Sonic Labs, formerly known as Fantom, has announced a bounty program aimed at boosting developer activity ahead of the launch of the Sonic Network.
The Sonic Boom and Sonic Gems bounty program seeks to support the first wave of applications on the Sonic platform, according to a press release. The initiative focuses on key blockchain verticals including exchanges, payments, tooling, stablecoins, gaming and lending, among others.
Fantom (FTM) will switch to Sonic (S) later this year.
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Improved user rewards
Sonic Gems are points that allow holders to earn a share of the new Sonic Token. Developers receive gems, which are then distributed to users.
The incentive program lasts almost 13 weeks and ends on November 4. During this period, up to 30 projects will receive gemstones as part of an airdrop of S190.5 million, accounting for 37.5% of the allocation. Users have the opportunity to access a variety of applications and take advantage of increased rewards.
The total reward is approximately $28 million, Sonic Labs noted in a post on X.
We’re committed to providing our developer ecosystem with the rewards they deserve, both in the short and long term, and we’re excited to roll out Sonic Boom to do just that. I can’t wait to see our builder’s creative solutions as we prepare for the launch of Sonic’s mainnet later this year.
Michael Kong, CEO of Sonic Labs.
Sonic’s upcoming mainnet follows the Fantom Foundation’s launch of the Sonic upgrade, which aims to provide a high-throughput layer-1 network. Sonic can process more than 10,000 transactions per second, a significant increase over the 2000 TPS possible with the Fantom Opera network.
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