S（S）代币经济学

The transition from Fantom (FTM) to Sonic (S) represents a comprehensive rebranding and technical evolution of the ecosystem. The S token serves as the native utility and governance token for the Sonic network, a high-throughput Layer-1 blockchain designed to achieve over 10,000 transactions per second with sub-second finality.

Issuance Mechanism

The issuance of the S token is tied to the migration from FTM and a long-term inflationary model designed to secure the network and fund growth.

• Initial Supply: Upon launch in December 2024, the initial total supply of S was set at 3.175 billion tokens, mirroring the maximum supply of FTM.
• Migration: FTM holders can exchange their tokens for S at a 1:1 ratio. For the first 90 days, a bridge enabled bidirectional swaps; following this period, the process transitioned to a one-way swap from FTM to S.
• Inflationary Emissions:
  • Validator Rewards: For the first four years, remaining inflationary FTM block rewards from Fantom Opera are migrated to Sonic, incentivizing validators at a rate of approximately 70.07 million S per year (~2.21% of the initial supply).
  • Perpetual Inflation: After the initial four-year period, S will transition to perpetual inflationary block rewards. The target rate is 1.75% per year, assuming 50% of the total supply is staked.
  • Operational Funding: Starting six months after launch, an additional 1.50% annual inflation (~47.63 million S) is directed to Sonic Labs for six years to fund network growth, partnerships, and community initiatives.

Allocation Mechanism

The allocation of S tokens is structured to prioritize community engagement and ecosystem development.

Approximately 57% of the total supply is allocated to the community through the Ecosystem, HyperGrid Rewards, Early Supporters, and Initial Claim categories. Additionally, 200 million S tokens were allocated to the Sonic Labs Innovator Fund to accelerate partner migration and infrastructure development.

Usage and Incentive Mechanism

The S token is central to the network's operation and features several innovative incentive structures:

• Network Utility: S is used for transaction fees, as a medium of exchange for on-chain activities (such as purchasing NFTs or lending), and for governance participation.
• Fee Monetization (FeeM): A core incentive for developers, this program allows protocols to earn up to 90% of the gas fees generated by their applications, with the remaining 10% directed to validators.
• Staking and Validation: Users can operate a validator node by staking a minimum of 50,000 S. Validators earn block rewards consisting of token emissions and transaction fees. Tokenholders can also delegate their S to existing validators to share in these rewards.
• Airdrop Program: Approximately 190.5 million S (6% of the initial supply) was designated for an airdrop to reward historic Fantom Opera users and new Sonic users.

Locking and Unlocking Mechanism

Sonic employs a "deflationary airdrop" and specific vesting schedules to manage supply dynamics and encourage long-term holding.

• Airdrop Vesting: The airdrop is distributed via ERC-1155 NFT positions (fNFTs). On the first day, 25% of the allocation is liquid and immediately redeemable. The remaining 75% vests linearly over 270 days (9 months).
• Early Claim Penalty: Users can choose to claim their remaining airdrop allocation before the 9-month period ends, but doing so incurs a burn penalty. Unvested tokens claimed early are permanently removed from the supply.
• Staking Lock-up: S token staking features a maximum lock-up period of 14 days, designed to facilitate a more flexible experience for liquid staking protocols.
• General Vesting: While 15% of the total supply was circulating at launch, the full token allocation is projected to be rolled out progressively through 2029. Notably, the "Ecosystem" and "HyperGrid Rewards" portions do not have predefined vesting schedules, allowing for flexible distribution based on network needs.