Sonic Labs Launches Network Bounty Program ‘Sonic Boom’ with Developer Incentives to Spur Adoption
Sonic Boom seeks to elevate App development in key network verticals, including trading, tooling, payments, gaming, and more.
GEORGETOWN, Cayman Islands, Aug. 20, 2024 /PRNewswire/ — Sonic Labs, the team supporting the development of the upcoming Sonic network, today unveiled a new bounty program, “Sonic Boom”, to fuel growth on Sonic day one by fostering the development of essential Apps across exchanges, lending, tooling, payments, stablecoins, yield, gaming, and NFTs. The nearly 13-week program concludes on November 4th, 2024, and rewards up to 30 winning projects with Sonic Gems, based on carefully curated criteria to reward the most influential applications. Sonic Boom is one of the largest bounty programs of Sonic’s previously announced airdrop program of up to 190,500,000 $S for users.
The Sonic Boom program introduces the airdrop’s first major mechanic called Sonic Gems, a meritocratic method to enable Apps to distribute points to their users, of which up to 37.5% of the airdrop will be allocated toward. This program provides Sonic users access to a range of applications across various blockchain verticals at the launch of the network, enabling those users to take advantage of boosted rewards and the methods apps use to distribute them.
Applications will be evaluated using a point system based on innovation, usability, strategy, and potential impact on the Sonic network ecosystem. Based on these scores, which take into account category weight, incentive weight, and other bonus opportunities, winners will be separated into three tiers — Emerald, Sapphire, and Ruby — all of which will receive a significant share of Gems that can be used on the Sonic network once live on Mainnet.
As part of the program, Sonic Boom boasts a series of additional opportunities to earn bonuses. In support of the Bounty Program, SAFE, the highly secure, multi-signature crypto wallet designed for managing digital assets and facilitating decentralized finance (DeFi) operations, has partnered with Sonic Labs to offer security and versatility to individual and organizational funds at the launch of the Sonic network. Builders that employ one of SAFE’s technologies, such as multi-signature security, backup and recovery protocols, and other DeFi compatibility features, will be eligible to receive additional Gems. Other bonuses will be offered to applications and developer teams that leverage Sonic’s updated GasM program, enabling apps to earn up to 90% of transaction fees they generate, creating another substantial earning stream for developers.
Michael Kong, CEO of Sonic Labs, commented on the initiative, “Our community has been patiently waiting as the anticipation for Sonic has grown over the past few months. Now, it’s time for the developers to take the reins and begin building the innovative applications that will be at the foundation of the Sonic network. We’re adamant about providing our ecosystem of developers with the rewards they deserve, both in the short and long term, and we’re thrilled to roll out Sonic Boom to accomplish just that. I can’t wait to see our builder’s creative solutions as we prepare for Sonic’s mainnet launch later this year.”
Project proposals must be submitted through the Sonic Boom submission portal. Winning projects must deploy on Sonic testnet with a live and interactive frontend, and launch on Sonic within seven days of its mainnet launch. Winners will receive part one of their allocation on the first day of network deployment and receive the second allocation 60 days after mainnet deployment, carrying additional weight based on continued performance and contribution to the network.
For more information about how the competition is judged and other qualifications, please click here
About Sonic
Launched by the team behind the Fantom Foundation, Sonic is a high-throughput layer-1 platform with a secure gateway to Ethereum, providing the fastest settlement layer for digital assets capable of over 10,000 TPS and complete, one second confirmation times. Sonic is operated by Sonic Labs and supported by a massive incentive program.
For more information on the new Sonic network and Sonic Labs read the latest blog post outlining this new era of blockchain innovation.
Media contact: sonic@mgroupsc.com
SOURCE Sonic Labs
