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Sonic Labs Introduces Sonic Gateway

Twitter icon  •  Published för 2 månader sedan  •  Hassan Maishera

Sonic Labs, previously known as the Fantom Foundation, announced via a blog post on Wednesday that it has launched the Sonic Gateway, a decentralized, trustless bridge between Ethereum and Sonic, eliminating custody risks.

Sonic Labs, previously known as the Fantom Foundation, announced via a blog post on Wednesday that it has launched the Sonic Gateway, a decentralized, trustless bridge between Ethereum and Sonic, eliminating custody risks.

The Sonic Gateway uses Sonic’s validator network for secure ERC-20 token transfers, with users always retaining full control over their funds. Furthermore, only users have access to the funds transferred via the Sonic Gateway; no centralized authority can override user control or access funds through a master key. A fail-safe mechanism allows users to retrieve assets on Ethereum if the Gateway fails for 14 days.

Fantom is building a programmable platform on a directed acyclic-graph-based distributed ledger. Its FTM coin is up 15% in the last 24 hours and is currently trading at $0.6593.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.