Sonic Labs launched a gateway for token transfers between Sonic and Ethereum and announced a $2 million bug bounty program.
Alyssa Davidson
Posted: December 25, 2024 10:30 AM Updated: December 25, 2024 10:06 AM
Correction and fact check date: December 25, 2024, 10:30 AM
briefly
Sonic Labs has launched Sonic Gateway, a native bridge that allows users to securely transfer USDC, EURC, WETH, and FTM from Ethereum to Sonic.
Sonic Labs, a decentralized smart contract platform, has launched Sonic Gateway, a native bridge that allows users to securely transfer assets from Ethereum to Sonic.
Initially, Sonic Gateway supports only four tokens for bridging on Ethereum: USDC, EURC, WETH, and FTM. 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 been audited by leading security companies such as OpenZeppelin, Quantstamp, and Certora.
The solution also features fail-safe mechanisms designed to protect user assets. If the error extends for 14 consecutive days, users can recover their bridge funds from Ethereum. The bridging process is optimized for gas efficiency by scheduling a “heartbeat” every 10 minutes for transfers from Ethereum to Sonic and every hour for reverse transfers.
The bridging process involves three steps: First, users deposit assets into the bridge. This process takes about 15 minutes to complete on Ethereum and about 1 second on Sonic. After confirmation, the asset is bridged from Ethereum to Sonic at the next heartbeat interval, which occurs every 10 minutes and in the opposite direction every hour. Users can pay an additional Fast Lane fee to trigger an immediate heartbeat. Finally, users can explore the Sonic ecosystem by requesting bridged assets from the target chain.
The project is also working with the global developer community to strengthen the security of the gateway. Through Immunefi’s bug bounty program, the company will be offering a $2 million bounty split between Gateway and Sonic Chain, with more details to come.
Sonic Labs launches Sonic Network mainnet
Sonic Labs is a blockchain development initiative supported by the Phantom Foundation. Its flagship product, Sonic, is a layer 1 blockchain that integrates a native layer 2 bridge to Ethereum.
We recently announced the launch of the Sonic Network mainnet, which offers enhanced capabilities to process up to 10,000 transactions per second with sub-second finality. With its built-in Ethereum decentralized gateway, Sonic aims to empower developers to build next-generation applications while providing users with an efficient and seamless blockchain experience.
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About the author
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
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Alyssa Davidson
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles