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.
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.
