اقتصاد توکنی S (S)

Sonic (S), formerly known as Fantom (FTM), underwent a comprehensive tokenomics overhaul with its mainnet launch in December 2024. Below is an in-depth analysis of its token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms, with tabular summaries where appropriate.

Issuance Mechanism

• Initial Supply: 3.175 billion S tokens, matching the total supply of FTM at the time of migration.
• Migration: FTM holders can swap FTM for S at a 1:1 ratio. For the first 90 days post-launch, swaps are bi-directional; after that, only FTM→S swaps are allowed.
• Inflation:
  • For the first four years, block rewards for Sonic validators are funded by migrating the remaining FTM block rewards from Opera, not by minting new S tokens.
  • After four years, new S tokens are minted at an annual rate of 1.75% for validator rewards.
  • Six months after launch, an additional 1.5% of the initial supply is minted annually for six years to fund ecosystem growth, with unused tokens burned each year.
• Airdrop: Six months after launch, 6% of the initial supply is minted for airdrops to users and builders, with a burn mechanism for early claims.

Allocation Mechanism

• Migration: All FTM holders can convert to S at 1:1.
• Airdrop: 190.5M S (6%) for users, developers, and loyal Opera users, with a linear vesting schedule and burn penalty for early claims.
• Innovator Fund: Up to 200M S allocated from the treasury to incentivize app and infrastructure migration.
• Ongoing Funding: 1.5% of supply minted annually for six years for ecosystem growth, marketing, and onboarding.

Usage and Incentive Mechanism

• Transaction Fees: S is used to pay for all network transactions.
• Staking: Minimum 1 S to stake; 50,000 S to run a validator.
• Governance: S holders can participate in protocol governance.
• Fee Monetization (FeeM): Up to 90% of transaction fees are distributed to dApps that opt in; non-participating dApps see 50% of fees burned.
• Airdrop Points: Users and developers earn points for activity, redeemable for S in airdrop campaigns.
• Developer Incentives: Programs like the Innovator Fund and Gas Monetization reward ecosystem growth.

Locking and Unlocking Mechanism

• Staking Lock: 14-day withdrawal period for staked S.
• Airdrop Vesting: 25% of airdrop S unlocked at TGE, 75% vests linearly over 9 months as ERC-1155 NFT positions. Early claims incur a burn penalty.
• Migration Lock: For staked FTM, a 24-hour withdrawal period before bridging to Sonic.

Airdrop Burn Table (Example)

Additional Notes

• Burn Mechanisms:
  • 50% of transaction fees on non-FeeM dApps are burned.
  • Unused ecosystem growth tokens are burned annually.
  • Early airdrop claims result in burned tokens.
• Maximum Expansion: S token supply expansion is capped at 15% until 2031 (excluding block rewards), with multiple burn mechanisms to reduce actual inflation.
• Validator Rewards: For the first four years, rewards are paid from migrated FTM block rewards, not new S minting.

Summary Table

References for Further Reading

• Sonic Litepaper
• Sonic Documentation: S Token
• Migration Guide
• Airdrop Details
• Fee Monetization

Sonic’s tokenomics are designed to balance ecosystem growth, user and developer incentives, and long-term sustainability through a combination of controlled inflation, robust burn mechanisms, and innovative reward structures. The migration from FTM to S is structured to ensure a smooth transition, with clear timelines and mechanisms for both users and developers.