S（S）代币经济学

The native token of the Sonic network, formerly Fantom, is S. The token economics of S are designed to facilitate network security, incentivize long-term holding, and fund ecosystem growth through a combination of fixed supply migration, targeted inflation, and a deflationary airdrop mechanism. The initial total token supply of S is 3.18 billion, mirroring the maximum supply of the legacy FTM token.

Issuance Mechanism

The issuance mechanism for the S token is characterized by an initial fixed supply followed by two distinct phases of inflation:

• Initial Supply and Migration: The initial total token supply of S is 3.18 billion, equivalent to the maximum supply of FTM. FTM holders were able to convert their tokens to S at a 1:1 ratio for six months following Sonic's launch (planned for December 2024). For the first 90 days of this period, bidirectional swaps were available, transitioning to a one-way swap of FTM to S afterward.
• Validator Block Rewards (Initial Phase): Upon Sonic's launch, the remaining inflationary FTM block rewards from Fantom Opera were migrated to Sonic as S tokens. This allocation incentivizes Sonic validators for four years at a rate of approximately 70.07 million S per year, which is about 2.21% of the initial total token supply annually.
• Perpetual Block Rewards (Post-Initial Phase): After the initial four-year period, S will begin perpetual inflationary emissions to fund block rewards. The target inflation rate for these emissions is 1.75% of the total token supply per year, provided that 50.00% of the total token supply is staked.
• Operational Funding Inflation: Six months after Sonic’s launch, S began inflationary emissions directed to Sonic Labs for operational funding. This inflation rate is 1.50% of the initial total token supply (approximately 47.63 million S) and is scheduled to last for six years. Any unused tokens from this allocation are burned at the end of each year.

Allocation Mechanism

The token allocation for the S token (or the underlying FTM token supply it mirrors) is structured to support the network's development, community, and core operations.

Note: The allocation data for Founders & Team and Advisors/Contributors is based on the original FTM token supply, which is mirrored by the S token.

Usage and Incentive Mechanism

The S token serves multiple critical functions within the Sonic network, primarily focused on security, governance, and ecosystem growth:

Core Functions

1. Medium of Exchange: S is used to settle network transaction fees and for general transactions within the ecosystem, such as purchasing NFTs or providing liquidity in DeFi protocols.
2. Staking and Validation: S is the staking asset for the network's Delegated Proof-of-Stake (DPoS) consensus mechanism, Lachesis.
   • Validator Operation: Users must stake a minimum of 50,000 S to operate a validator node and secure the network. Validators earn block rewards composed of token emissions and transaction fees.
   • Delegation: Tokenholders can delegate S to existing validators to earn a pro-rata share of block rewards, minus the validator's commission rate.
3. Governance: Staked S tokenholders are able to participate in the governance of the Sonic network.

Ecosystem Incentives

• Fee Monetization Program (FeeM): This distinguishing feature allows developers to earn up to 90% of the gas fees generated by their applications, providing a sustainable income stream to incentivize building on Sonic. The remaining 10% of fees from FeeM protocols go to Sonic validators.
• Sonic Labs Innovator Fund: A fund allocated 200 million S to support ecosystem projects, strategic investments, and infrastructure providers.
• Developer Programs: Initiatives like Sonic Spark (grants), Sonic University (educational resources), and Sonic Boom (developer points redeemable for S) are designed to attract and support developers.

Locking Mechanism and Unlocking Time

Token locking and vesting schedules are primarily applied to the airdrop and staking mechanisms to encourage long-term participation and prevent immediate selling pressure.

Airdrop Vesting and Burn Mechanism

• Airdrop Details: 190.50 million S (6.00% of the initial total supply) is minted and airdropped to historic Fantom Opera users and new Sonic users six months after launch.
• Distribution Mechanism: The airdrop is distributed as ERC-1155 NFT tokens (fNFTs) containing S tokens.
• Unlocking Schedule:
  • Upon claiming an fNFT, 25% of the S tokens are immediately redeemable.
  • The remaining 75% vests linearly over nine months (270 days).
• Deflationary Burn: Users can choose to claim the remaining unvested tokens early, but they will incur a burn penalty on the unvested portion. This mechanism is designed to be deflationary and encourage long-term holding.

Staking Lock-up

• Validator Staking: Validators must stake a minimum of 50,000 S.
• Liquid Staking: S token staking has a maximum lock-up period of 14 days, which is intended to simplify the experience for liquid staking protocols on Sonic.

Overall Vesting Timeline

While specific vesting schedules for all allocations (like Foundation and Investors) are not detailed, the overall token supply is projected to reach full vesting by 2029. Allocations for the Ecosystem and HyperGrid Rewards do not have predefined vesting schedules, suggesting they will be released based on programmatic or governance-driven decisions to fund ongoing network growth.