Announcement: Official migration from Fantom to Sonic
The Sonic blockchain is now live, replacing the Fantom blockchain. While Fantom will continue to exist, the staking APR will be reduced to 0 in order to encourage stakers to migrate to the new blockchain.
To facilitate the migration, an interface has been launched where you can connect your wallet and convert your FTM to S, the token of Sonic.
Additionally, to make the migration process easier, staking locks will be removed. This will allow you to undelegate your Fantom tokens immediately and transfer them to Sonic without any complications.
New staking mechanism on Sonic
Staking on Sonic will be much simpler than the current Fantom model. The new delegation will have a 14 days lock, with a minimum participation of $1 S, and an expected APR of approximately 3.5%, which you can check in real time with Stakely. This new staking model is easier to manage, as it eliminates the variable locks of up to one year that existed on Fantom.
What do you need to do now?
We have decommissioned our Fantom validator, so you will no longer generate rewards. In the next 24 hours, we will launch our validator on Sonic, and you will be able to delegate to it automatically.
- Undelegate your FTM from staking using your regular Fantom wallet. There will be no penalties, and your funds will be available in 24 hours.
- Migrate your FTM to S using the Upgrade section.
- Delegate your S to our new validator through the Earn section.
Check out all the details on the official Sonic page. Thank you for trusting Stakely!
