Sonic Chain, a division of Fantom, has introduced Gateway, a bridge to Ethereum that enhances the security of asset transfers. The newly launched protocol allows users to safely move various assets, including USDC, EURC, WETH, and FTM, from Ethereum to Sonic. This development marks a significant step in Sonic Chain’s expansion strategy.
What Measures Ensure Security for Users?
The bridge has been thoroughly audited by three leading security firms: Open Zeppelin, Quantstamp, and Certora Inc. Sonic Chain is dedicated to maintaining high security standards and has partnered with ImmuneFi to establish a bug bounty program. Given the frequency of cyberattacks in the DeFi sector, the protocol is taking proactive steps to safeguard user assets.
How Will the Bug Bounty Program Work?
Sonic Labs has allocated a substantial $2 million for its bug bounty initiative, which will benefit both Gateway and Sonic Chain. Users on the Ethereum network who hold FTM can seamlessly upgrade their assets to Sonic through Gateway, and specific contract addresses for USDC, EURC, and WETH have been made available for added user protection.
Key takeaways from Sonic Chain’s latest developments include:
- Introduction of the Gateway Ethereum bridge enhances asset security.
- Collaborations with top security firms and a bug bounty program to prevent vulnerabilities.
- Current FTM holders can upgrade assets easily via the new bridge.
- Establishment of bi-directional fund movement expected to boost liquidity.
Sonic Chain’s developers are also focused on launching new decentralized applications (DApps) to foster greater adoption of the protocol. This integration with FTM is set to create more asset transfer opportunities while ensuring robust security measures, promoting growth for both Sonic Chain and the broader Fantom ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/new-ethereum-bridge-strengthens-sonic-chain-security