- Alongside its future blockchain, the Fantom Foundation is launching the Sonic Foundation and Sonic Labs.
- While Sonic Labs will concentrate on creating decentralized applications, the Sonic Foundation will oversee governance and treasury.
- Additionally, a $10 million strategic fundraising round headed by Hashed has been closed.
Prior to the launch of the Sonic blockchain, the Fantom Foundation declared its intention to create the Sonic Foundation and Sonic Labs.
The Sonic Foundation, which is connected to this new chain, will oversee treasury and governance, while Sonic Labs will be responsible for creating decentralized network apps.
Sonic is a high-performance blockchain with sub-second finality that is currently in development. It stands for the next development in Fantom’s Opera network.
Following their introduction, the tokens on the Sonic network will have the same ticker, $S, and be 100% compatible with Fantom’s current FTM coins.
This comes after a governance vote approving the two tokens’ interoperability.
In addition, the Fantom Foundation successfully closed a $10 million strategic funding round to assist the Sonic Foundation, which was headed by Hashed. UOB Ventures, Signum Capital, Aave Foundation, and a number of angel investors, including Tarun Chitra, Sam Kazemian, Michael Egorov, Robert Leshner, Michael Egorov, and Fernando Martinelli, were among those that participated in this round.
The funds raised will be used to promote ecosystem development and strategic expansion, with an emphasis on improving liquidity for blue-chip pools on automated market makers and money markets. The purpose of this is to draw in users from Layer 2 networks like Ethereum.
“We’re in a good position to carry out our growth strategies and keep providing the Sonic community with outstanding value,” said Michael Kong, CEO of Fantom Foundation.
With a native Layer 2 bridge linked to Ethereum, Sonic will be able to handle a sizable number of transactions.
The Fantom Foundation had previously announced that it intends to use Sonic as a shared sequencer, enabling it to concurrently manufacture and secure blocks for many rollups, in addition to a Layer 1 blockchain.
Through 2024, the Fantom Foundation will keep constructing the new Sonic chain. For the foreseeable future, Opera will continue to function under the Fantom Foundation.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
