Commitment to Sonic Network Growth
The Fantom Foundation has dedicated substantial resources to support the launch and development of the Sonic network, a new and faster blockchain solution. This commitment includes the allocation of up to 200 million of the native Fantom tokens, valued at approximately $120 million, from the foundation’s treasury.
- Strategic Grants for Existing Applications
- Prioritizing projects interested in leveraging Sonic technology
- Establishment of Sonic Foundation
- Responsible for governance and ecosystem development
- Introduction of New Layer-1 Solution
- Seamless integration with Ethereum network
Supporting Project Migrations
The funds pledged by the Fantom Foundation will be utilized to identify and secure partnerships with top-tier developers and companies that can contribute to the growth of the Sonic network. This support specifically targets developers working on applications within the Fantom platform, decentralized applications (DApps), and partners providing essential tools and services.
- Financial Strategies by Andre Cronje
- Smart financial decisions without increasing token supply
- Incentivizing Developers
- Previous incentives for developers totaling $6.5 million
- Gas Monetization Program
- Compensates eligible developers with 15% of gas fees
Enhancements in Validator Requirements
Fantom Network has recently made adjustments to its validator requirements, significantly reducing the assets needed to run a self-staking node. This move, aimed at promoting decentralization, brings the minimum requirement down to 50,000 FTM from the previous 500,000 FTM.
- Focus on Decentralization
- Platform positioning for decentralized future networks
- Addressing Centralization Concerns
- Reducing barriers for node participation
- Cost of Staking
- Lowering entry barriers for validators
Hot Take: Advancements in Sonic Network
The commitment of the Fantom Foundation to support the growth of the Sonic network signifies a significant step towards fostering blockchain innovation and decentralized development. By allocating substantial resources and forming strategic partnerships, the foundation aims to enhance the capabilities and efficiency of the Sonic network, bridging the gap between different blockchain ecosystems.
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