The Layer 1 network is experiencing a moderate resurgence as it prepares to undergo a rebranding initiative.
Sonic Labs, which was previously known as Fantom, is currently expanding in anticipation of its forthcoming token and rebrand.
According to TokenTerminal, the network’s 30-day annualized revenue has increased by 168%, while its daily transaction count has doubled in the past four weeks, reaching 440,000 on Oct 13.
The FTM token, which will be migratable for the impending $S token, is also experiencing a surge, with a 13% increase over the past seven days.
Following the publication of the Sonic Labs litepaper by Fantom earlier this week, which delineated the imminent project’s token migration, tech stack, and projected throughput, FTM’s price action has been bullish.
After reaching a low of $70 million on September 6, Fantom’s total value has since increased to $112 million. Nevertheless, this is a significant distance from Fantom’s all-time peak TVL of 7.7 billion in March 2022.
Sonic is seeking to attract developers by dividing fee revenue with builders. The fee monetization program is scheduled to launch this month, and Sonic announced on Oct. 16 that it will provide dApp developers with 90% of the fees their protocols generate.
The network outside of the program will consume half of the fees generated in order to exert deflationary pressure on the supply of S.
Sonic Labs also disclosed yesterday that the tokenized yield platform Pendle will soon be available on the network, enabling users to execute sophisticated yield and trading strategies on Sonic.
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