Fantom no longer works as a standalone price story. On December 18, 2024, the Fantom project relaunched as Sonic, and FTM holders can upgrade to the new S token at a one-to-one rate. Any FTM forecast today is really a forecast for S. On October 25, 2026, CoinGecko data showed S at about $0.0476 and legacy FTM at about $0.0505. FTM's all-time high was $3.46 on October 27, 2021 (UTC), so FTM now sits roughly 98.5% below that peak. This page explains how that happened and which numbers matter for S now. It does not predict a price.
What changed: Fantom became Sonic
The token upgrade
- Launch date. Sonic Labs' migration overview gives "Sonic launch | December 18, 2024."
- Ratio. The Sonic Labs launch release, distributed through Chainwire and republished by Decrypt, says existing FTM holders move to Sonic "through a one-to-one upgrade process from FTM to S."
- Two-way window, now closed. The migration FAQ says two-way migration between FTM and S was open "for 90 days following launch." After that, the upgrade runs one way only, from FTM to S. Holders who missed the window can still upgrade, but they cannot convert back.
- Which chain. The FAQ says the official upgrade portal "only supports FTM to S migration on Opera," Fantom's original chain. FTM held on other networks follows the Sonic Upgrade Handbook.
- Opera's status. The overview says "Opera will continue to operate, but all future development focus will shift to Sonic."
What this means for an FTM price
Development, fee income and incentives now go to Sonic, so the legacy FTM token has no roadmap of its own. Its price is held loosely to S by the one-way upgrade. FTM can usually be converted into S, but S cannot be turned back into FTM. That one-way link is why FTM ($0.0505) and S ($0.0476) can trade at slightly different prices, as they did on October 25, 2026.
After the 2021 peak
FTM never got back to its October 2021 high of $3.46. Today the upgraded token trades around five cents. Forecasts that projected FTM's past growth forward could not account for a full rebrand and token swap. That is a common weakness of algorithmic "price prediction" pages.
Where Sonic (S) stands now
CoinGecko figures as of October 25, 2026:
| Metric | Sonic (S) |
|---|---|
| Price | about $0.0476 |
| Market capitalisation | about $185.1 million |
| Circulating supply | 3,885,497,663 S |
| All-time high | $1.029 (January 4, 2025) |
| Distance from all-time high | roughly 95% below |
DefiLlama's chain data for the same day shows total value locked (TVL) of about $17.1 million on Sonic and about $3.5 million still on Fantom Opera.
From Fantom to Sonic, step by step
Step through the dated events that turned FTM into S and added new S supply.
- October 27, 2021FTM hits its all-time highdone
FTM peaked at $3.46 (UTC). It never got back to that level.
- December 18, 2024Sonic launchesdone
Fantom relaunched as Sonic. Existing FTM holders move to S through a one-to-one upgrade. Opera keeps running, but future development shifts to Sonic.
- 90 days after launchTwo-way migration window closesdone
Two-way migration between FTM and S was open for 90 days after launch. Since then the upgrade runs one way only, from FTM to S. The official portal supports FTM to S only on Opera.
- January 4, 2025S hits its all-time highdone
S reached its all-time high of $1.029.
- June 18, 2025First ongoing-funding issuancedone
47,625,000 S is issued each year for six years, starting on this date. Tokens not used during the year are burned.
- July 17 and July 31, 2025First airdrop issuancedone
89,778,181.9 S of the 190.5 million S airdrop was issued. For 75% of the airdrop, withdrawing before the 270-day maturation period ends forfeits part of the allocation, and that part is burned.
- September 4, 2025Institutional expansion issuancedone
A first issuance of 472,372,662.8 S. The S token page adds that a further $50 million in S may be issued for a possible S ETF.
- October 25, 2026Price snapshotdone
CoinGecko showed S at about $0.0476, roughly 95% below its all-time high, and legacy FTM at about $0.0505.
This lists past dated events only: it does not forecast a price, does not cover block-reward or staking changes that have no fixed date, and does not explain why FTM and S trade at different prices.
What drives S supply
Supply growth is the most concrete thing an S forecast has to account for. Sonic Labs' S token page sets out these issuance streams:
- Airdrop: 190.5 million S, issued in phases. The first issuance of 89,778,181.9 S took place on July 17 and July 31, 2025. For 75% of the airdrop, users who withdraw before the full 270-day maturation period ends lose part of their allocation, and that part is burned.
- Ongoing funding: 47,625,000 S issued each year for six years, with the first issuance on June 18, 2025. Tokens not used during the year are burned.
- Institutional expansion: a first issuance of 472,372,662.8 S on September 4, 2025. The page adds that a further $50 million in S may be issued for a possible S ETF.
- Block rewards: for the first four years, about 70 million tokens a year are reallocated from Opera rather than newly issued. After that, new S is issued at 1.75% a year.
- Staking: the target validator reward rate is 3.5% when 50% of S is staked. Unstaking takes 14 days.
What Sonic Labs claims about the network
The Sonic overview lists "400,000 TPS and sub-second finality," EVM compatibility with Solidity and Vyper support, and a fee model in which "developers earn 90% of the network fees their apps generate." The December 2024 launch release gave a throughput figure of 10,000 TPS. Both throughput figures are the project's own. The Sonic Gateway is the project's bridge to Ethereum.
How to read any FTM or S forecast
- Check whether it treats FTM and S as the same asset. A forecast that ignores the 2024 upgrade is out of date.
- Check whether it accounts for the issuance schedule above. New supply weighs on price even when demand stays flat.
- Compare usage data such as TVL and fees with market capitalisation. On these figures, S's TVL is less than a tenth of its market cap.
- Treat sites that publish a precise future price for every coin as unverified models, not research.
Prices and TVL above are snapshots from October 25, 2026, and the network figures are Sonic Labs' own.
