Exploring the Future of Fantom Blockchain with Sonic Foundation
The Fantom Foundation is gearing up for the launch of its groundbreaking Sonic blockchain by introducing the Sonic Foundation and Sonic Labs, with a strong focus on innovation and growth. Here’s what you need to know as a crypto enthusiast:
Introducing Sonic Chain: A High-Throughput Blockchain
With the impending completion of the Opera chain upgrade, Fantom is shifting its attention towards the development of Sonic (S), a new high-throughput blockchain. The Sonic network will be accompanied by the establishment of the Sonic Foundation and Sonic Labs to oversee governance, treasury management, dApp growth, partnerships, and user engagement.
- The Sonic chain, led by Professor Bernhard Scholz and Andre Cronje, is a Layer-1 platform with a native Layer-2 bridge connected to Ethereum.
- Designed to offer affordability, scalability, speed, and security, Sonic will leverage Ethereum’s liquidity, user base, and protocols.
$10 Million Strategic Funding Round and Token Compatibility
Recent governance decisions have paved the way for seamless compatibility and migration between FTM and the upcoming S token. To support its ambitious initiatives, Fantom secured a $10 million strategic funding round led by Hashed, a prominent Korean cryptocurrency fund, with support from UOB Ventures, Signum Capital, Aave Foundation, and angel investors.
- The funding aims to fuel the expansion of Fantom’s ecosystem and growth initiatives, exploring various DeFi and real-world applications.
Potential Market Trends for FTM Token
Despite these advancements, the FTM token has shown a tepid response to the recent funding round and the forthcoming benefits of the Sonic chain. Observers note a potential downtrend continuation, marked by a 4% decline within 24 hours, endangering crucial support levels.
- FTM’s current price of $0.8033 hinges on the pivotal support at $0.7994; a breach could trigger further declines towards $0.755.
- Upward movement may encounter resistance at $0.844 and $0.8750, with a key milestone at $1 for a bullish outlook.
Hot Take: Ready to Ride the Sonic Wave?
As Fantom paves the way for its innovative Sonic blockchain and ecosystem, the crypto market eagerly anticipates the impact of Sonic Foundation’s initiatives. Stay tuned for further updates and potential market shifts in the coming days!
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