](https://blog.fantom.foundation/fantom-foundation-update-on-judgment-against-multichain/) |

Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.

## Risks and caveats

- Supply is not fixed: ecosystem, airdrop and institutional issuance add S, and new block-reward issuance of 1.75% a year starts after four years.
- Sonic Labs changed its board and leadership in June 2026 and says it is working to rebuild trust.
- Validators need at least 500,000 S, so most holders delegate.

## Official links

- Website: [www.soniclabs.com](https://www.soniclabs.com/)
- Docs: [docs.soniclabs.com](https://docs.soniclabs.com/)
- Migration: [docs.soniclabs.com/migration/overview.md](https://docs.soniclabs.com/migration/overview.md)
- Source code: [github.com/0xsoniclabs](https://github.com/0xsoniclabs)
- Block explorer: [sonicscan.org](https://sonicscan.org)
- Blog: [blog.soniclabs.com](https://blog.soniclabs.com/)

## Questions and answers

**What is Sonic?**

Sonic is an EVM-compatible proof-of-stake layer-1 blockchain launched on 18 December 2024 as the successor to Fantom Opera. Its native token is S.

**Is Fantom now Sonic?**

Sonic is a new chain that replaces Fantom Opera as the focus of development; FTM can be upgraded to S at 1:1. Fantom Opera stays live until at least the end of 2026.

**How do I convert FTM to S?**

Use the official upgrade portal on MySonic. After the first 90 days the upgrade is one-way, from FTM to S.

**Who runs Sonic?**

Sonic Labs. In June 2026 its board changed and Matt Visser became CEO.

## Sources

- [Sonic Docs — Introduction](https://docs.soniclabs.com/)
- [Sonic Docs — S token](https://docs.soniclabs.com/sonic/s-token.md)
- [Sonic Docs — Migration overview](https://docs.soniclabs.com/migration/overview.md)
- [Sonic Docs — Migration FAQ](https://docs.soniclabs.com/migration/migration-faq.md)
- [Sonic Docs — Consensus](https://docs.soniclabs.com/technology/consensus.md)
- [Sonic Docs — Proof of Stake](https://docs.soniclabs.com/technology/proof-of-stake.md)
- [Sonic Docs — Audits](https://docs.soniclabs.com/technology/audits.md)
- [Sonic Labs — Upgrade handbook FTM to S (31 December 2024)](https://blog.soniclabs.com/the-ultimate-sonic-upgrade-handbook-ftm-to-s/)
- [Sonic Labs — Leadership update (19 June 2026)](https://blog.soniclabs.com/leadership-update-from-sonic-labs/)
- [Sonic Labs — The First 1% (23 June 2026)](https://blog.soniclabs.com/the-first-1/)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/sonic/