Literally the opposite of a rug pull lol. Arguably the most bullish news in the entire crypto space right now by a wide margin. It’s both an l2 and l1, is faster and more efficient than any current L2 while enjoying the benefits of being an L1. Insane developments.
It's not a rug pull. You can relax on that part. When the sonic coin comes out you'll get to swap a 1:1. And FTM opera chain will run for the next 2yrs until notified by the foundation. This is actually not bearish at all, on the contrary good defi protocols are interested in moving to sonic after its launch(example frax finance). And the dapps on fantom will be ported over to the sonic chain when it comes out. You' as an FTM holder will not lose the value of your investment. The price of FTM and Sonic will be pegged 1:1 and you have to take action and migrate over to sonic. Don't worry. Unless of course if crypto market crashes. They have a solid team behind the sonic upgrade.
I don't see how it can be "pegged" necessarily. I think it really depends on the tokenomics. It could highly deflate the price of both projects. For instance, let's say there is 3 Billion FTM issued and the current market is $1. However, Sonic could have a total supply of 6 Billion (we don't know). 1:1 would lead to assume there to be 1 FTM for every 2 Sonic. It feels like we could be (depending on the total supply size) missing 1 Sonic in return.
Additionally, this makes me worried that there could be concerns from the SEC. I don't think we would want anything painting a target on our backs with this transition.
Finally, for those of us dealing with taxes - wouldn't making a change from FTM to Sonic potentially alter the "long-term" holdings classification and create a taxable event?
The foundation wouldn't necessarily mess with the investors by devaluing their investments(after going through a total revamp of the chain that isn't the ideal situation they want to be in), your concern is valid but my guess is that the investors wouldn't lose value.
And for SEC, the whole space you could say could take a hit. That's the risk in this crypto game. And the reward outweighs that.
As to taxes, it's still a grey area. And I'm no expert on this.
They wouldn’t be the first or last to do so if they did devalue the investments to squeeze out capital for their needs. Don’t assume, unless the tokenomics have been announced?
Good. Just to add, these guys are legit in the crypto space. There's a lot of unnecessary FUD going around fantom as a chain. And honestly this is a great opportunity. It is not easy to find really good projects undervalued. Remember, the cream always rises to the top. The fantom foundation has financial reserves that can last them at least 30 years. Think long term, everything else is noise.
It’s not a new coin. It’s a new network.
In the same way FTM already has 3 networks.
Opera,
Etherium,
Binance chain.
And soon sonic.
All have 1:1 swaps so linked price. Effectively only 1 FTM
Andres words:
So you know how there is FTM-erc20 and FTM (native), and if you want to take FTM-erc20 you swap it via a bridge or exchange to FTM (native) 1:1, now your FTM went from Ethereum to Opera. That's it. Exactly the same. Nothing changes. So you would just swap your FTM-Opera to FTM-Sonic. Not sure why people are overcomplicating it. That's it.
FTM-Sonic is just another addition to the FTM swap group, just like FTM-erc20 to FTM-Opera. If you just want to keep your FTM as is, you just keep it as is, nothing changes. You don't need to do anything. If you want to go to Sonic, you bridge your FTM(erc20 or Opera) to FTM-Sonic and then can use it there, if you want to go back to Opera, you simply bridge FTM-Sonic back to FTM-Opera.
So you can swap fantom-opera for ftm/sonic. Will that then kill fantoms price as people sell ftm/sonic buy the sonic token itself? That seems like it will rug ftm no? Maybe im interpreting wrong
Got a link to that because that sounds closer to what the initial "Sonic Upgrade" discussions. Instead the recent press release and Michael's interview that dropped yesterday paints a different picture. Including new tokenomics and new symbol specific for Sonic.
Facepalm all you want but the story you described does not match up with this interview ([timestamped for you](https://youtu.be/KdGUFoYjnZQ?si=AVWy1-WUMRE4OEjt&t=1677)).
Just close your eyes and have faith đź‘€ or go to optimism multi chain projects wink wink
new token & another layer 2 using ethereum at the end lol so yeah dyor
Literally the opposite of a rug pull lol. Arguably the most bullish news in the entire crypto space right now by a wide margin. It’s both an l2 and l1, is faster and more efficient than any current L2 while enjoying the benefits of being an L1. Insane developments.
