Sonic Labs Rolls Out Gateway For Token Transfers Between Sonic And Ethereum, Announces $2M Bug Bounty Program
In Brief
Sonic Labs has launched its native bridge, Sonic Gateway, enabling users to securely transfer USDC, EURC, WETH, and FTM from Ethereum to Sonic.
Decentralized smart contract platform, Sonic Labs has launched its native bridge, Sonic Gateway, enabling users to securely transfer assets from Ethereum to Sonic.
Initially, Sonic Gateway will support only four tokens—USDC, EURC, WETH, and FTM—for bridging from Ethereum. However, Sonic Labs plans to expand this by adding more tokens and introducing a permissionless mechanism, allowing anyone to add new tokens for bridging. The solution has undergone audits by leading security firms such as OpenZeppelin, Quantstamp, and Certora.
Furthermore, the solution features a fail-safe mechanism designed to protect user assets. In the event of an extended failure, 14 consecutive days, users can recover their bridged funds on Ethereum. The bridging process is optimized for gas efficiency, with “heartbeats” scheduled every 10 minutes for transfers from Ethereum to Sonic and every hour for reverse transfers.
The bridging process involves three steps: first, users deposit their assets into the bridge, which takes approximately 15 minutes on Ethereum for finalization and just around 1 second on Sonic. After confirmation, the assets are bridged at the next heartbeat interval, which happens every 10 minutes from Ethereum to Sonic and every hour in the reverse direction. Users can pay an additional Fast Lane fee to trigger an immediate heartbeat. Finally, users claim their bridged assets on the destination chain, allowing them to explore the Sonic ecosystem.
The project is also collaborating with the global developer community to enhance the Gateway’s security. Through a bug bounty program on Immunefi, the firm is set to offer $2 million in bounties, divided between the Gateway and the Sonic chain, with further details to be revealed.
Sonic Labs Launches Sonic Network Mainnet
Sonic Labs is a blockchain development initiative backed by the Fantom Foundation. Its flagship product, Sonic, is a Layer 1 blockchain that incorporates a native Layer 2 bridge to Ethereum.
It has recently announced the launch of the Sonic network mainnet, which offers enhanced capabilities of processing up to 10,000 transactions per second, providing sub-second finality. With its built-in decentralized gateway to Ethereum, Sonic aims to enable developers to build the next generation of applications, while delivering an efficient and seamless blockchain experience for users.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
