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What are Sonic and the S Token?

Modified on:

  • Ticker: S
  • Network: Sonic Network
  • Category: Layer 1 (L1)
  • Contract Address: View on SonicScan

About Sonic and the S Token

Sonic network is Sonic’s own cutting-edge Layer 1 blockchain designed to address the limitations of  Fantom’s Opera network (FTM), where it previously operated. Sonic network introduces advanced features such as higher scalability, cost-efficiency, and faster transaction speeds, making it ideal for both retail users and developers.

The S token powers the Sonic network, functioning as the primary asset for governance, transactions, and decentralized application (dApp) interaction. With its enhanced architecture, Sonic is built to support a growing ecosystem of applications, driving innovation in DeFi, gaming, and other blockchain use cases.

 

Key Features of the Sonic Network

  • Performance: Processes over 10,000 transactions per second (TPS) with sub-second finality.
  • Cost Efficiency: Reduces validator costs by 66% and RPC (Remote Procedure Call) node* costs by 96%, lowering overall operational expenses.
  • Developer-Friendly: Fully compatible with Ethereum Virtual Machine (EVM), allowing seamless migration and deployment of Ethereum-based dApps.
  • Advanced Technology: Introduces live pruning* capabilities and faster node synchronization to improve scalability and efficiency.

The Sonic Network replaces Fantom’s Opera infrastructure, offering users a more robust and scalable blockchain experience.

*An RPC node is, in this case, a specialized node on the Sonic Network that serves as an intermediary between the Sonic blockchain and external systems like wallets, decentralized applications (dApps), and other blockchain tools. RPC nodes are servers that allow users and applications to interact with the blockchain by sending requests to execute functions, retrieve data, or submit transactions.
*Live pruning is a technique used in blockchain and database systems to optimize storage and performance by removing or "pruning" unnecessary or outdated data in real time while the system is operational. This allows the blockchain or database to function efficiently without the need to retain the entire history of data indefinitely.

 

FAQ

How does S differ from FTM?

While FTM was supported on both the Opera and the Ethereum networks, S operates natively on the Sonic blockchain, providing significant upgrades:

  • Transaction Speed: S on Sonic processes over 10,000 TPS compared to Opera’s theoretical maximum of 1,476 TPS.
  • Cost Efficiency: S transactions are significantly cheaper, benefiting both retail users and developers.
  • Native Integration: S unlocks features like governance and access to the Sonic ecosystem, otherwise inaccessible with FTM.

 

Why did Bitso migrate from FTM to S?

Bitso transitioned from supporting FTM on Ethereum to S on Sonic to align with the industry advancements and meet user demand. Key reasons for this migration include:

  • Network Evolution: The Sonic Network is faster, more cost-efficient, and better equipped to handle growing blockchain demands compared to Opera.
  • Declining FTM Liquidity: As adoption of S has grown, FTM liquidity has decreased, making it necessary to shift to S for continued relevance and ecosystem participation.
  • User Access: Supporting S ensures that users have access to Sonic’s advanced network features, including dApps and governance.

 

How was the migration handled for FTM holders?

Bitso automatically converted all FTM balances to S tokens at a 1:1 ratio. The migration process was managed internally, ensuring a seamless transition:

  • FTM balances were frozen temporarily during the migration.
  • FTM tokens were redeemed for S through the official Sonic Gateway.
  • S tokens were credited directly to user wallets on the Sonic network.

This process required no action from users and was completed securely and efficiently.

 

How can I buy S tokens on Bitso?

Buying S tokens on Bitso is straightforward:

  1. Log in to your Bitso account.
  2. Select “Buy/Sell.”
  3. Choose the fiat currency (e.g., MXN) or crypto you wish to use to buy S.
  4. Enter the amount you want to spend and select S as the token to purchase.
  5. Review the details and confirm your purchase.

S tokens are now available for trading under the Sonic network on Bitso.

 

Can I send S tokens to and from Bitso?

Yes, you can deposit or withdraw S tokens between Bitso and any Sonic-compatible wallet.

To deposit S tokens into Bitso:

  1. Log in to your Bitso account and select “Deposit”.
  2. Then select “Crypto”
  3. Select S  and copy the user wallet address.
  4. Send S tokens from your external wallet to this address.

To withdraw S tokens from Bitso:

  1. Log in to your Bitso account and select “Send”
  2. Enter the recipient address for the Sonic compatible external wallet.
  3. Specify the amount of S you wish to send and confirm the withdrawal.

Always double-check wallet addresses before confirming transactions to avoid errors.

 

What happens if I still have FTM (Ethereum) on another platform?

FTM holders on other platforms can manually migrate their tokens to S through the Sonic Gateway at https://gateway.soniclabs.com/ethereum/sonic/ftm-.
Afterwards, they can easily transfer their S tokens into their Bitso wallet.

 

Disclaimer

This Help Center article is for informational purposes only and does not constitute investment advice. Cryptocurrencies, including S on Sonic, are subject to market risks and volatility. While Bitso supports S on the Sonic network, we encourage users to conduct their own research (DYOR) and assess their risk tolerance before trading. Invest responsibly and stay informed.

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