As the crypto industry undergoes rapid transformation, Michael Kong, co-founder of Sonic – formerly Fantom – speaks with Monaco Life’s Cassandra Tanti about how Sonic’s cutting-edge technology aims to set a new standard for scalability. He also shares his insights on the evolving crypto landscape, from regulatory shifts to the future of blockchain.
Michael Kong is a leading figure in the blockchain space, known for his role as co-founder and CEO of Fantom, now rebranded as Sonic. With a background in computer science and blockchain development, Kong has been instrumental in building a high-performance, scalable blockchain network designed to support decentralised applications (dApps) and financial services.
Under his leadership, Fantom gained recognition as a DeFi powerhouse, particularly during the 2021–2022 boom, when it surpassed $13 billion in Total Value Locked (TVL). However, challenges such as the Multichain exploit in 2023prompted a strategic shift. The rebranding to Sonic represents a new chapter, with a stronger focus on cutting-edge scalability, enhanced security, and long-term adoption in a rapidly evolving crypto landscape.
For the full interview, listen to the podcast. For a comprehensive summary, read the interview below…
Monaco Life: Let’s start with the big news—Fantom has now become Sonic. Can you walk us through what led to this move? What was the motivation behind the transition, and how does it fit into your bigger vision for decentralised finance?
Michael Kong: There were a few key factors behind this decision. On the technical side, we realised that while we had made significant improvements in scalability and performance on the existing chain, we could achieve even greater performance enhancements with a new chain. This was primarily for architectural and technical reasons. One of our main motivations was to build a chain that could remain highly scalable for many years into the future and benefit from a more advanced architecture.
On the business side, we wanted a fresh start, especially after some of the challenges we faced, most notably the Multi-chain situation that unfolded in July 2023 (Editors note: Multichain, a cross-chain bridge protocol, suffered an exploit leading to the unauthorised withdrawal of over $120 million from its Fantom bridge, causing significant financial losses and disruptions to the Fantom ecosystem.)
While we have been actively working to resolve those issues and communicating with stakeholders, we felt it was time for a brand refresh. Fantom had been around since 2018, making it one of the longest-running projects in the space. Given how much the industry has evolved, it made sense to launch a new chain alongside a rebranded identity that better aligns with our vision.
More specifically, this transition aligns with our goal of onboarding as many projects as possible onto our network. There were multiple factors at play, but ultimately, we decided this was the best path forward.
What has the response been to the migration, which occurred very recently in December?
Honestly, the rollout has been a mixed experience. On the technical side, things went very smoothly. We consistently communicated that we aimed to launch the new network before the end of the year, and we achieved that. The new chain launched with key tools, including the ability to migrate FTM tokens and a secure bridging system.
One of the major improvements is our new Gateway bridge, which is far more secure than many other bridges in the industry. If, for some reason, the bridge were to go offline, users would still be able to retrieve their assets from the originating chain.
While the network launch itself was successful, we did face challenges with the migration process, particularly with centralised exchanges. A lot of people expected a seamless transition, but delays on the exchange side caused confusion. We had set up all the necessary infrastructure, provided exchanges with the tools they needed, and coordinated with them, but some exchanges took longer than expected to implement the migration.
This led to misinformation, with some people mistakenly thinking that Fantom had shut down or that FTM was being delisted. That kind of uncertainty can damage a project’s reputation quickly, and while we’ve worked to clarify things, it takes time and effort to rebuild trust.
Sonic operates in a highly competitive space alongside major players like Ethereum and Solana. What is your edge? What makes Sonic’s tech and ecosystem different from the rest?
I genuinely believe Sonic has the most advanced scaling technology in the blockchain space. And I don’t say that lightly—I say it based on empirical evidence.
Before the end of last year, we stress-tested our network by running experiments that involved submitting hundreds of transactions per second. What we saw was that gas fees remained stable, and transaction validation scaled smoothly. Right now, we are capable of handling 10,000 TPS (transactions per second), which is a massive leap forward.
All of our code is open-source, so anyone can run their own tests. Many developers have submitted high volumes of transactions, and the network has remained stable. Despite some complaints about the migration process—mainly related to exchanges—the consistent feedback we’ve received is that the new network performs exceptionally well.
Many other projects make bold claims about their scalability without sufficient data to back them up. Our approach has always been to identify real bottlenecks—such as database efficiency and virtual machine optimisation—and systematically address them. Now, we’re focusing on further improvements to our consensus mechanism.
On the business side, Sonic’s edge lies in the type of applications we aim to support. Fantom was widely recognised as a DeFi chain, particularly in 2021 and early 2022, when we had over $13–14 billion in Total Value Locked (TVL). We believe we can replicate that success.
Another key advantage is the involvement of Andre Cronje, who is widely regarded as one of the pioneers of decentralised finance. His involvement with Sonic brings credibility and technical expertise that aligns with our mission. Since launching just a few weeks ago, we’ve already surpassed $250 million in TVL, and new protocols are being launched on the network almost daily.
The crypto industry is also being shaped by external factors, like U.S. politics. With President Trump’s pro-crypto stance and his appointments of key regulators, how do you see these changes impacting the industry?
Overall, I see the regulatory changes as very positive. That said, politicians often make promises that they don’t always follow through on, so I think it’s still too early to judge the long-term impact.
However, some of the signals we’re seeing are promising. Trump has signed several executive orders related to crypto and is making regulatory appointments that lean pro-crypto. For example, there are reports that Hester Peirce, who has been an advocate for clear and innovation-friendly regulations, is being considered for SEC chair.
Another interesting factor is that Trump has personally embraced crypto. This is significant because he’s known for aligning his policies with constituencies that support him. Crypto is growing in importance among voters, and he has positioned himself as the “innovation president”. That narrative could encourage further pro-crypto policies.
Historically, Bitcoin halving events (April 2024) have triggered major bull runs. Do you think the next one will follow the same pattern, or has the game changed?
It’s hard to say with certainty because past performance doesn’t always predict future trends. However, historically, Bitcoin halving events have correlated with price increases.
When Bitcoin’s price rises, we usually see capital rotation into altcoins. Investors often take profits from Bitcoin and Ethereum and move them into smaller-cap assets, which fuels broader market growth.
It’s worth noting that external factors, such as Trump’s election victory, have also influenced recent price movements. There was a noticeable Bitcoin rally when it became apparent that he was leading in vote counts. So, while halvings are historically bullish, multiple factors contribute to price trends.
For someone looking to enter the crypto market in 2025, is it too late? Should investors wait for a bear market, or is there still time to make moves?
Obviously, this isn’t financial advice, but in my opinion, it’s still very early for crypto.
Bitcoin has been around for 15 years, and Ethereum for nearly a decade, but in terms of mainstream adoption, we’re still in the early stages. Most people don’t actively use or trade crypto, and the technology itself is still evolving.
I’d consider the market to be saturated when crypto is as widely adopted as the internet or traditional finance, but we’re still far from that point.
What excites you most about the future of blockchain technology?
Two things: continued scalability improvements and the expansion of real-world use cases.
On the tech side, we’re working on new consensus models and optimising smart contract execution. On the business side, DeFi continues to evolve, gaming applications are maturing, and real-world assets are increasingly being tokenised.
I see blockchain becoming more integrated into everyday life, and that’s what excites me the most.
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