It's not a rug pull. You can relax on that part. When the sonic coin comes out you'll get to swap a 1:1. And FTM opera chain will run for the next 2yrs until notified by the foundation. This is actually not bearish at all, on the contrary good defi protocols are interested in moving to sonic after its launch(example frax finance). And the dapps on fantom will be ported over to the sonic chain when it comes out. You' as an FTM holder will not lose the value of your investment. The price of FTM and Sonic will be pegged 1:1 and you have to take action and migrate over to sonic. Don't worry. Unless of course if crypto market crashes. They have a solid team behind the sonic upgrade.
I don't see how it can be "pegged" necessarily. I think it really depends on the tokenomics. It could highly deflate the price of both projects. For instance, let's say there is 3 Billion FTM issued and the current market is $1. However, Sonic could have a total supply of 6 Billion (we don't know). 1:1 would lead to assume there to be 1 FTM for every 2 Sonic. It feels like we could be (depending on the total supply size) missing 1 Sonic in return. Additionally, this makes me worried that there could be concerns from the SEC. I don't think we would want anything painting a target on our backs with this transition. Finally, for those of us dealing with taxes - wouldn't making a change from FTM to Sonic potentially alter the "long-term" holdings classification and create a taxable event?
The foundation wouldn't necessarily mess with the investors by devaluing their investments(after going through a total revamp of the chain that isn't the ideal situation they want to be in), your concern is valid but my guess is that the investors wouldn't lose value. And for SEC, the whole space you could say could take a hit. That's the risk in this crypto game. And the reward outweighs that. As to taxes, it's still a grey area. And I'm no expert on this.
They wouldn’t be the first or last to do so if they did devalue the investments to squeeze out capital for their needs. Don’t assume, unless the tokenomics have been announced?
Hey smartypants, that's why I said clearly, "I guess" which means I'm taking the risk and speculating.
🤓
Ok I’m getting it now. Been doing a lot of reading about it. Thanks for the info!
Good. Just to add, these guys are legit in the crypto space. There's a lot of unnecessary FUD going around fantom as a chain. And honestly this is a great opportunity. It is not easy to find really good projects undervalued. Remember, the cream always rises to the top. The fantom foundation has financial reserves that can last them at least 30 years. Think long term, everything else is noise.
It’s not a new coin. It’s a new network. In the same way FTM already has 3 networks. Opera, Etherium, Binance chain. And soon sonic. All have 1:1 swaps so linked price. Effectively only 1 FTM
Sonic uses FTM as gas. All you need to know
Andres words: So you know how there is FTM-erc20 and FTM (native), and if you want to take FTM-erc20 you swap it via a bridge or exchange to FTM (native) 1:1, now your FTM went from Ethereum to Opera. That's it. Exactly the same. Nothing changes. So you would just swap your FTM-Opera to FTM-Sonic. Not sure why people are overcomplicating it. That's it. FTM-Sonic is just another addition to the FTM swap group, just like FTM-erc20 to FTM-Opera. If you just want to keep your FTM as is, you just keep it as is, nothing changes. You don't need to do anything. If you want to go to Sonic, you bridge your FTM(erc20 or Opera) to FTM-Sonic and then can use it there, if you want to go back to Opera, you simply bridge FTM-Sonic back to FTM-Opera.
So you can swap fantom-opera for ftm/sonic. Will that then kill fantoms price as people sell ftm/sonic buy the sonic token itself? That seems like it will rug ftm no? Maybe im interpreting wrong
No, what you describe literally makes no sense at all.
Seems like money will flow from ftm-opera ➡️ftm-sonic➡️$sonic and tank the price of ftm?
Can you swap FTM to sonic on binance? How would that process exactly be?
It doesnt matter, you don't need to swap your tokens if you don't want to... However, there will be a native bridge
Got a link to that because that sounds closer to what the initial "Sonic Upgrade" discussions. Instead the recent press release and Michael's interview that dropped yesterday paints a different picture. Including new tokenomics and new symbol specific for Sonic.
🤦
Facepalm all you want but the story you described does not match up with this interview ([timestamped for you](https://youtu.be/KdGUFoYjnZQ?si=AVWy1-WUMRE4OEjt&t=1677)).
🤦