KeyTakeaways:
- Sonic Chain’s Ethereum bridge enhances asset transfer security and interoperability.
- FTM price struggles despite Sonic Chain’s successful bridge launch and network growth.
- Ongoing security audits and $2M bug bounty program ensure bridge safety and reliability.
Sonic Chain has expanded its network by launching a new bridge that connects to the Ethereum blockchain. This new development, the Gateway Bridge, enables users to transfer assets such as USDC, EURC, WETH, and FTM from Ethereum to Sonic.
The bridge is designed with enhanced security features and follows the protocol’s successful mainnet launch earlier in December. However, despite these positive developments, the price of Fantom (FTM) has not shown improvement, highlighting a disconnect between technological advancements and market performance.
Sonic Chain’s Gateway Bridge Launch
The Ethereum bridge is live, offering seamless asset transfers between the two networks. With this launch, users can bridge ERC-20 tokens from Ethereum to Sonic, enhancing the interoperability between the two networks.
Sonic Chain’s team has ensured the bridge’s safety through extensive audits from firms such as Open Zeppelin, Quantstamp, and Certora Inc. To further boost security, the protocol is working with ImmuneFi to implement a bug bounty program, offering up to $2 million for vulnerabilities identified in both the Gateway and Sonic Chain.
Ongoing Security Audits and Bug Bounty Program
Sonic Chain prioritizes the safety of the bridge. After successful security audits from well-known firms, the protocol is still focused on addressing potential vulnerabilities. ImmuneFi will oversee the bug bounty program, allocating $2 million to be split between the Gateway Bridge and Sonic Chain itself.
While Sonic Chain’s launch and new bridge are technical achievements, the price of FTM, the native token of the Fantom network, has not reacted positively in the market. According to the latest data, FTM has been trading at $0.9720 and has experienced a 0.79% drop in the last 24 hours.
The coin has fluctuated between $0.9650 and $1.0228, with a 21% loss in seven days. Although there has been a slight uptick of 3% in the past 30 days, these movements suggest that the market has yet to fully reflect the progress made by the Fantom network and its spinoff projects like Sonic Chain.
Despite the recent price stagnation of FTM, Sonic Chain has made notable strides in its development, crossing the milestone of 1 million blocks and maintaining impressive transaction speeds of over 1,600 TPS.
The network’s adoption indicates a growing user base and interest in the platform. As more assets move through the new Ethereum bridge, there is hope that this will drive liquidity to the platform and positively influence the price of FTM.
